Following its Initial Public Offering on February 04, 2022, Nuvectis Pharma Inc. (NVCT) gained a humungous 144.62% on Monday. Consequently, the stock fell under corrections in the following premarket session on Tuesday.
In the previous trading session, which marked day 2 of NVCT after its IPO, the stock, piled up a huge value of 144.62% or $4.70. On Monday, the stock traded at a super heavy volume of 43.34 million shares to close the session at $7.95. Following the huge gain, the stock had lost 9.31% to corrections in the premarket, at the last check on Tuesday. At the time of writing, NVCT was trading at $7.21 apiece in the premarket.
Founded in 2020, Nuvectis Pharma Inc. is a biopharmaceutical company working on the development of novel targeted therapeutics for cancer. Its present pipeline includes two inhibitors, NXP800 and NXP900. Currently, the company has a market capitalization of $37.7 million with 11.6 million outstanding shares.
NVCT’s Initial Public Offering
On February 04, the company announced the pricing of its initial public offering of 3,200,000 common stock shares. The public offering price of the shares is $5.00 per share, for gross proceeds of $16,000,000, less discounts, and commissions. Additionally, NVCT also offered a 30-day option for buying additional 480,000 common stock shares at the IPO price.
Moreover, the sole book-running manager for the offering is H.C. Wainwright & Co. The net proceeds from the offering are intended for the development of NXP900 along with other current and future product candidates. A part of the proceeds will also be used for general corporate purposes including hirings, capital expenditures, and operating costs as a public company.
The expected close of the offering was on or about February 08, 2022, as per the customary closing conditions.
Company News
On December 31, the company announced the commencement of the Phase 1 clinical trial of NXP800. NXP800 is a novel Heat Shock Factor 1-pathway inhibitor. Furthermore, the study will consist of two parts. Firstly, Phase 1a Dose-escalation for the assessment of NXP800’s safety and tolerability in advanced solid tumors. Secondly, Phase 1b for assessing preliminary efficacy in specific populations.
On September 14, the company announced the licensing of global exclusive rights for the development and commercialization of a compound from the University of Edinburgh in Scotland. The compound SRC/YES1 inhibitor has been designated as NXP900.