Nuvectis Pharma, Inc. Reports Second Quarter 2022 Financial Results and Business Highlights NXP800 Phase 1a Dose-Escalation Study Progressing as Planned, Commencement of Phase 1b Expansion Study Expected in Q1 2023 NXP80

Nuvectis Pharma, Inc. Reports Second Quarter 2022 Financial Results

and Business Highlights

August 5, 2022, Fort Lee, NJ - Nuvectis Pharma,

Inc (NASDAQ: NVCT) ("Nuvectis" or the "Company"), a biopharmaceutical company focused on the development of novel

therapies for the treatment of serious conditions of unmet medical need in oncology, today reported its financial results for the second

quarter of 2022 and provided an update on recent business progress.

"Nuvectis has made excellent progress this

year towards its goal of becoming a leading precision medicine company with a robust, novel pipeline to treat unmet needs in oncology"

said Ron Bentsur, Chairman and Chief Executive Officer of Nuvectis. "The NXP800 Phase 1a dose-escalation study is proceeding as

planned with the start of the Phase 1b expansion phase expected in Q1 2023. With the U.S. Food and Drug Administration's ("FDA")

clearance of the NXP800 Investigational New Drug Application ("IND"), we now have clinical sites in the United States participating

in the clinical program in addition to sites in the United Kingdom. We also look forward to sharing updates on new potential target indications,

in addition to ovarian clear cell and ovarian endometrioid carcinoma, later this year."

Mr. Bentsur continued: "The body of evidence

supporting the therapeutic potential of NXP900 continues to grow, and we are pleased with the recent preclinical data demonstrating robust

activity of NXP900 in a xenograft model of Group 4 Medulloblastoma, a disease that affects mostly pediatric patients. We expect to complete

the IND enabling studies by the end of this year."

Mr. Bentsur concluded: "The closing of a

private placement earlier this month, coupled with our careful attention to spending, is expected to extend our cash runway into H2 2024.

Based on the excellent second quarter progress, while leveraging our experienced team and expanded cash resources, I believe Nuvectis

is well-positioned to potentially generate meaningful proof of concept data on its pipeline programs over the next year and beyond."

Second Quarter Highlights

NXP800 (our potentially first-in-class

Heat Shock Factor 1 ("HSF1") pathway inhibitor): The Phase 1a dose escalation portion of the Phase 1 clinical program of NXP800

is ongoing and the Phase 1b dose expansion study is expected to begin in Q1 2023.

NXP900 (our novel, selective SRC/YES1

kinase inhibitor): IND-enabling studies for NXP900 are ongoing with expected completion by the end of 2022.

In August 2022, the Company completed a private

placement raising approximately $15.9 million in gross proceeds which is expected to extend the cash runway into H2 2024.

Second Quarter 2022 Financial Results

Cash, cash equivalents, and short-term investments

were $13.6 million as of June 30, 2022, compared to $5.7 million as of December 31, 2021. The increase of $7.9 million was primarily a

result of the Company's initial public offering in February 2022.

Research and development expenses were $2.5 million

for the three months ended June 30, 2022, compared to $4.2 million for the three months ended June 30, 2021, a decrease of $1.7 million.

The reduction in research and development expenses is primarily attributed to the payment of the NXP800 license fee in 2021. Research

and development expenses for the second quarter 2022 included $0.3 million in non-cash expenses.

General and administrative expenses were $1.1

million for the three months ended June 30, 2022, compared to $1.7 million for the three months ended June 30, 2021, a decrease of $0.6

million. The reduction in general and administrative expenses is primarily attributed to a reduction in professional and consulting fees.

General and administrative expenses for the second quarter 2022 included $0.2 million in non-cash expenses.

The Company's net loss was $3.6 million for the

three months ended June 30, 2022, compared to $5.9 million for the three months ended June 30, 2021, a decrease of $2.4 million. Net loss

for the second quarter of 2022 included $0.5 million in non-cash expenses as well as $0.5 million in non-recurring expenses.

About Nuvectis Pharma, Inc.

Nuvectis Pharma, Inc. is a biopharmaceutical company

focused on the development of innovative precision medicines for serious conditions of unmet medical need in oncology. The Company is

currently developing two drug candidates: NXP800, a clinical-stage HSF1 pathway inhibitor currently in a Phase 1 study in patients with

advanced solid tumors, and NXP900, a novel SRC/YES1 kinase inhibitor currently in preclinical development with IND-enabling studies ongoing.

Forward Looking Statements

This press release contains "forward-looking

statements" within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties.

All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking

statements contained in this press release may be identified by the use of words such as "anticipate," "believe,"

"contemplate," "could," "estimate," "expect," "intend," "seek," "may,"

"might," "plan," "potential," "predict," "project," "target," "aim,"

"should," "will," "would," or the negative of these words or other similar expressions, although not all

forward-looking statements contain these words. For example, we are using forward-looking statements when we discuss the intended use

of net proceeds from the private placement. Forward-looking statements are based on Nuvectis Pharma, Inc.'s current expectations, estimates,

and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects,

business strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to inherent

uncertainties, risks, assumptions, market and other conditions, and other factors that are difficult to predict and include statements

regarding the preclinical data generated to date with and the preclinical and clinical expectations for NXP800 and NXP900. Further, certain

forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties

are subject to market and other conditions and described more fully in the section titled "Risk Factors" in the 2021 Form 10-K

filed with the Securities and Exchange Commission ("SEC"). However, these risks are not exhaustive and new risks and uncertainties

emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking

statements contained in this press release or other filings with the SEC. Any forward-looking statements contained in in this press release

speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or

revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions

or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor

for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Chairman, Chief Executive Officer and President

Media Relations Contact:

Christopher M. Calabrese

NUVECTIS PHARMA, INC.

except per share and share amounts)

NUVECTIS PHARMA, INC.

CONDENSED STATEMENTS OF OPERATIONS

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