NEW YORK - SELLAS Life Sciences Group, Inc. (NASDAQ: NASDAQ:SLS), a biopharmaceutical company specializing in cancer treatment therapies, has announced agreements with institutional investors for a registered direct offering and private placement of securities. This transaction includes the sale of over 13 million shares and warrants, with expected gross proceeds of approximately $20 million.
The offering, priced at $1.535 per share, also includes warrants exercisable at $1.41 per share, effective immediately upon issuance and expiring after 5.5 years. The closing of the deal is anticipated around March 19, 2024, conditional on standard closing requirements.
SELLAS intends to allocate the net proceeds to further research and development, working capital, and general corporate objectives. A.G.P./Alliance Global Partners (NYSE:GLP) is the exclusive placement agent for this offering.
This news follows recent updates from SELLAS on their lead product candidate, GPS, licensed from Memorial Sloan Kettering Cancer Center, which targets the WT1 protein across various tumor types. The company is also advancing SLS009, a selective CDK9 inhibitor, outside of Greater China through a license from GenFleet Therapeutics.
The information provided is based on a press release statement from SELLAS Life Sciences Group, Inc.
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