SELLAS Announces Pricing of $16.2 Million Registered Direct Offering
Rhea-AI Summary
SELLAS Life Sciences Group (Nasdaq: SLS) announced a registered direct offering of approximately $16.2 million of its common stock at $7.00 per share, set to close around December 16, 2020. The company will sell 2,320,000 shares, expecting gross proceeds before fees and expenses. Maxim Group LLC acts as the exclusive lead placement agent for this offering. The shares are offered under a previously filed shelf registration statement and do not constitute an offer in jurisdictions where sales would be unlawful.
Positive
- Expected gross proceeds of approximately $16.2 million to support business operations.
- Maxim Group LLC serves as the exclusive lead placement agent, indicating confidence in the offering.
Negative
- The offering may lead to shareholder dilution due to the issuance of additional shares.
News Market Reaction 1 Alert
On the day this news was published, SLS declined 20.07%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, Dec. 13, 2020 (GLOBE NEWSWIRE) -- 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
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
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 Contacts
Adam Holdsworth
PCG Advisory
917-497-9287
adamh@pcgadvisory.com
Investor Relations
SELLAS Life Sciences Group, Inc.
917-438-4353
info@sellaslife.com
FAQ
What is the total amount SELLAS Life Sciences is raising through the stock offering?
What is the purchase price per share in SELLAS's recent stock offering?
When is the expected closing date for SELLAS Life Sciences's registered direct offering?
Who is the placement agent for SELLAS Life Sciences's stock offering?
What are the potential impacts of the stock offering on existing shareholders of SLS?
