SELLAS Announces Pricing of $16.2 Million Registered Direct Offering
December 13 2020 - 8:10PM
SELLAS Life Sciences Group, Inc. (Nasdaq: SLS) (“SELLAS” or the
“Company”), a late-stage clinical biopharmaceutical company focused
on the development of novel cancer immunotherapies for a broad
range of cancer indications, today announced that it has entered
into a share purchase agreement with institutional investors to
purchase approximately $16.2 million of its common stock in a
registered direct offering at a purchase price of $7.00 per share.
Under the terms of the share purchase agreement,
SELLAS has agreed to sell 2,320,000 shares of its common stock. The
gross proceeds to the Company from the registered direct offering
are expected to be approximately $16.2 million before deducting the
placement agent’s fees and other offering expenses. The registered
direct offering is expected to close on or about December 16, 2020,
subject to the satisfaction of customary closing conditions.
Maxim Group LLC is acting as the exclusive lead
placement agent in connection with the offering.
The shares of common stock are being offered
pursuant to a shelf registration statement on Form S-3 (File No.
333-233869) previously filed and declared effective by the
Securities and Exchange Commission (SEC).
This press release does not constitute an offer to
sell or the solicitation of an offer to buy, nor will there be any
sales of these shares of common stock in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction. A prospectus supplement relating to the shares of
common stock will be filed by SELLAS with the SEC. When available,
copies of the prospectus supplement relating to the registered
direct offering, together with the accompanying prospectus, can be
obtained at the SEC's website at www.sec.gov or from Maxim
Group LLC, 405 Lexington Avenue, New York, NY 10174, Attention:
Syndicate Department, or via email at syndicate@maximgrp.com or
telephone at (212) 895-3745.
About SELLAS Life Sciences Group,
Inc.
SELLAS is a late-stage clinical 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’
second product candidate, nelipepimut-S (NPS), is a HER2-directed
cancer immunotherapy with potential for the treatment of patients
with early stage breast cancer with low to intermediate HER2
expression, otherwise known as HER2 1+ or 2+, which includes triple
negative breast cancer patients, following standard of care.
For more information on SELLAS, please visit
www.sellaslifesciences.com.
Forward-Looking Statements
This press release contains forward-looking
statements. All statements other than statements of historical
facts are “forward-looking statements,” including those relating to
future events. In some cases, forward-looking statements can be
identified by terminology such as “plan,” “expect,” “anticipate,”
“may,” “might,” “will,” “should,” “project,” “believe,” “estimate,”
“predict,” “potential,” “intend,” or “continue” and other words or
terms of similar meaning. These statements include, without
limitation, statements related to our ability to close the offering
and the gross proceeds from the offering. 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 set forth under the caption “Risk Factors” in SELLAS’
Annual Report on Form 10-K filed on March 13, 2020 and in its other
SEC filings. 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 ContactsAdam
HoldsworthPCG Advisory 917-497-9287adamh@pcgadvisory.com
Investor RelationsSELLAS Life Sciences Group,
Inc.917-438-4353info@sellaslife.com
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