London, UK, 18 January 2019

Edison issues outlook on Selvita (SLV)

The data readout from the SEL24 Phase I/II trial in relapsed/refractory AML and the second lead asset, SEL120, moving into clinical development next year are milestones in Selvita's internal drug R&D. This should accelerate, as the company's plans to focus on innovation were endorsed by shareholders during the fund-raise earlier in 2018. R&D progress across the earlier-stage pipeline has been reported in several publications in recent months. The Innovations Platform continues to receive support from Selvita's rapidly growing drug discovery services business. Our valuation is PLN1.24bn or PLN77.6/share.

Our valuation of Selvita is slightly lower at PLN1.24bn or PLN77.6/share versus PLN1.30bn or PLN81.2/sh previously. The revision of the operating estimates resulted in a slightly lower DCF valuation, while rolling the model forward had a positive effect on the rNPV values of the R&D projects. Results from the SEL24 Phase I/II trial in 2019 is the main R&D catalysts in the near term.

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