KRAKOW, Poland, Sept. 3,
2019 /PRNewswire/ -- Selvita (WSE: SLV) a clinical
stage company engaged in the research and development of novel
cancer therapies as well as provision of drug discovery and
development services, today announced that the Polish Financial
Supervision Authority has approved the prospectus of Selvita CRO, a
required step for the planned corporate split into two companies.
One company will focus on the development of small molecule
therapeutics in oncology and the other will provide contract
research services. Each company will build upon capabilities that
have been integral to the Company since the founding of Selvita in
2007. Both companies will be publicly listed on the Warsaw Stock
Exchange.
Selvita has convened a Shareholder Meeting for Sept. 19, 2019, to approve the proposed split.
The meeting agenda includes adoption of a resolution on the
business name for the oncology company of Ryvu Therapeutics upon
split completion. Shareholders will also decide on an appointment
of new members of the Supervisory Board. The following biotech
industry veterans have been proposed to join the board: Professor
Axel Glasmacher, M.D.; Colin Goddard, Ph.D.; Jarl Ulf Jungnelius, M.D.;
and Mr. Thomas Turalski.
"We are on track with our preparations to separate the two major
divisions of the company into independent entities, each with a
distinct mission and focus," commented Boguslaw Sieczkowski, Chief Operating Officer of
Selvita. "We look forward to submitting the details of the plan for
shareholder review. If approved, the plan would allow for the
formal completion of the split in the beginning of the fourth
quarter of 2019."
In a separate shareholder meeting the newly founded company,
Selvita CRO S.A. (currently wholly owned by Selvita S.A.), which
will take over the CRO (contract research organization) segment of
Selvita S.A. will be renamed Selvita S.A.
The split transaction is intended to result in maintaining the
current shareholding structure of Selvita with both new companies.
For each existing share in Selvita S.A., shareholders will receive
one share of Ryvu Therapeutics and one share in the Selvita CRO
company that will assume the Selvita name. Selvita CRO (the
contract research organization) will retain ownership of shares in
precision medicine AI company Ardigen. Ryvu Therapeutics (the
oncology therapeutics company) will assume ownership of shares of
spin-off company NodThera, which is focused on therapeutics based
on inflammasome biology.
About Selvita
Selvita is developing novel small molecule therapies that
address emerging targets in oncology and provides industry-leading
research services. Pipeline candidates make use of diverse
therapeutic mechanisms driven by emerging knowledge of cancer
biology, including small molecules directed at kinase, synthetic
lethality, immuno-oncology and cancer metabolism targets. SEL120 is
a selective CDK8 kinase inhibitor with potential for development in
hematological malignancies and in solid tumors, currently in
clinical development for the treatment of acute myeloid leukemia
and myelodysplastic syndrome. SEL24/MEN1703 is a dual PIM/FLT3
kinase inhibitor licensed to the Menarini Group in clinical
development for the treatment of acute myeloid leukemia. Selvita is
headquartered in Krakow with
offices in the U.S. and U.K. Ardigen, a provider of precision
medicine and artificial intelligence services, and NodThera, a
company developing a new class of medicines to treat chronic
inflammation, were conceived, incubated and launched by Selvita. In
March 2019, Selvita announced the
intent to split its oncology development and research services
divisions into separate companies.
Forward-Looking Statements
This release may contain forward-looking statements. Such
forward-looking statements are not guarantees of future results.
These forward-looking statements speak only as of the date of
publication of this document. Selvita expressly disclaims any
obligation to update any forward-looking statements in this
document, unless specifically required by law or regulation.
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content:http://www.prnewswire.com/news-releases/polish-financial-supervision-authority-approves-selvita-cro-prospectus-allowing-corporate-split-into-two-separately-listed-companies-to-proceed-300910753.html
SOURCE Selvita
