Selvita, a Poland-based integrated drug discovery partner for the pharmaceutical and biotechnology industry, has successfully completed its Initial Public Offering. Gross proceeds from the sale of 2,651,891 new shares amount to €6,5M sold at the maximum price. Selvita plans to enter the main market of the Warsaw Stock Exchange in December 2014.
Selvita is a Polish biotechnology company engaged in the discovery and development of breakthrough medicines to treat oncology, central nervous system and autoimmune disorders, as well as the provision of drug discovery services. The most advanced programs at Selvita are SEL24, a pre-clinical kinase inhibitor, with multiple indications in hematopoietic tumors and SEL120, a first-in-class small molecule inhibitor.
As a result of the offer, Selvita has strengthened its investor base with many recognized international and Polish asset managers including five of the largest 100 global institutions and significantly increased the number of retail stockholders to more than 1,000.
The company will use the issue proceeds to fund an investment program worth approximately €13,6M over the next three years. The remaining part of the funds for the investment program will provide with the already secured Polish government grants. Selvita has already secured almost €7M from its own funds and grant funding.
The proceeds from the capital increase will be utilized for three major purposes:
- Progressing SEL24 and SEL120 through pre-clinical and Phase I development
- Supporting Selvita’s early-stage discovery programs, mainly in oncology
- Further lab expansion and advanced equipment procurement for the services division
Selvita operates in two business areas: innovative and service sector. The innovative division is oriented towards the search for novel, original drugs, primarily in the area of oncology, where the Polish biotech cooperates with some of the most renowned drug discovery companies such as H3 Biomedicine, Merck Serono and Felicitex Therapeutics.
Drug discovery outsourcing division provides international and Polish pharmaceutical, biotechnology and industrial clients with high-value added and cost effective research services. Selvita clients include more than fifty large and medium-sized pharmaceutical and biotechnology companies from the US, Europe and Asia including seven of the ten largest pharmaceutical companies in the world.
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