SELLAS Life Sciences Announces Closing of $15 Million Public Offering
June 18 2019 - 4:33PM
SELLAS Life Sciences Group, Inc. (NASDAQ:SLS) (“SELLAS” or the
“Company”), a late-stage biopharmaceutical company focused on the
development of novel cancer immunotherapeutics for a broad range of
indications, today announced the closing of its previously
announced underwritten public offering of (i) 26,367,200 shares of
common stock together with common stock warrants (the “common
warrants”) to purchase 26,367,200 shares of common stock and (ii)
73,632,800 pre-funded warrants, with each pre-funded warrant
exercisable for one share of common stock, together with common
warrants to purchase 73,632,800 shares of common stock. At closing,
SELLAS received aggregate net proceeds from the offering of
approximately $13.5 million, after deducting underwriting discounts
and commissions and estimated offering expenses. The common
warrants have an initial exercise price of $0.50 per share and have
a 5-year term.
SELLAS intends to use the net proceeds from the offering to
commence a pivotal Phase 3 trial for its lead clinical candidate,
galinpepimut-S (“GPS”), as a monotherapy in acute myeloid leukemia
patients following second complete remission and to continue its
Phase 1/2 basket type trial of GPS in combination with
pembrolizumab, as well as for general corporate purposes and
funding its working capital needs.
A.G.P./Alliance Global Partners acted as sole book-running
manager for the offering. Maxim Group LLC acted as
co-manager.
A registration statement on Form S-1 relating to the offering
was filed with the Securities and Exchange Commission (the "SEC")
on May 23, 2019, amended on June 6, 2019 and June 13, 2019, and was
declared effective on June 13, 2019. The offering was made only by
means of a prospectus. SELLAS’ SEC filings are available to the
public from the SEC's website at www.sec.gov. Copies of the
final prospectus relating to the offering may also be obtained by
contacting A.G.P./Alliance Global Partners, 590 Madison Avenue,
36th Floor New York, NY 10022 or via telephone at 212-624-2006 or
email: prospectus@allianceg.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation, or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About SELLAS SELLAS is a clinical-stage
biopharmaceutical company focused on novel cancer
immunotherapeutics for a broad range of cancer indications. SELLAS’
lead product candidate, 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. SELLAS’
second product candidate, nelipepimut-S (NPS), is a HER2-directed
cancer immunotherapy being investigated for the prevention of the
recurrence of breast cancer after standard of care treatment in the
adjuvant setting.
Forward-Looking Statements This press
release contains forward-looking statements, including, but not
limited to, statements related to SELLAS’ current expectations,
plans and prospects. These forward-looking statements include,
without limitation, references to SELLAS’ expectations regarding
its anticipated use of net proceeds from the offering. 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 related to the satisfaction of customary closing
conditions related to the public offering, or factors that result
in changes to the Company's anticipated use of proceeds. These
risks and uncertainties are described more fully in Amendment No. 2
to Registration Statement on Form S-1 filed with the SEC on June
13, 2019 and other filings with the SEC, including SELLAS’
Annual Report on Form 10-K for the year ended December 31, 2018
filed with the SEC on March 22, 2019, as amended April 30, 2019.
Other risks and uncertainties of which SELLAS is not currently
aware may also affect SELLAS’ forward-looking statements. 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’Connor Stern
Investor Relations, Inc. 212-362-1200 ir@sellaslife.com
Investor Relations Sellas Life Sciences Group, Inc. 917.438.4353
info@sellaslife.com
Source: SELLAS Life Sciences Group
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