Krakow, Poland – 22 September 2016 – Selvita (WSE:SLV), the largest drug discovery company in Central and Eastern Europe, has signed a preliminary agreement to purchase a land property in Krakow, Poland, where it plans to build its future drug discovery laboratories.
The land property size is 1.4 hectares and located in a close proximity to the current Selvita facilities at the JCI Life Science Park in Krakow. Adjacent to the Park and the new plot, are Life Science Departments of the Jagiellonian University, as well as Solaris Synchrotron facility.
The long term development plan assumes that Selvita will build a laboratory-office complex, made up of three buildings with a total space of 150 000 sq. ft., which will accommodate work places for ca. 1 000 employees. The first phase of the plan assumes construction of one building with a research and development space of over 50 000 sq. ft.
Access to high-quality laboratory infrastructure is one of the key requirements for Selvita to become a global drug discovery leader. We spent a lot of time analysing options available at different locations in Poland, and as a result we decided to lease the laboratory space in Poznan which will start functioning in early 2017. Selvita is however planning to develop primarily in Krakow, that is why we are in need of a high quality infrastructure for our headquarters – says Boguslaw Sieczkowski, Co-founder and Chief Operating Officer at Selvita.
The schedule of the plan assumes that the plot will be purchased and formalities completed by the end of 2017. The construction and furnishing phase is planned for 2018 – 2019. To finance the new investment Selvita will take advantage of various existing and planned support options offered in Poland to the research and development initiatives, as well as bank financing. The new headquarters will be located in a Special Economic Zone which should also offer certain tax incentives for the company.
Our cash position as at the end of August 2016 was at PLN 31 M, and was short by only 2 M PLN compared to the cash position at the completion of our public offering in Dec 2014. We are profitable and dynamically increasing our sales. At the same time we are free from any significant financial obligations. All of that allows us to feel calm and certain about this ambitious project – adds Boguslaw Sieczkowski.