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Polish Financial Supervision Authority Approves Selvita CRO Prospectus, Allowing Corporate Split Into Two Separately Listed Companies to Proceed
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.
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.
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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