Selvita Completes $ 5.5 Million Private Placement


Krakow –Polish drug discovery company Selvita has entered into definitive agreements with investors in Poland to sell, in a private placement, 2.7 million shares of its stock at a price of PLN 5.5 per share, resulting in gross proceeds to the company of PLN 14.85 million ($5.5 million). The capitalisation of the company after the issue will be around $21 million. Selvita expects its stock to be listed on the Warsaw Stock Exchange NewConnect market in June 2011. Proceeds from the financing will be used for the ongoing pre-clinical development of Selvita’s drug candidates including the first in class compounds: SEL24 (Pim kinase inhibitors in oncology), SEL120 (anti-mitotic agent with a novel mechanism of action) and SEL113 (oncology and auto-immune disorders). The company will also expand its lab space for outsourcing of drug discovery projects which is the second pillar of Selvita’s business model. The majority of the company shares will continue to be controlled by its management. The largest new shareholder will be Dr. Tadeusz Wesolowski, the founder of Prosper, one of the largest pharmaceutical distributors in Poland who will join Selvita’s supervisory board as its Vice President. The company’s turnover amounted to PLN3.1 mln in 2009 with PLN3 million net loss. Forecasts for this year are not reported. Sel24 is a group of compounds which are specific inhibitors of Pim-1 kinase, which are in the downstream signalling pathways of several oncogenes including FLT3-ITD, Bcr-Abl or Jak2 and play important role in oncogenic transformation. Pim-1 kinases are also markers for poor prognosis. The lead compound, SEL24-1 has shown antitumour activity in vivo in 4 different mouse xenograft models of estrogen resistant breast cancer cells, hematopoietic cancers and other solid tumours at an IC of less than 10nM. Moreover, preliminary results show that the company’s lead compound SEL24-1 is safe and non-toxic in non-neoplastic cells and tissues in vitro and in vivo.
First-in-human application is planned for 2012. Furthermore Selvita is developing SEL103 against Alzheimer’s disease in partnership with the Finish Orion Corporation.



Polish antibody development and manufacturing specialist Mabion S.A. more than tripled its revenues in 2011 (€2.5m) compared to 2010 (€0.74m). The increase in turnover mainly resulted from stronger client demand for R&D services...



Polish company Bioton S.A (Warsaw) and Swiss-headquartered generics giant Actavis (Zug) have joined forces to shake up the €12bn world market for recombinant insulins and insulin analogues. At the end of January, Bioton Chairman...



Zug/Warsaw - The fourth largest generics producer and a polish biotech want to create a stir in the market for diabetes drugs. Swiss Actavis and Bioton from Warsaw announced that they have formed a joint venture company for the...



Krakow – Polish Selvita S.A., which offers preclinical drug development services to pharma companies, has been ranked as the No. 1 “Rising Star” of this year’s Fast50 contest. In the programme, analysts from Deloitte Technology...



Warsaw – Poland’s Bioton S.A. has announced it is investing €20m in a new production plant in Szczecin. The biotechnology company is planning to manufacture insulin injection devices in the facility. The project involves the...



Warsaw – Biotech experts want to make the development of pharmaceutical and medical innovations a priority in Poland. At the start of September, members of the Polish Technology Platform for Innovative Medicine recommended that...



Kraków – Selvita SA CEO Pawel Przewiezlikowski announced at the end of July that the Polish drug development and drug discovery service firm is close to achieving profitability. After bagging EUR3.7m through an IPO on Warsaw’s...



Warsaw – Researchers from Lodz and Poznan Universities say Poland needs to update its draft GMO law. “The national current legal situation is complicated,” Prof. Tomas Twardowski told EuroBiotechNews, stressing that while trade...



Krakow – Polish Selvita S.A. is going public. By May, the drug discovery specialist announced it had entered into definite agreements with investors to sell 2.7 million shares for a total of EUR3.75m, resulting in a market...



Szczecin/Greifswald – A team of physical chemists headed by Robert Hoylst from the Polish Academy of Science have improved a method for calculating the migration time of drugs or drug delivery devices introduced into the sol/gel...

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