On October 1, 2020 Selvita S.A. [ticker: WSE: SLV] – one of the largest preclinical contract research organizations in Europe, reported that its grant application for the creation of Selvita Research Centre has been recommended to receive financing from the Polish Ministry of Development Funds and Regional Policy (Press release, Selvita, OCT 1, 2020, View Source;utm_medium=rss&utm_campaign=selvita-research-centre-grant-application-recommended-for-financing [SID1234567857]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Creation of the Selvita Research Centre focused on Drug Research and Development was one of the main elements of the Development Strategy for 2020 – 2023, announced by Selvita in April 2020. An expanded laboratory space equipped according to the highest international standards will allow Selvita to increase its scale of business and introduce new, innovative services that the Company wasn’t able to implement so far due to the limited research area available. Expansion of the research infrastructure will significantly positively affect further Company development and its competitive advantage among global CRO companies.
This grant provides Selvita with over EUR 9 million of non-dilutive financing. The project’s total value amounts to EUR 32 million, and the anticipated project duration is over the next three years.
"We have a clear purpose for the coming years – to continue building our competitive position on the global CRO market, and expansion of the laboratory infrastructure as well as the scope of our services offer, are most definitely the key factors which will bring us closer to achieving our goal.
We have exhausted the possibilities of further expanding our rented research space in Krakow, and thus we decided to invest in our own research and development space. It is a standard among reputable global CROs to operate on a mix of rented and owned research space. This kind of operational model increases the reliability of a partner, which is very important for our Clients" – comments Boguslaw Sieczkowski, Chief Executive Officer at Selvita.
"Execution of this investment will not only allow us to increase the scale of operations and expand our offer but also increase competitiveness thanks to the introduction of new, innovative solutions and services into our offer." – adds Sieczkowski.
Selvita currently rents office and laboratory space of 5,000 m² in Kraków and Poznań.
The planned Selvita Research Center will have a research space of approximately 4,000 m². It will be created on a plot of land purchased by the Company in August 2020, at Podole Street in Krakow, less than 700 m away from the current location of HQ and laboratories. New Research Centre will comprise chemistry, biology, biochemistry, and analytical chemistry laboratories, with research space for over 250 scientists. The investment is planned to be completed in 2022/2023.