NEW YORK – Nuvectis Pharma said on Thursday it has closed a $15 million Series A preferred stock financing round with institutional and private investors and licensed the HSF1 pathway inhibitor NXP800 from CRT Pioneer Fund.
Fort Lee, New Jersey-based Nuvectis has garnered exclusive worldwide rights to develop and commercialize NXP800 from CRT Pioneer Fund, an oncology investment fund managed by Sixth Element Capital in the UK. The company did not disclose financial terms of the licensing deal.
NXP800 was discovered by the Cancer Research UK Cancer Therapeutics Unit at The Institute for Cancer Research in London. The raised funds will help Nuvectis begin a Phase I trial of NXP800 in the fourth quarter this year in patients with advanced solid tumors and later expand the study to include ovarian clear cell and endometroid ovarian cancer patients.
In developing NXP800, the company plans to exploit synthetic lethality mechanisms. For example, in xenograft models of ovarian clear cell and endometroid ovarian cancers, tumor cells that harbored certain mutations were sensitive to treatment with NXP800. According to the company's website, Nuvectis also explored the activity of NXP800 in solid tumors with ARD1a mutations in the preclinical setting.