SELLAS Life Sciences Group, Inc. (NASDAQ: NASDAQ:SLS), a biopharmaceutical company engaged in developing cancer therapies, has entered into an agreement for a registered direct offering to raise approximately $21 million.
The deal involves the sale of over 15 million shares and equal warrants to an unnamed institutional investor, with the transaction set to close around August 1, 2024.
The offering, priced at a premium to the market, sets the effective combined price for each share and accompanying warrant at $1.325. The warrants, which will be immediately exercisable at $1.20, are valid for five years from the date of issuance. Maxim Group LLC is serving as the sole placement agent for this offering.
SELLAS, known for its late-stage clinical developments, is currently working on novel treatments for a variety of cancer types. Its product candidates include GPS, a therapy licensed from Memorial Sloan Kettering Cancer Center targeting the WT1 protein prevalent in many tumor types, and SLS009, a small molecule CDK9 inhibitor aimed at treating acute myeloid leukemia (AML) and other myeloid diseases.
The proceeds from the offering are expected to fuel the company's ongoing research and development efforts. The offering comes amid the company's broader efforts to advance its pipeline of cancer therapies and follows the regulatory framework for such financial transactions.
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