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Selvita raises $8.1m ahead of listing on Warsaw Stock Exchange

TAG'S: Services (other)

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 services.

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.

2014-12-23



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