Selvita: New company and new supervisory board
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The last few days have brought a lot of changes in the biotechnological company Selvita. The company’s shareholders agreed to split the company and appoint four new members of the supervisory board of Ryvu Therapeutics. Selvita also announced the launch of phase I clinical trials of its acute myeloid leukemia drug (SEL120).
Selvita separates Ryvu Therapeutics
Already in March Selvita announced its plans to split into two independent companies with global reach. The first one, which will operate under the name Ryvu Therapeutics (now Selvita SA), will focus on developing its own projects in the area of small molecules with therapeutic potential in oncology. It will therefore be a relatively risky activity profile.
The second company, which will operate under the name Selvita (currently Selvita CRO), will provide laboratory R&D services to external customers. The company will also develop through acquisitions (this will be easier after the spin-off). Selvita will look for potential acquisition targets in Europe. These will be companies from both Western Europe (which have advanced products and a well-established brand) and Eastern Europe (which will increase economies of scale).
Both companies to be listed on the WSE.
Boguslaw Sieczkowski will become President of Selvita
The division of Selvity into two companies resulted in personnel changes. Paweł Przewiezlikowski, the current President of Selvita SA, will remain at the head of Ryvu Therapeutics. Together with him, the management will include Dr. Krzysztof Brzozka as the scientific director and vice-president of the board and Dr. Setareh Shamsili as the medical director.
The composition of the Supervisory Board of Ryvu Therapeutics will also be expanded. New members are Prof. Axel Glasmacher (independent consultant and Supervisory Board Member at 4D Pharm), Dr. Colin Goddard (President and Executive Director of BlinkBio), Dr. Jarl Ulf Jungnelius (oncologist, Medical Director at Noxxon Pharma) and Thomas Turalski (Portfolio Manager at Revidea Ventures). They will join Dr Piotr Romanowski, Dr Tadeusz Wesolowski and Rafal Chwast.
Bogusław Sieczkowski, former Vice-President of the Management Board and Managing Director, was appointed President of Selvita. Milosz Gruca, formerly a Member of the Management Board and Director of the Biology Department, became Vice-President. Dawid Radziszewski, who will be responsible for acquisitions as the Director of the Legal Department, and Dariusz Kurdas, who will be the Chief Financial Officer, have been appointed to the Management Board of the service company.
The Management Board is complemented by Dr Miroslawa Zydron, Director of the Chemistry Department and Edyta Jaworska, responsible for the development of integrated research and development projects. The Supervisory Board of the company was extended to include Jacek Osowski, an investment advisor.
SEL120 has entered the clinical trials
Regardless of the changes resulting from the spin-off, Selvita continues to develop its products. It has recently announced the launch of clinical trials for phase I of the SEL120 to treat acute myeloid leukemia (AML) and high-risk myelodysplastic syndrome (HR-MDS). The study is being conducted in the US and aims to establish a safety profile and recommended dose for further clinical trials, as well as a preliminary evaluation of cancer efficacy.
According to Selvita, the SEL120 is the first in its class CDK8 kinase inhibitor to start clinical trials. In preclinical studies, this drug has shown great potential for treating various types of cancer, both haematological and solid tumours. In August 2017,vSelvita has partnered with the Leukemia & Lymphoma Society (LLS) Foundation, which is working with innovative biotechnology companies and research institutions to accelerate the development of promising therapies to combat blood cancer. The Foundation will contribute $3.25 million to the company’s research.