Nuvectis Pharma, a Phase 1-ready biotech developing in-licensed precision therapies for cancer, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Fort Lee, NJ-based company now plans to raise $12 million by offering 2.1 million shares at a price range of $5 to $7. The company had previously filed in November to offer 2.3 million shares at a range of $12 to $14. At the midpoint of the revised range, Nuvectis Pharma will raise 58% less in proceeds than previously anticipated, and command a fully diluted market value of $72 million (-55%).
Nuvectis is focused on the development of innovative precision medicines for the treatment of serious unmet medical needs in oncology. The company is currently developing two preclinical candidates and its lead candidate began a Phase 1 trial in the December 2021. Nuvectis licensed exclusive worldwide commercial rights to its lead candidate NXP800, an HSF1 pathway inhibitor, from the Institute for Cancer Research in May 2021. It licensed worldwide commercial rights to NXP900, a novel SRC/YES1 kinase inhibitor, from the University of Edinburgh in August 2021.
Nuvectis Pharma was founded in 2020 and plans to list on the Nasdaq under the symbol NVCT. H.C. Wainwright is the sole bookrunner on the deal.
