Oncology research pioneer Anchiano was one of the best
performers in the biotech space during Mr. Polovets' one-year
tenure
NEW YORK, March 22, 2021 /PRNewswire/ -- The Genesis Prize
Foundation today announced that its co-founder Stan Polovets has stepped down as chairman of
the board of Anchiano Therapeutics (NASDAQ ANCN), a
biopharmaceutical company dedicated to the discovery, development,
and commercialization of novel targeted therapies to treat
cancer.
Mr. Polovets' decision not to remain on the Board of Directors
follows the merger between Anchiano and Israel-based Chemomab Therapeutics, announced
on Monday, March 16. The merged
company, which is now traded on NASDAQ under the ticker CMMB, will
expand its scope of operations and focus on discovering and
developing innovative therapeutics for conditions with high unmet
needs that involve inflammation and fibrosis.
During approximately one year that Mr. Polovets served as
chairman of Anchiano, the company's stock appreciated 630%, while
some of its peers declined 10% during the same period (see chart
below). With the exception of several companies involved with the
development of COVID-19-related drugs, Anchiano's share price
performance was one of the best in the biotech space.
Stan Polovets said: "I am very
proud of the work of the senior management of Anchiano, whose
talent, hard work and dedication made such a phenomenal outcome
possible. I am particularly grateful to Anchiano's CEO
Neil Cohen and CFO Andrew Fine, our counsel Aaron Lampert, and our excellent advisors from
Cooley and Oppenheimer. I am certain that the combined company,
with its outstanding leadership and strong investor base, will
enjoy even greater success." As part of the merger, Chemomab
received additional financing from prominent healthcare-focused
investors Cormorant Asset Management, OrbiMed, Peter Thiel and Christian Angermayer's Presight Capital and
Apeiron Investment Group.
The largest investor in ANCH was Access Industries, a company
controlled by prominent industrialist and philanthropist Len
Blavantik. Over the past twenty years, Mr. Polovets has worked
on a number of ventures with Mr. Blavatnik, including TNK-BP, one
of the largest oil companies in the world. Created with the
original investment of $100 million
in the late 1990's, TNK-BP was sold to Russia's state oil company Rosneft for
$55 billion in 2013.
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