Selvita raises $8.1m ahead of listing on Warsaw Stock Exchange
19 December 2014
Polish drug discovery company Selvita has successfully completed
its Initial Public Offering of 2,651,891 new shares amounting to
PLN27.3m (US$8.1m), sold at the maximum announced price.
Selvita says it plans to list new shares on the main market of
the Warsaw Stock Exchange, together with 6,413,566 shares previously
listed on the NewConnect market, on December 19, 2014.
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
Selvita cooperates with some of the most renowned drug discovery
companies such as H3 Biomedicine, Merck Serono and Felicitex
Therapeutics. The drug discovery outsourcing division provides
international and Polish pharmaceutical, biotechnology and
industrial clients with high-value added and cost efficient research
Pawel Przewiezlikowski, co-founder and CEO of Selvita, said, "We
are very pleased with investors’ interest in Selvita. The demand
among retail and institutional investors has significantly exceeded
the number of shares offered. I would like to thank all those who
have decided to invest in our Company. Thanks to our new investors,
Selvita will be able to develop its projects more rapidly, which
will hopefully result in providing more treatment options in areas
of high unmet medical need for oncology patients and further dynamic
growth of our shareholder value."
The company will use the issue proceeds and Polish government
grants to fund an investment program for three major purposes:
progressing its products 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 Selvita services division.