Nuvectis Pharma, Inc. Announces First Quarter 2022 Financial Results and Highlights


Nuvectis Pharma, Inc.

The dose escalation portion of the NXP800 Phase 1 study is ongoing

Unique NXP800 Discovery and Optimization Program Presented at AACR 2022 Session “New Drugs on the Horizon”

Preclinical Efficacy of NXP900 Against Various Cancer Cell Types of Squamous Origin Presented at AACR 2022 Meeting

Completed initial public offering, raising $16 million in gross proceeds

FORT LEE, NJ, May 10, 2022 (GLOBE NEWSWIRE) — Nuvectis Pharma, Inc (NASDAQ: NVCT) (“Nuvectis” or the “Company”), a biopharmaceutical company focused on developing precision drugs for serious non-medical conditions. medical need in oncology, today released its financial results for the first quarter of 2022 and provided an update on recent progress in the business.

“At Nuvectis, our goal is to become a leading biopharmaceutical company by developing novel treatments for serious conditions with unmet medical need in oncology, and we believe that with the potential of our two drug candidates, NXP800 and NXP900 , and our team’s extensive drug development expertise, including multiple regulatory approvals, we are well positioned to achieve this goal,” said Ron Bentsur, President and Chief Executive Officer of Nuvectis. “In the first quarter of 2022, we continued to execute our business plan and increase the visibility of Nuvectis and our pipeline products to the medical and investment communities, including scientific presentations at the 2022 AACR Annual Meeting for NXP800 and NXP900, and the independent discovery of the potential of NXP900 to restore sensitivity to osimertinib (Tagrisso) in non-small-scale lung cancer titis cells (“NSCLC”) with acquired resistance to osimertinib, by an AstraZeneca Research and Development group, published in Nature Communications, March 2022. Importantly, we continue to manage our budget wisely and effective as we progress through our development programs.

First Quarter Highlights
NXP800 – The dose escalation portion of the Phase 1 clinical trial of NXP800, our potentially first-in-class Heat Shock Factor 1 (“HSF1”) pathway inhibitor, is underway. In addition, the unique discovery and optimization program that led to the selection of NXP800 as a clinical drug candidate was presented at the 2022 AACR Annual Meeting during the New Drugs Oral Session at the horizon, providing strong rationale for the selection of ovarian clear cell carcinoma and ovarian endometrioid carcinoma as primary target diseases as well as the potential for development in other ARID1a mutated tumors.

NXP900 – Qualifying Investigational New Drug (“IND”) studies for NXP900, our novel SRC/YES1 kinase inhibitor, are underway. A growing body of evidence continues to demonstrate the broad therapeutic potential of NXP900 in various types of cancer, including triple-negative breast cancer, histologically agnostic cancers of squamous origin, and in combination with Tagrisso in Tagrisso-resistant NSCLC, on based on data generated by an AstraZeneca research and development group, published in Nature Communications (March 2022).

Initial Public Offering (“IPO”) – In early February 2022, we completed our Nasdaq Capital Market IPO, raising gross proceeds of $16 million.

First quarter 2022 financial results
Cash, cash equivalents and short-term investments were $16.7 million as of March 31, 2022, compared to $5.7 million as of December 31, 2021. The increase is attributable to the IPO of the Company.

Research and development expenses were $1.8 million for the three months ended March 31, 2022, including $0.1 million of non-cash expenses.

General and administrative expenses were $1.1 million for the three months ended March 31, 2022, including $0.1 million of non-cash charges.

The Company’s net loss was $2.9 million for the three months ended March 31, 2022, including $0.2 million of non-cash charges.

About Nuvectis Pharma, Inc.
Nuvectis Pharma, Inc. is a biopharmaceutical company focused on developing innovative precision medicines for serious conditions with unmet medical need in oncology. The Company is currently developing two drug candidates: NXP800, a clinical-stage HSF1 pathway inhibitor currently in phase 1 study in patients with advanced solid tumors, and NXP900, a novel SRC/YES1 kinase inhibitor currently in development. preclinical with studies allowing the IND. In progress.

Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements in this press release can be identified by the use of words such as “anticipate”, “believe”, “intend”, “could”, “estimate”, “expect”, “have the ‘intent to’, ‘seek,’ ‘may’, ‘could’, ‘plan’, ‘potential’, ‘predict’, ‘project’, ‘target’, ‘aim’, ‘should’, ‘will’, ‘ would” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Nuvectis Pharma, Inc.’s current expectations, estimates and projections regarding events and future trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy and financial needs.The outcome of the events described in these forward-looking statements is subject to inherent uncertainties, risks, assumptions and other res hard to predict factors and includes statements regarding preclinical data generated to date and clinical expectations for NXP800 and NXP900. In addition, certain forward-looking statements are based on assumptions about future events which may not prove to be accurate. These and other risks and uncertainties are subject to market and other conditions and are more fully described in the section entitled “Risk Factors” of 2021 Form 10-K filed with the Securities and Exchange Commission (“SEC “). However, these risks are not exhaustive and new risks and uncertainties emerge from time to time and it is not possible for us to predict all of the risks and uncertainties that could impact the forward-looking statements contained in this press release or other documents filed with the second. All forward-looking statements contained in this press release speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except where possible. required by law, and we claim safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Company Contact:
Ron Bensur
President, CEO and President
201-614-3151
[email protected]

Contact person for media relations:
Christopher M. Calabrese
LifeSci Advisors
Tel: 917-680-5608
[email protected]

NUVECTIS PHARMA, INC.

CONDENSED BALANCE SHEET
(USD in thousands, except per share and stock amounts)
(unaudited)

March 31, 2022

December 31, 2021

Assets

CURRENT ASSETS

Cash and cash equivalents

16,693

5,742

Other current assets

925

91

TOTAL CURRENT ASSETS

17,618

5,833

Deferred investment fees

824

TOTAL ASSETS

17,618

6,657

Liabilities, Convertible Redeemable Preferred Shares and Shareholders’ Deficit

Accounts Payable

1,349

1,058

Offer fee payable

921

824

Fees to pay

697

395

Employee compensation and benefits

92

142

TOTAL CURRENT LIABILITIES

3,059

2,419

TOTAL RESPONSIBILITIES

3,059

2,419

COMMITMENTS AND CONTINGENCIES,

REDEEMABLE CONVERTIBLE PREFERRED SHARES:

Convertible Preferred Share A, $0.00001 par value – Zero and 6,630,000 shares authorized as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, all preferred A shares have been converted into common shares. As of December 31, 2021, 5,012,280 preferred A shares were issued and outstanding.

15,246

EQUITY/(DEFICIT),

Common shares, par value $0.00001 – 60,000,000 and 12,870,000 shares authorized as of March 31, 2022 and December 31, 2021, respectively 12,717,794 and 4,505,514 shares issued and outstanding as of March 31, 2022 and December 31, December 2021, respectively

*

*

Premium

30,402

1,892

Notes received for common shares

(*

)

Accumulated deficit

(15,843

)

(12,900

)

TOTAL EQUITY/(DEFICIT)

14,559

(11,008

)

TOTAL LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND EQUITY/(DEFICIT)

17,618

6,657

* Represents an amount less than US$1,000.

The accompanying notes form an integral part of these financial statements.

NUVECTIS PHARMA, INC.

CONDENSED INCOME STATEMENT
(USD in thousands, except per share and stock amounts)
(unaudited)

Quarter ended March 31

2022

2021

EXPLOITATION CHARGES

RESEARCH AND DEVELOPMENT

1,805

GENERAL AND ADMINISTRATIVE

1,140

23

OPERATING LOSS

(2,945

)

(23

)

FINANCIAL PRODUCTS

2

NET LOSS

(2,943

)

(23

)

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS

(2,943

)

(23

)

BASIC AND DILUTED NET LOSS PER OUTSTANDING ORDINARY SHARE

$

0.32

*

BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

9,159,139

3,900,000

* Represents an amount less than $0.01.

The accompanying notes form an integral part of these financial statements.

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