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.



Warsaw – Polish tissue-engineering specialist Euroimplant S.A. has received permission to build a new research and production facility in Klaudyn near Warsaw. The company said it is currently in talks with several investors who...



Warsaw – Polish pharmaceutical firm Polpharma has sought approval for its acquisition of parts of Polish blue-chip Bioton S.A. Polpharma made the bid on the last day of 2009. The case is pending. In November 2009, Bioton signed a...



Warsaw – Researchers at the Polish Academy of Sciences have shed new light on how plants adapt their flowering to climate. According to the team under Szymon Swiezewsk (Nature 462, 799-802), the plants use a kind of cold sensor...



Warsaw – Janusz Guy, chief executive of Polish insulin manufacturer Bioton SA, has stepped down shortly before the firm is due to present its Q3 results. He will be replaced by Slawomir Ziegert, who joined Bioton from competitor...



Warsaw – Polish insulin, antibiotics, and biosimilar producer Bioton SA has doubled its second-quarter net loss to PLN39m (–EUR9.3m) because sales fell by 8% in the period from April to June. The company, which is restructuring...



Kraków – The Polish biotechnology market has been shrinking in the last two years, according to a report just released by the Kraków-based consultancy PMR. Polish biotech industry sales fell by 2% in 2008 to PLN607m (EUR173m)...



Warsaw - Poland has violated its obligation towards the EU in regard to GMOs, the European Court of Justice has declared in Luxembourg. Poland, which is fighting to become a GMO free country, had been in dispute with the European...



Warsaw – Polish insulin maker Bioton has bounced back. After incurring a $6m loss in the first quarter of this year, (see Eurobio­techNews 5-6/2009), the company announced at the beginning of July that it was issuing €11.5m in...



Warsaw – Polish insulin maker Bioton SA has bounced back. After incurring a $6m loss in the first quarter of this year the company announced yesterday that it has signed an exclusive supply and distribution agreement with German...



Warsaw/Washington – The US Department of Agriculture (USDA) has criticised the draft law on genetically modified organisms (GMOs) that Poland recently submitted to the European Commission. The rules defined in the law “will...

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