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Nuvectis Pharma Launches Proposed Public Stock Offering

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Nuvectis Pharma (NVCT) said Monday it has commenced an underwritten public offering of common stock, with all shares to be sold by the company.

The company said it intends to grant the underwriters a 30-day option to buy up to an additional 15% of the shares offered.

Nuvectis said it plans to use the proceeds to advance development of NXP100, NXP200 and NXP900, hire additional personnel, fund capital expenditures and for general corporate purposes.

Shares of the company fell over 20% in the after-hours trading.

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