Selvita Announces Shareholder Approval of Corporate Split and New Name of Ryvu Therapeutics for Oncology Development Company
KRAKOW, Poland, Sept. 19, 2019 /PRNewswire/ -- Selvita (WSE: SLV) today announced that following the Shareholder Meeting of the Company which took place today, shareholders have adopted a resolution to approve the plan to separate the Selvita oncology therapeutics and contract research business units into two independent companies.
The therapeutics company, which will maintain public listing, will operate under the new name of Ryvu Therapeutics and focus on proprietary oncology drug discovery and development. The contract research services company will be spun out and continue to use the name Selvita. Both companies will be independently listed on the Warsaw Stock Exchange following the completion of regulatory processes in the National Court Register ("KRS"), National Depository for Securities ("KDPW") and Warsaw Stock Exchange ("GPW").
"We are encouraged to move forward with the split of our two divisions into Selvita and Ryvu Therapeutics," commented Pawel Przewiezlikowski, Chief Executive Officer of Ryvu Therapeutics.
"We are very grateful to our shareholders for giving us a vote of confidence in our strategy to split
and supporting us throughout the process. There is clear potential for sustainable, long-term value with each company operating with a distinct mission and focus. With a productive discovery engine platform, a diversified oncology therapeutics pipeline, and demonstrated expertise in target selection and small molecule chemistry, Ryvu Therapeutics is well positioned for long-term success."
Mr. Przewiezlikowski continued, "In addition, we are very pleased to announce the creation of a new supervisory board for Ryvu, assembling industry veterans and financing experts to support our goal
of bringing new options to patients as efficiently as possible. We expect the formal completion of the split and independent listings of each company in October 2019."
"Selvita has maintained a strong tradition of excellence as a leading global service provider from the beginning of its history," commented Boguslaw Sieczkowski, Selvita Executive Vice President and Chief Operating Officer. "With a strategy of pursuing both dynamic organic growth and high value business acquisitions, we expect to see significant returns as we build on the substantial infrastructure of talent and reputation that Selvita has established. We're splitting but we share common roots and the mission to be a partner of choice for everyone we work with, is what will always run in the DNA of both companies."
Pawel Przewiezlikowski, MSc., MBA, will retain his position as Chief Executive Officer at Ryvu Therapeutics. Krzysztof Brzozka, Ph.D., will serve as Chief Scientific Officer and Setareh Shamsili, M.D., will serve as Chief Medical Officer.
The Selvita contract research company will be led by Boguslaw Sieczkowski, MBA, as Chief Executive Officer, with Milosz Gruca, Ph.D., as Executive VP and Director of Biology; Miroslawa Zydron, Ph.D., as Director of Contract Chemistry; Edyta Jaworska, MBA, as Head of Integrated Drug Discovery; Dawid Radziszewski LL.M as Head of Legal; and Dariusz Kurdas as Chief Financial Officer.
The supervisory board for Ryvu Therapeutics will consist of the existing board members: Piotr Romanowski, Ph.D., (Chairman), Partner at PwC, Tadeusz Wesolowski, Ph.D., founder of pharmaceutical distributor PROSPER; Rafal Chwast, Chief Financial Officer at the Nowy Styl group; as well as newly nominated Axel Glasmacher, M.D., former head of clinical Hematology-Oncology R&D at Celgene; Jarl Ulf Jungnelius, M.D., chief medical officer of NOXXON Pharma; Thomas Turalski, portfolio manager at Revidea Ventures; and Colin Goddard, Ph.D., Chief Executive Officer of BlinkBio.
The supervisory board for the Selvita contract research company will consist of Piotr Romanowski (Chairman), Tadeusz Wesolowski, Rafal Chwast, Wojciech Chabasiewicz, Partner at Chabasiewicz, Kowalska and Partners, L.P. Jacek Osowski, MBA, CFA, investment advisor, and Pawel Przewiezlikowski.
This release may contain forward-looking statements, including, among other things, statements regarding the guidance from management. Selvita cautions the reader that forward-looking statements are not guarantees of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors which might cause the actual results, financial conditions, performance or achievements of Selvita, or industry results, to be materially different from any historic or future results, conditions, performance or achievements expressed or implied by such forward-looking statements. In addition, even if Selvita's results, performance, and the development of the industry in which it operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods. Among the factors that may result in differences are that Selvita's expectations regarding development programs may be incorrect, the inherent uncertainties associated with competitive developments, clinical study and projects development activities and regulatory approval requirements, Selvita's reliance on collaborations with third parties, and estimating the commercial potential of its development programs. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. Selvita expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements, unless specifically required by law or regulation.
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