Business
Nuvectis Pharma, Inc. Reports Fiscal Year 2021 Financial Results and Business Highlights
Completed Initial Public Offering in February 2022, Raising $16.0 million in Gross Proceeds Initiated Phase 1a Clinical Trial for NXP800 Announced Promising
About this update from Nuvectis Pharma, Inc.
[{"type":"text","content":"Completed Initial Public Offering in February 2022, Raising $16.0 million in Gross Proceeds Initiated Phase 1a Clinical Trial for NXP800 Announced Promising Data for NXP900 in Triple Negative Breast Cancer Preclinical Models with an Integrin-Linked Kinase Loss Announced Upcoming Oral and Poster Presentations at AACR for NXP800 and NXP900, Respectively FORT LEE, N.J., March 22, 2022 (GLOBE NEWSWIRE) -- Nuvectis Pharma, Inc (NASDAQ: NVCT), (“Nuvectis” or the “Company”) is a biopharmaceutical company focused on the development of precision medicines for serious conditions of unmet medical need in oncology today reported its financial results for the fiscal year 2021 and provided an update on recent business progress. “We founded Nuvectis with the goal of becoming a leading biopharmaceutical company focused on the development of innovative treatments for people suffering from serious conditions in oncology for which the prognosis is poor and there are very limited treatment options, and we believe that we are on our way to achieving that,\" said Ron Bentsur, Chairman and Chief Executive Officer. Mr. Bentsur continued, “2021 was a very exciting year for Nuvectis. In 2021, we completed two exclusive world-wide licensing deals to develop and commercialize our first two drug candidates, and with our recently completed initial public offering, we are now poised to continue to advance our pipeline.” Mr. Bentsur added, \"We are particularly pleased with the recent commencement of the Phase 1 study for NXP800, our potentially first-in-class Heat Shock Factor 1 (“HSF1”) pathway inhibitor, and with the progress of NXP900, our selective Proto-oncogene c-Src (“SRC”) SRC/YES1 kinase inhibitor. 2022 is expected to be another exciting year for Nuvectis as we look forward to reporting additional data during the year. Importantly, we remain cash prudent, effectively managing our cash position with an emphasis towards value creation activities.” 2021 and Recent Highlights NXP800 We commenced a Phase 1 study for NXP800, an HSF1 pathway inhibitor, which will have two parts: a dose-escalation Phase 1a, initiated in December 2021, which will be followed by an expansion Phase 1b. In the Phase 1a, the safety and tolerability of NXP800 will be evaluated in patients with advanced solid tumors to identify a dose and dosing schedule for the Phase 1b. In the Ph...