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Nuvectis Pharma Prices $100 Million Secondary Stock Offering; Shares Down Pre-Bell

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Nuvectis Pharma (NVCT) has priced 5 million shares of a secondary common stock offering at $20 per share, and anticipates $100 million in gross proceeds, the clinical stage biopharmaceutical company disclosed late Monday.

Underwriters have been granted a 30-day option to purchase up to 750,000 additional shares.

The company said it intends to use the net proceeds from the offering to continue to advance the development of certain drugs, as well as for hiring staff, capital expenditures, operating costs and other general corporate purposes.

Shares of the company fell more than 18% in recent premarket trading activity Tuesday.

Price: $23.12, Change: $-5.41, Percent Change: -18.96%

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