Nuvectis Pharma (NVCT) said Friday it closed its public offering of 2.7 million shares, with the underwriter exercising in full the option to buy 405,000 additional shares at $5 per share, boosting gross proceeds to about $15.5 million.

The company said it expects to use the net proceeds from the offering to continue clinical development of its NXP800 and NXP900 product candidates, hire additional personnel, and for capital expenditures and other general corporate purposes.