Poland's Selvita raises $5.5 million to use in progressing R&D pipeline

Selvita, the largest Polish drug discovery company, says it has entered into definitive agreements with investors in Poland to sell in a private placement 2.7 million shares of its stock at a price of 5.5 zlotys per share, resulting in gross proceeds to the company of 14.85 million zlotys ($5.5 million).

The capitalization of the company after the issue will be around $21 million. Krakow-based Selvita expects its stock to be listed on the Warsaw Stock Exchange NewConnect market this June, subject to regulatory approvals.

Proceeds from the financing will be used primarily for the ongoing preclinical development of Selvita’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).