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SELLAS Life Sciences Announces Pricing of Upsized $24.2 Million Public OfferingNEW YORK, July 12, 2018 (GLOBE NEWSWIRE) -- SELLAS Life Sciences Group, Inc. (NASDAQ:SLS) (“SELLAS” or the “Company”), a clinical-stage biopharmaceutical company focused on the development of novel cancer immunotherapies for a broad range of cancer indications, today announced the pricing of an underwritten public offering of 11,520,000 shares of common stock or, in lieu of shares of common stock, pre-funded warrants exercisable for shares of common stock, and accompanying common stock warrants to purchase an aggregate of 11,520,000 shares of common stock. The shares of common stock and accompanying common stock warrants are being sold at a combined public offering price of $2.10 per share and accompanying common stock warrant. The pre-funded warrants and accompanying common stock warrants are also being sold at a combined public offering price of $2.10 per pre-funded warrant and common stock warrant. Each common stock warrant being sold with the shares of common stock and pre-funded warrants will represent the right to purchase one share of the Company’s common stock at an exercise price of $2.10 per share. The common stock warrants will be exercisable immediately and will expire five years from the date of issuance. Each pre-funded warrant will represent the right to purchase one share of the Company’s common stock at an exercise price of $0.0001 per share. The pre-funded warrants will be exercisable immediately and may be exercised at any time until the pre-funded warrants are exercised in full. All shares of common stock and warrants are being sold by SELLAS. The shares of common stock and pre-funded warrants, and accompanying common stock warrants, will be issued separately and will be immediately separable upon issuance. The gross offering proceeds to SELLAS from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, and excluding the exercise of any warrants, are expected to be approximately $24.2 million. The offering is expected to close on or about July 16, 2018, subject to customary closing conditions. SELLAS intends to use the net proceeds from the offering to commence a pivotal Phase 3 trial of GPS in acute myeloid leukemia (AML), and to develop GPS in combination with pembrolizumab (Keytruda) in a Phase 1/2 proof of concept study, as well as for general corporate purposes and funding its working capital needs. Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. are acting as joint book-running managers for the offering. Maxim Group LLC is acting as lead manager. A registration statement on Form S-1 relating to the offering was filed with the Securities and Exchange Commission (he "SEC") on May 23, 2018, amended on June 26, 2018 and July 11, 2018 and was declared effective on July 11, 2018. The offering is being made only by means of a prospectus. SELLAS’ SEC filings are available to the public from the SEC's website at www.sec.gov. Copies of the final prospectus relating to the offering may also be obtained, when available, by contacting Cantor Fitzgerald & Co., Attention: Equity Capital Markets, 499 Park Avenue, 6th Floor New York, New York 10022 or by email at [email protected] or Oppenheimer & Co. Inc., Attention: Equity Capital Markets, 85 Broad Street, 26th Floor, New York, NY 10004 or by email at [email protected]. This press release shall not constitute an offer to sell or the 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 Forward-Looking Statements Investor Contact: David Moser, JD |