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Nuvation Bio Exhibit 99.1 Nuvation Bio Reports Second Quarter 2021 Financial Results and Provides Business Update Ongoing enrollment in Phase 1/2 study of lead investigational compound NUV - 422 for the treatment of adult patients with malignant gliomas ; protocol amendment submitted to expand into additional cancers Strong balance sheet with cash , cash equivalents and marketable securities of $ 806.6 million as of June 30 , 2021 NEW YORK , August 12 , 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 financial results for the second quarter ended June 30 , 2021 , and provided a business update . " The second quarter of 2021 marked multiple achievements for Nuvation Bio . With the appointment of David C. Hanley , Ph.D. , as Chief Technical Operations Officer , we are advancing our supply chain , product development and manufacturing efforts . For our pipeline , we continue to enroll and dose patients in our ongoing Phase 1/2 study of NUV - 422 and have recently expanded the study to include additional cohorts for patients with recurrent glioblastoma , hormone receptor - positive breast cancer and metastatic castration - resistant prostate cancer , further reinforcing the potential of NUV - 422 , " said David Hung , M.D. , founder and chief executive officer of Nuvation Bio . " We look forward to advancing our ongoing study of NUV - 422 , and the entirety of our pipeline of therapies for difficult - to - treat cancers , towards clinical development . " Recent Business Highlights • Enrollment ongoing in Phase 1/2 multiple expansion cohort study of NUV - 422 . During the second quarter of 2021 , Nuvation Bio submitted a protocol amendment to the U.S. Food and Drug Administration ( FDA ) to expand the population of its Phase 1/2 study of lead investigational compound , NUV - 422 , a cyclin - dependent kinase ( CDK ) 2/4/6 inhibitor . The expanded population will allow for enrollment of patients with recurrent glioblastoma , hormone receptor - positive metastatic breast cancer ( with and without brain metastases ) and metastatic castration - resistant prostate cancer . Enrollment is ongoing and data from the Phase 1 portion of the study is expected in 2022 . Appointment of David C. Hanley , Ph.D. , as Chief Technical Operations Officer . In June 2021 , Nuvation Bio announced the appointment of David C. Hanley , Ph.D. , as Chief Technical Operations Officer , joining the Company's executive management team . In this capacity , Dr. Hanley will oversee all early- and late - stage pharmaceutical development and operations , including supply chain , product development and manufacturing efforts , and work closely on commercial planning with Quality , Regulatory Affairs , Clinical Development and Clinical Operations teams .