SELLAS Life Sciences Completes Second Tranche of $10,700,000 Private Placement
May 02 2018 - 8:45AM
SELLAS Life Sciences Group, Inc. (NASDAQ:SLS) (“SELLAS” or
“the Company”), a clinical-stage biopharmaceutical company focused
on novel cancer immunotherapies for a broad range of cancer
indications, today announced the closing of the second tranche
of its $10,700,000 private placement transaction. In March
2018, SELLAS entered into a definitive securities purchase
agreement to issue shares of its convertible preferred stock and
warrants to purchase shares of its common stock in a private
placement transaction to a select group of institutional investors,
in the United States and Europe.
The second tranche of $4,713,000 was received following
stockholder approval under Nasdaq Listing Rule 5635(d). The first
tranche closed on March 9, 2018 for a total of $5,987,000. In
connection with the closing of the second tranche, the Company
granted the investors certain registration rights. SELLAS intends
to use the net proceeds from the private placement for the
continued advancement of its cancer immunotherapy pipeline,
including lead asset galinpepimut-S (GPS), which targets
malignancies and tumors characterized by an overexpression of the
WT1 antigen, and for general corporate purposes.
“Completing this private placement is an important step in
SELLAS’ progress toward the development of our assets, and we are
excited to receive ongoing support from our investors,”
said Angelos Stergiou, MD, ScD h.c., President & Chief
Executive Officer of SELLAS. “Our focus continues to be the
development of our pipeline of immunotherapies. We look forward to
the commencement of the Phase 1/2 clinical trial of galinpepimut-S
in combination with Keytruda® under our collaboration and supply
agreement with Merck and our planned Phase 3 acute myeloid leukemia
program. We are also excited about the potential for nelipepimut-S
(NeuVax™) as a therapeutic option for TNBC patients in combination
with Herceptin®.”
About SELLAS Life Sciences GroupSELLAS is a
clinical-stage biopharmaceutical company focused on novel cancer
immunotherapeutics for a broad range of cancer indications. SELLAS’
lead product candidate, galinpepimut-S (GPS), is licensed
from Memorial Sloan Kettering Cancer Center and targets
the Wilms Tumor 1 (WT1) protein, which is present in an array of
tumor types. GPS has potential as a monotherapy or in
combination to address a broad spectrum of hematologic malignancies
and solid tumor indications. SELLAS has Phase 3 clinical trials
planned (pending funding availability) for GPS in two indications,
acute myeloid leukemia (AML) and malignant plural mesothelioma
(MPM) and is also developing GPS as a potential treatment for
multiple myeloma and ovarian cancer. SELLAS plans to study
GPS in up to four additional indications. SELLAS has received
Orphan Drug designations from the U.S. Food & Drug
Administration (FDA), as well as the European Medicines
Agency, for GPS in AML and MPM; GPS also received Fast Track
designation for AML and MPM from the FDA. NeuVax™
(nelipepimut-S), a first-in-class, HER2-directed cancer
immunotherapy, is also being investigated for the prevention of the
recurrence of breast cancer after standard of care treatment in the
adjuvant setting.
For more information on SELLAS, please visit
www.sellaslifesciences.com.
Forward-Looking StatementsThis press release
contains forward-looking statements, including, but not limited to,
statements related to the expectations as to the anticipated use of
proceeds from the private placement, and to further develop GPS for
a broad range of cancer indications. These forward-looking
statements are based on current plans, objectives, estimates,
expectations and intentions, and inherently involve significant
risks and uncertainties. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of these risks and
uncertainties, which include, without limitation, risks and
uncertainties associated with immune-oncology product development
and clinical success thereof, uncertainties related to timing and
ability to obtain needed shareholder consent in a timely manner,
the uncertainty of regulatory approval, the uncertainty of
partnering its clinical assets, and other risks and uncertainties
affecting SELLAS and its development programs. Other risks and
uncertainties of which SELLAS is not currently aware may also
affect SELLAS’ forward-looking statements and may cause actual
results and the timing of events to differ materially from those
anticipated. The forward-looking statements herein are made only as
of the date hereof. SELLAS undertakes no obligation to update or
supplement any forward-looking statements to reflect actual
results, new information, future events, changes in its
expectations or other circumstances that exist after the date as of
which the forward-looking statements were made.
Investor Contact:Will O’ConnorStern Investor
Relations, Inc.212-362-1200ir@sellaslife.com
David Moser, JDSellas Life Sciences
Group813-864-2571info@sellaslife.com
Source: SELLAS Life Sciences Group, Inc.
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