Why Nuvation Bio Stock Falling In Pre-market?

(RTTNews) - Nuvation Bio Inc. (NUVB) announced the FDA has placed a partial clinical hold on the company's phase 1 dose escalation study of NUV-422 in solid tumors, including high grade glioma, HR+/HER2- advanced breast cancer and metastatic castration resistant prostate cancer. Following the emergence of uveitis, a form of inflammation in the eye, in certain patients receiving NUV-422, the company proactively paused enrollment of new patients.

David Hung, CEO of Nuvation Bio, said: "Based upon the recent development of uveitis as a potential safety signal, we will conduct an overall risk/benefit analysis of the NUV-422 program. With $737.7 million in cash as of March 31, 2022, we are well positioned to continue developing all of our internal product candidates."

Shares of Nuvation Bio were down 26% in pre-market trade on Monday.