By Kelly Cloonan
Shares of Nuvectis Pharma slid after the biopharmaceutical company priced a public offering of its common stock at $20 a share.
The stock was down 34% to $18.91 on Tuesday. Shares have more than doubled in price this year, and touched at 52-week high of $29.28 on Monday.
Nuvectis plans to sell 5 million shares of its common stock, and has also granted underwriters a 30-day option to purchase up to an additional 750,000 units to cover over-allotments.
The company said it expects to receive gross proceeds of $100 million. It plans to use net proceeds from the offering to continue to advance treatments in its development pipeline, as well as to hire additional personnel and for capital expenditures and other general corporate purposes.
Nuvectis initially disclosed the stock offering plans after the market close on Monday. It did not initially disclose the expected price or size of the offering.
Write to Kelly Cloonan at kelly.cloonan@wsj.com