Full Press Release Details
SELLAS Life Sciences Announces $21.0 Million
Registered Direct Offering Priced at a Premium to Market
NEW YORK, NY July 31, 2024 -- SELLAS Life Sciences
Group, Inc. (NASDAQ: SLS) ("SELLAS'' or the "Company"), a late-stage clinical biopharmaceutical company
focused on the development of novel therapies for a broad range of cancer indications, today announced that it has entered into a securities
purchase agreement with a single institutional investor for the purchase and sale of 15,849,056 shares of common stock (or common stock
equivalents in lieu thereof) and warrants to purchase up to an aggregate of 15,849,056 shares of common stock, in a registered direct
offering priced at a premium to market. The combined effective offering price for each share of common stock (or common stock equivalent
in lieu thereof) and accompanying warrant is $1.325. The warrants will have an exercise price of $1.20, will be immediately exercisable
and will expire five years from issuance.
The gross proceeds to the Company are expected
to be approximately $21.0 million before deducting placement agent fees and other estimated offering expenses. The offering is expected
to close on or about August 1, 2024, subject to the satisfaction of customary closing conditions.
Group LLC is acting as the sole placement agent for the offering.
This offering is being made pursuant to an effective
shelf registration statement on Form S-3 (File No 333-278334) previously filed with the U.S. Securities and Exchange Commission (the
"SEC"). A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available
on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from
Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745
or by email at syndicate@maximgrp.com.
This press release shall not constitute an offer
to sell or a 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 Life Sciences Group, Inc.
SELLAS is a late-stage clinical biopharmaceutical
company focused on the development of novel therapeutics for a broad range of cancer indications. SELLAS' other lead product candidate,
GPS, is licensed from Memorial Sloan Kettering Cancer Center and targets the WT1 protein, which is present in an array of tumor types.
GPS has the potential as a monotherapy and combination with other therapies to address a broad spectrum of hematologic malignancies and
solid tumor indications. The Company is also developing SLS009 (formerly GFH009) - potentially the first and best-in-class differentiated
small molecule CDK9 inhibitor with reduced toxicity and increased potency compared to other CDK9 inhibitors. Data suggests that SLS009
demonstrated a high response rate in AML patients with unfavorable prognostic factors including ASXL1 mutation, commonly associated with
poor prognosis in various myeloid diseases. 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, the Company's ability to satisfy closing conditions with respect to 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 with oncology product
development and clinical success thereof, the uncertainty of regulatory approval, and other risks and uncertainties affecting SELLAS and
its development programs as set forth under the caption "Risk Factors" in SELLAS' Annual Report on Form 10-K filed on
March 28, 2024 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.
LifeSci Advisors, LLC