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Nuvation Bio Exhibit 99.1 Nuvation Bio Reports First Quarter 2021 Financial Results and Provides Business Update Ongoing enrollment in Phase 1/2 study of NUV - 422 in high - grade gliomas Strong balance sheet with cash , cash equivalents and marketable securities of $ 824.7million as of March 31 , 2021 Previously issued 2020 financial statements of Panacea Acquisition Corp. being restated based on recent SEC guidance NEW YORK - May 17 , 2021 – Nuvation Bio Inc. ( NYSE : NUVB ) , a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates , today reported its financial results for the first quarter ended March 31 , 2021 , and provided a business update . " Nuvation Bio continues to make meaningful progress on advancing our deep pipeline of therapies for difficult - to - treat cancers and remains on track to submit five additional Investigational New Drug ( IND ) applications by 2026 , " said David Hung , M.D. , founder and chief executive officer of Nuvation Bio . " We also continue to enroll and dose patients in our Phase 1/2 study of NUV - 422 , our lead cyclin - dependent kinase ( CDK ) 2/4/6 inhibitor , in high - grade gliomas and expect top - line data from the Phase 1 portion of this study in 2022. Our strong cash , cash equivalents and marketable securities of $ 824.7 million at the end of the first quarter provides us sufficient resources to continue to execute on our robust clinical development plan and grow our pipeline of novel and mechanistically distinct cancer treatments . " Recent Business Highlights Enrollment ongoing in Phase 1/2 study of NUV - 422 . Nuvation Bio continues to enroll and dose patients in the Phase 1/2 study of its lead investigational compound , NUV - 422 , a CDK 2/4/6 inhibitor , in adult patients with recurrent or refractory high - grade gliomas , including glioblastoma multiforme ( GBM ) . The Phase 1 dose escalation portion of the study is designed to evaluate safety and tolerability , as well as to determine a recommended Phase 2 dose based on the tolerability profile and pharmacokinetic properties of NUV - 422 . The Phase 2 dose expansion portion of the study is expected to initially focus on patients with high - grade gliomas and is designed to evaluate overall response rate , duration of response and survival . Data from the Phase 1 portion of this study is expected in 2022 . First Quarter 2021 Financial Results As of March 31 , 2021 , Nuvation Bio had cash , cash equivalents , and marketable securities of $ 824.7 million .