Selvita completes near $41 million book building

Polish biotech firm Selvita (WSE: SLV) pleased investors with its announcement of a major share 2.2 million placement, sending its shares 4.68% higher to 64.80 zlotys

The issue price was set at the previously announced maximum limit of 61.00 zlotys per share. The amount of gross proceeds raised in the offering, before estimated expenses of the offering, is around 134.2 million zlotys ($40.57 million). The funds raised in the offering will let the company implement the development strategy announced for the years 2017-2021.

“We have seen strong interest in our secondary share offering. The demand for Selvita shares at the maximum price was significantly higher than the number of shares offered. We are glad to see many of the current shareholders interested in increasing their stake in Selvita, as well as welcome new strong capital market funds to our shareholder base,” says Pawel Przewiezlikowski, co-founder, the largest shareholder and chief executive of Selvita. “Our pipeline has progressed significantly and the services segment has been growing at more than 30% for past several years with a growing loyal client base. It is time for Selvita to speed up the company development towards later stages of clinical development and high value-added integrated project collaborations,” he added.