Selvita obtained PLN9.44 M financing for preclinical and clinical studies in SEL24 and SEL120 programs
Krakow, 09 June 2014 - Selvita, a Polish drug discovery company, listed on the NewConnect Market of the Warsaw Stock exchange and the National Centre for Research and Development concluded an agreement for the execution and financing of the KIND-P1 research program, comprising preclinical studies of Selvita's two most advanced oncology projects, and - based on their results - the first phase of clinical research for one selected molecule. This will be the first research project in Selvita's history which assumes entering clinical studies and drug administration to patients. Selvita is also getting ready for the entry into the Main Market of WSE by the end of 2014.
The research project "Introduction to clinical study of new selective anticancer kinase inhibitors - KIND-P1 acronym (Kinase Inhibitor Investigational New Drug studies to Phase 1)" will be implemented within the INNOMED Sectoral Program. Its objective is to perform, as part of SEL24 and SEL120 programs, comprehensive preclinical studies and introduction of a selected kinase inhibitor with the highest therapeutic potential as a new, innovative anticancer drug to clinical studies.
The total net value of the projects is PLN20.91 M ($ 6.95M), of which PLN 9.44 M ($3.14 M) is the National Centre for Research and Development's support. The project implementation timeline is anticipated for 2014-2017. It constitutes one of the most important elements of Selvita's investment plans for the coming years which may be realised by Selvita autonomously or in cooperation with pharmaceutical partners in the partnering model.
The tasks in the project were divided into four main phases. The first three phases cover comprehensive preclinical studies and preparation of a selected compound for clinical testing. They will be performed concurrently for clinical candidates of SEL24 and SEL120 programs. The total cost of this part of the project will amount to PLN10.55 M, of which 65% – PLN6.86 M – Selvita will receive as co-financing.
The fourth stage will be the first phase of clinical research, to which one of the compounds will be qualified, which characterises with the highest therapeutic potential and the best safety profile, specified based of preclinical studies. It will involve the drug administration to patients, which will allow to determine the therapeutic efficiency and safety of using the given chemical compound in treating specific types of cancers. The cost of the last stage of the project is PLN10.36 M, of which 25% – PLN2.59 M – Selvita will receive as co-financing.
SEL24 and SEL120 programs are Selvita's two most advanced oncology projects. SEL24 focuses on the first-in-class PIM/FLT3 dual kinase inhibitor with therapeutic potential in the treatment of acute myeloid leukaemia and lymphomas. SEL120 is a selective CDK8 kinase inhibitor with potential for treatment of solid and liquid tumours. In the both projects Selvita identified clinical candidates, i.e. compounds demonstrating a unique mechanism of action, a high anticancer activity in cell and animal models, and also promising safety parameters and bioavailability allowing for oral administration of preparations. Additionally, the developed inhibitors strengthen the activity of currently applied therapies, e.g. in the combination of PIM/FLT3 dual kinase inhibitor with cytarabine in acute myeloid leukaemia.
Selvita is a Polish biotechnology company engaged in the discovery and development of breakthrough medicines to treat oncology, CNS and autoimmune disorders. It also provides research and development services and develops IT solutions supporting innovative projects. Selvita was established in 2007. It presently employs 195 employees, including 65 PhDs. In the area of studies over cancers the Company cooperates e.g. with renown foreign companies, H3 Biomedicine and Merck Serono. From 2011 Selvita is listed on the NewConnect market of the Warsaw Stock Exchange in Poland (SLV). From 2013 it is included in NewConnect Lead segment, comprising 19 companies with the highest potential for being listed on the regulated market. In March 2014 Selvita was listed on NCIndex30, comprising 30 most liquid companies of the NewConnect market. Selvita plans to be listed on the Main Market of WSE in Q4 2014. More information: www.selvita.com
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