On May 10, 2022 Nuvectis Pharma, Inc (NASDAQ: NVCT) ("Nuvectis" or the "Company"), a biopharmaceutical company focused on the development of precision medicines for serious conditions of unmet medical need in oncology, reported its financial results for the first quarter of 2022 and provided an update on recent business progress (Press release, Nuvectis Pharma, MAY 10, 2022, View Source [SID1234614206]).
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"At Nuvectis, our goal is to become a leading biopharmaceutical company by developing novel treatments for serious conditions of unmet medical need in oncology, and we believe that with the potential of our two drug candidates, NXP800 and NXP900, and our team’s vast drug development expertise, including multiple regulatory approvals, we are well-positioned to achieving this goal," said Ron Bentsur, Chairman 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 (Free AACR Whitepaper) Annual Meeting for both NXP800 and NXP900, and the independent discovery of NXP900’s potential to restore sensitivity to osimertinib (Tagrisso) in non-small cell lung cancer ("NSCLC") cells with osimertinib acquired resistance, by a research and development group at AstraZeneca, published in Nature Communications, March 2022. Importantly, we continue to manage our budget in a judicious and effective fashion as we advance 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 ongoing. 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 (Free AACR Whitepaper) Annual Meeting in the New Drugs on The Horizon oral session, providing a robust rationale for the selection of ovarian clear cell carcinoma and endometrioid ovarian carcinoma as the lead target diseases as well as for the potential for development in other ARID1a-mutated tumors.
NXP900 – The Investigational New Drug ("IND")-enabling studies for NXP900, our novel SRC/YES1 kinase inhibitor, are ongoing. A growing body of evidence continues to demonstrate the broad therapeutic potential of NXP900 in various cancer types, including triple-negative breast cancer, histology-agnostic cancers of squamous cell origin, and in combination with Tagrisso in Tagrisso-resistant NSCLC, based on data generated by a research and development group at AstraZeneca, published in Nature Communications (March 2022).
Initial Public Offering ("IPO") – In early February 2022, we completed our IPO on the Nasdaq Capital Market, raising $16 million in gross proceeds.
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 was driven by the Company’s IPO.
Research and development expenses were $1.8 million for the three months ended March 31, 2022, including $0.1 million in non-cash expense.
General and administrative expenses were $1.1 million for the three months ended March 31, 2022, including $0.1 million of non-cash expense.
The Company’s net loss was $2.9 million for the three months ended March 31, 2022, including $0.2 million of non-cash expense.