SELLAS Life Sciences Announces $21M Premium Priced Direct Offering

NEW YORK, July 31, 2024 -- SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) has announced a new securities purchase agreement with an institutional investor. This involves the acquisition and sale of 15,849,056 shares of common stock (or equivalents) along with warrants for an equal number of shares. The offering, priced above market value, sets the combined price for each share and accompanying warrant at $1.325. The warrants, exercisable at $1.20, will be active immediately and will expire five years from issuance. The gross proceeds expected from this transaction are around $21 million before accounting for placement agent fees and other expenses related to the offering. This transaction is predicted to close on or about August 1, 2024, contingent on customary closing conditions. Maxim Group LLC is the sole placement agent for this offering.

The offering is being conducted under an effective shelf registration statement on Form S-3, previously filed with the U.S. Securities and Exchange Commission (SEC). A prospectus supplement detailing the terms of this offering will be filed with the SEC and accessible on their website.

SELLAS Life Sciences Group, Inc. is a late-stage clinical biopharmaceutical firm concentrating on developing novel treatments across various cancer indications. One of SELLAS’ lead products, GPS, is licensed from Memorial Sloan Kettering Cancer Center and targets the WT1 protein, found in numerous tumor types. GPS shows promise both as a standalone treatment and in combination with other therapies for a wide range of hematologic malignancies and solid tumors.

Additionally, SELLAS is developing SLS009 (previously known as GFH009), a potentially first-class small molecule CDK9 inhibitor. This inhibitor is designed to have reduced toxicity and increased potency compared to other CDK9 inhibitors. Data indicates that SLS009 has shown a high response rate in patients with acute myeloid leukemia (AML), especially those with unfavorable prognostic factors like the ASXL1 mutation, which is often linked to poor outcomes in various myeloid diseases.

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