Nuvation Bio To Discontinue Clinical Development Of NUV-422

(RTTNews) - Nuvation Bio Inc. (NUVB) has decided to discontinue clinical development of NUV-422 as a result of an internal risk-benefit analysis factoring in feedback received from the FDA in a partial clinical hold letter for the phase 1/2 study and clinical hold letters for combination phase 1b/2 studies. Nuvation Bio noted that a reduction in work force of 35% and other cost savings associated with the NUV-422 program discontinuation will enable it to extend cash runway through 2028.

Nuvation Bio said it will intensify focus and concentrate resources on the clinical development of NUV-868, and identifying a lead clinical candidate from its small molecule DDC platform.

The company expects to report a balance of approximately $703.8 million in cash, cash equivalents and marketable securities as of June 30, 2022.

Shares of Nuvation Bio are down 8% in pre-market trade on Monday.

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