Nuvectis Pharma (NVCT) IPO: How to buy the stock?

Highlights

• Nuvectis is expected to offer 2.3 million shares of its common stocks to investors.
  
  
• The expected price range of the offering is US$12 to US$14 per share.
  
  
• The firm is likely to debut in the US stock market next month.

Biotechnology firm Nuvectis Pharma Inc. is all set to debut in the US stock market next month.

The company hopes to raise about US$30 million from the IPO, according to its S-1/A registration statement filed on Oct 6 with the US Securities and Exchange Commission (SEC).

What does Nuvectis Pharma, Inc. do?

Nuvectis Pharma is a preclinical-stage biopharmaceutical company and develops treatments for various malignant tumors, including ovarian cancer and oncology-related problems. The Fort Lee, New Jersey-based company, led by its co-founder Ron Bentsur, was founded in 2020.

Bentsur, who previously served as the CEO of UroGen Pharma and Keryx Biopharmaceuticals, is the current chairman, CEO, and president of Nuvectis Pharma.

Nuvectis Pharma has two novel drug candidates: NXP800 and NXP900.

The NXP800 is an oral small molecule HSF1-pathway inhibitor, and the NXP900 is an oral small-molecule SRC/YES1 kinase inhibitor.

On Sep 14, 2021, Nuvectis Pharma has announced receiving exclusive worldwide rights for developing and commercializing novel, oral, small molecule, SRC/YES1 inhibitor from Scotland's University of Edinburgh. The compound name of the SRC/YES1 inhibitor is NXP900.

The compound was developed by the University of Edinburgh’s Institute of Genetics and Cancer. It is expected to start its IND-enabling studies in Q4, FY21, it said in a release.

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Share offerings and pricing:

The New Jersey-based firm is expected to offer 2.3 million shares of its common stocks for investors. In addition, it is expected to offer 345,000 shares of its common stocks for the underwriters. Its pre-IPO common shares outstanding is over 9.51 million, according to its filing.

The expected IPO price range is US$12 to US$14 per share. It is expected to debut in the Nasdaq Global Market (NASDAQ) under the ticker symbol "NVCT" on December 1.

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Company financials:

In the nine months ended on September 30, 2021, it reported a net loss of US$10.62 million.
The company's cash and cash equivalents were US$6.80 million as of Sep 30, 2021.

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Bottomline

The year 2021 has been a year of IPOs for the US stock market, with a record 991 public offerings. As of November 29, 2021, the US IPOs were up 145.3% compared to 404 in the same period a year ago. Observers expect the Nuvectis Pharma IPO to attract more institutional investors that are looking for long term hold.