Genesis Prize Co-Founder Stan Polovets Steps Down as Chairman of Anchiano Therapeutics after Company Posts 630% Return in 12 Months

Rhea-AI Summary

The Genesis Prize Foundation announced that Stan Polovets has stepped down as chairman of Anchiano Therapeutics following its merger with Chemomab Therapeutics on March 16, now trading as CMMB. During Polovets' tenure, Anchiano's stock surged 630%, outperforming many peers. The merger aims to focus on innovative therapies for inflammation and fibrosis, backed by significant investor financing. Polovets expressed gratitude for the management team's efforts, highlighting the company’s potential for further success in the biotech space.

Positive

• Anchiano's stock appreciated 630% during Polovets' chairmanship.
• The merger with Chemomab expands the company's operations into high unmet medical needs.
• Secured additional financing from prominent healthcare-focused investors.

Negative

• None.

NEW YORK, March 22, 2021 /PRNewswire/ -- The Genesis Prize Foundation today announced that its co-founder Stan Polovets has stepped down as chairman of the board of Anchiano Therapeutics (NASDAQ ANCN), a biopharmaceutical company dedicated to the discovery, development, and commercialization of novel targeted therapies to treat cancer.

Mr. Polovets' decision not to remain on the Board of Directors follows the merger between Anchiano and Israel-based Chemomab Therapeutics, announced on Monday, March 16. The merged company, which is now traded on NASDAQ under the ticker CMMB, will expand its scope of operations and focus on discovering and developing innovative therapeutics for conditions with high unmet needs that involve inflammation and fibrosis.

During approximately one year that Mr. Polovets served as chairman of Anchiano, the company's stock appreciated 630%, while some of its peers declined 10% during the same period (see chart below). With the exception of several companies involved with the development of COVID-19-related drugs, Anchiano's share price performance was one of the best in the biotech space.

Stan Polovets said: "I am very proud of the work of the senior management of Anchiano, whose talent, hard work and dedication made such a phenomenal outcome possible. I am particularly grateful to Anchiano's CEO Neil Cohen and CFO Andrew Fine, our counsel Aaron Lampert, and our excellent advisors from Cooley and Oppenheimer. I am certain that the combined company, with its outstanding leadership and strong investor base, will enjoy even greater success." As part of the merger, Chemomab received additional financing from prominent healthcare-focused investors Cormorant Asset Management, OrbiMed, Peter Thiel and Christian Angermayer's Presight Capital and Apeiron Investment Group.

The largest investor in ANCH was Access Industries, a company controlled by prominent industrialist and philanthropist Len Blavantik. Over the past twenty years, Mr. Polovets has worked on a number of ventures with Mr. Blavatnik, including TNK-BP, one of the largest oil companies in the world. Created with the original investment of $100 million in the late 1990's, TNK-BP was sold to Russia's state oil company Rosneft for $55 billion in 2013.

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SOURCE The Genesis Prize Foundation

FAQ

What significant change occurred at Anchiano Therapeutics regarding its board leadership?

Stan Polovets stepped down as chairman of Anchiano Therapeutics following the merger with Chemomab Therapeutics.

What was the stock performance of Anchiano Therapeutics during Polovets' chairmanship?

The stock appreciated by 630% during Polovets' tenure as chairman.

What new focus will the merged company CMMB have?

CMMB will focus on discovering and developing innovative therapeutics for conditions involving inflammation and fibrosis.

Who are some of the prominent investors involved in the merger financing?

Investors include Cormorant Asset Management, OrbiMed, Peter Thiel, and Christian Angermayer's Presight Capital.