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). 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.
SOURCE The Genesis Prize Foundation