Can Nuvectis Pharma’s (NVCT) product pipeline, price sway investors?

3 min read | February 08, 2022 09:14 AM PST | By Versha Jain

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Can Nuvectis Pharma’s (NVCT) product pipeline, price sway investors? — Image source: Gorodenkoff,shutterstock

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Highlights

Nuvectis Pharma Inc. (NASDAQ:NVCT) debuted on Nasdaq on February 4, 2022.

The stock gained 144.62% gain on February 7.

Nuvectis plans to use the proceeds to fund the development of product candidates, such as NXP800, NXP900, etc., and general corporate purposes.

The Nuvectis Pharma Inc. (NASDAQ:NVCT) stock debuted with a rousing reception on Nasdaq Friday, gaining over 144.62% by the next trading day. Could this be due to its product pipeline or low-budget stock? Nuvectis shares closed at US$7.95 on Monday.

The New Jersey-based company offered 3.2 shares of common stock for US$5.00 per share. It raised around US$16 million from the IPO, a significant amount, which it said would be used for drug development and corporate expenses.

Nuvectis has two leading product candidates focusing on cancer and are at various phases of development. On December 31, the company announced the Phase 1 clinical trial for its product candidate NXP800.

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Another product, NXP900, mainly for advanced tumors, received the green light for developing and commercializing it globally. Nuvectis said it bagged the licensing rights for NXP900.

In the case of NXP800, it is conducting a Phase 1a dose-escalation study to assess the safety and tolerability of NXP800 on advanced tumors.

The Phase 1b study will determine its preliminary efficacy in a specific population. The NXP900, a compound, was discovered at Edinburgh University’s Institute of Genetics and Cancer.

Nuvectis Pharma, founded in 2020, develops precision medicines for cancer. The company will issue an additional 480,000 shares at the offering price for the underwriters if they want to buy them in the next 30 days. It is expected to close the public offer on February 8.

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How Nuvectis intends to use the IPO proceeds

Nuvectis plans to use the funds in developing its inhibitor NXP800 and IND-enabling studies for NXP900 besides other product candidates. IND stands for Investigational New Drug. It will also use a portion of the amount for capital expenditure, hiring, and operating costs.

The company has 11.60 million outstanding shares, and its current market capitalization is US$93.95 million. The Nuvectis (NASDAQ:NVCT) stock closed at US$7.95 on Feb 7, 2022.

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Bottomline

The Dow Jones US Pharmaceuticals Index returned nearly 15% gains in one year but fell 4.61% YTD. Nuvectis’ success would depend on the approval and licensing of its product candidates.

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