Nuvation Bio discontinues NUV-422 program due to uveitis safety; cuts 35% of staff

Nuvation Bio Inc.

Discontinued NUV-422 clinical program after FDA partial clinical hold due to unpredictable uveitis safety signal.
Workforce reduction of ~30 employees (35%) expected to save ~$11.8M annually; restructuring charges of ~$5.8M in Q3 2022.
Cash, cash equivalents and marketable securities of ~$703.8M as of June 30, 2022; cash runway extended through 2028.
Prioritizing NUV-868 (BD2-selective BET inhibitor) and novel small molecule DDC platform for future development.

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