Genesis Prize Co-Founder Stan Polovets steps down as Anichiano chairman
During the approximately one year that Mr. Polovets served as chairman of Anchiano, the company’s stock appreciated 630%.
By ALAN ROSENBAUMMichael Bloomberg receiving Genesis Prize from Israeli Prime Minister Benjamin Netanyahu and Genesis Prize Chairman Stan Polovets(photo credit: MOSHE MILNER)
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 the 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. 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.” 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.
