New York, NY, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Nuvectis Pharma, Inc. (Nasdaq: NVCT) (“Nuvectis”), a biopharmaceutical company that focuses on the development of innovative precision medicines for the treatment of serious unmet medical needs in oncology, today announced the closing of its previously announced upsized initial public offering of 3,200,000 shares of common stock at a public offering price of $5.00 per share, for gross proceeds of $16,000,000, before deducting underwriting discounts and offering expenses. All of the shares of common stock were offered by Nuvectis.
Nuvectis’ common stock is trading on the Nasdaq Capital Market under the ticker symbol “NVCT.”
H.C. Wainwright & Co. acted as sole book-running manager for the offering. Alston & Bird LLP served as legal counsel to Nuvectis and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as legal counsel to the underwriter.
The Company intends to use the proceeds to fund the Phase 1/2 development of NXP800, the IND-enabling studies of NXP900, to continue development and sponsored research related to its current product candidates or any future product candidate, hiring of additional personnel, capital expenditures, costs of operating as a public company, and other general corporate purposes.
The shares of common stock described above were offered pursuant to a registration statement on Form S-1 (File No. 333-260099) previously filed with the Securities and Exchange Commission (“SEC”) and became effective on February 4, 2022 and an additional registration statement on Form S-1 filed pursuant to Rule 462(b) which became automatically effective on February 4, 2022. This offering was made only by means of a prospectus. Electronic copies of the final prospectus may be obtained by contacting H.C. Wainwright & Co., LLC, at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (212) 856-5711 or by email at placements@hcwco.com. The final prospectus is also available on the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Nuvectis Pharma, Inc.
Nuvectis Pharma, Inc. is a biopharmaceutical company focused on the development of innovative precision medicines for serious conditions of unmet medical need in oncology. The Company is currently developing two drug candidates: NXP800, a clinical-stage HSF1 pathway inhibitor currently in a Phase 1 study in patients with advanced solid tumors, and NXP900, a novel SRC/YES1 kinase inhibitor currently in preclinical development with IND-enabling studies ongoing.
Forward Looking Statements
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Nuvectis Pharma, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict and include statements regarding the expected use of proceeds. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are subject to market and other conditions and described more fully in the section titled "Risk Factors" in the final prospectus related to the initial public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Nuvectis Pharma, Inc. undertakes no duty to update such information except as required under applicable law.
Company Contact:
Ron Bentsur
Chairman, Chief Executive Officer and President
201-614-3151
rbentsur@nuvectis.com
Media Relations Contact:
Eric Goldstein
LifeSci Advisors
Tel: 646-791-9729
egoldstein@lifesciadvisors.com
