Nuvectis Pharma (NASDAQ: NVCT) Enters into Underwriting Agreement with Lucid Capital Markets, LLC

Nuvectis Pharma, Inc. recently announced the signing of an underwriting agreement with Lucid Capital Markets, LLC. The agreement, dated February 5, 2025, involves an underwritten public offering of 2,700,000 shares of the company’s common stock at a price of $5.00 per share, totaling $13.5 million in gross proceeds. Additionally, an option was granted to the underwriter to purchase up to an additional 405,000 shares.

The closing of this transaction is expected on February 6, 2025, dependent on customary closing conditions. The firm commitment underwritten public offering will provide Nuvectis Pharma with anticipated net proceeds of approximately $14.4 million after deducting underwriting discounts and commissions.

This Offering is being executed under the company’s effective shelf registration statement on Form S-3, filed with the Securities and Exchange Commission. The Offering is further detailed in a prospectus supplement dated February 5, 2025, supplementing the registration statement filed on March 29, 2023.

The Underwriting Agreement includes standard representations, warranties, and agreements by Nuvectis Pharma, along with customary indemnification obligations, and termination provisions. Legal counsel Alston & Bird LLP provided an opinion on the validity of the shares.

In tandem with this announcement, on February 4, 2025, Nuvectis Pharma issued a press release regarding the launch of the Offering, followed by another release on February 5, 2025, informing the pricing of the Offering. Copies of both press releases are attached to the Current Report on Form 8-K.

Nuvectis Pharma, an emerging growth company, plans to utilize the net proceeds from the Offering for advancing development programs, hiring additional personnel, capital expenditures, operational costs, and general corporate purposes, including the progress of clinical-stage drug candidates NXP800 and NXP900.

The completion of the Offering remains subject to regulatory and other customary closing conditions. Interested parties can access the full details of the Offering and related agreements by referring to the formal filings submitted to the Securities and Exchange Commission.

Following this development, shares of Nuvectis Pharma (NVCT) on the Nasdaq Capital Market may experience significant movement in the coming days in response to this news.

This press release serves as a summary and does not encompass the complete details of the agreements. Interested parties are advised to refer to the original filing for comprehensive information and details.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Nuvectis Pharma’s 8K filing here.

About Nuvectis Pharma

Nuvectis Pharma, Inc, a biopharmaceutical company, focuses on the development of precision medicines for the treatment of serious unmet medical needs in oncology. The company's lead product candidate is NXP800, a novel small molecule that is in Phase 1b clinical trials for the treatment of patients with platinum-resistant, ARID1a-mutated ovarian carcinoma.