Nuvectis Pharma, a Phase 1-ready biotech developing in-licensed precision therapies for cancer, raised $16 million by offering 3.2 million shares at $5, the low end of the downwardly revised range of $5 to $7. The company offered 1.1 million more shares than anticipated. It originally planned to offer 2.3 million shares at a range of $12 to $14, before lowering the terms last month.
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 in-licensed candidates: lead candidate NXP800, an HSF1 pathway inhibitor, licensed from the Institute for Cancer Research; and NXP900, a novel SRC/YES1 kinase inhibitor, licensed from the University of Edinburgh. Its lead candidate began a Phase 1 trial in December 2021.
Nuvectis Pharma plans to list on the Nasdaq under the symbol NVCT. H.C. Wainwright acted as sole bookrunner on the deal.
