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news.Biotechnology company Selvita has entered into definitive agreements with investors in Poland to sell in a private placement 2,7m shares of its stock at a price of PLN5.5 per share resulting in gross proceeds to the company of PLN14,85m ($ 5.5m).
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Selvita develops medicines for central nervous system, oncology and autoimmune disorders as well as provision of non-clinical research services.
Proceeds from the financing will be used primarily for the ongoing pre-clinical development of the company’s drug candidates including the potentially first in class compounds: SEL24 (Pim kinase inhibitor in oncology), SEL120 (anti-mitotic agent with a novel mechanism of action) and SEL113 (oncology and auto-immune disorders).
Selvita will also expand its lab space for outsourcing of drug discovery projects.
The majority of the company shares will continue to be controlled by its management.
The largest new shareholder will be Tadeusz Wesolowski, the founder of Prosper, one of the pharmaceutical distributors in Poland (currently part of Neuca group).
The Warsaw-based CC Group served as lead placement agent for the offering with Alior Bank acting as co-placement agent.