Selvita Has Raised PLN 27.3 MM On Its Way To The Main Market Of The Warsaw Stock Exchange

Published: Dec 16, 2014

Krakow, Poland, December 16 2014 / B3C newswire / - Selvita, 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 PLN 27.3 MM (USD 8.1MM), sold at the maximum announced price. Selvita plans to enter the main market of the Warsaw Stock Exchange in December 2014.

The company offered a new issue of 2,651,891 Series F shares, all of which were acquired at the price of PLN 10.3 per share.

Selvita plans to list new shares on the main market of the Warsaw Stock Exchange, together with 6,413,566 shares of series B, C, D and E, previously listed on the NewConnect market, on December 19, 2014. Once the share issue has been formally completed and the new shares have been registered, Selvita’s capital will be divided into 13,115,457 shares.

According to the company’s decision 12% of shares offered went to retail investors and institutional investors acquired 88% of the new issue.

“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” - said Pawel Przewiezlikowski, co-founder and Chief Executive Officer of Selvita S.A.

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 stock holders to more than 1,000.

The company will use the issue proceeds to fund an investment program worth approx. USD 17MM over the next three years. The remaining part of the funds for the investment program will provided with the already secured Polish government grants. Selvita has already secured almost USD 9MM 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 Selvita services division

After the issue Selvita will commence the IND-enabling studies of SEL24 and SEL120 as well as continue the on-going partnering discussions around its most advanced assets to maximize medical, regulatory and commercial chances of its programs.

“Today is undoubtedly one of the most important days in the history of Selvita. Once the issue has been registered, we will have among our shareholders some of the most renowned Polish and foreign financial investors, including the largest international asset management institutions. The trust we've been shown is a great honor to us. A key task for us now, is to use the proceeds from the share issue in order to execute the strategy presented to the investors” - said Boguslaw Sieczkowski, co-founder and Chief Operating and Financial Officer of Selvita S.A.

Selvita operates in two business areas: innovative and service sector.

Help employers find you! Check out all the jobs and post your resume.

Back to news