On June 18, 2019 SELLAS Life Sciences Group, Inc. (NASDAQ:SLS) ("SELLAS" or the "Company"), a late-stage biopharmaceutical company focused on the development of novel cancer immunotherapeutics for a broad range of indications, reported the closing of its previously announced underwritten public offering of (i) 26,367,200 shares of common stock together with common stock warrants (the "common warrants") to purchase 26,367,200 shares of common stock and (ii) 73,632,800 pre-funded warrants, with each pre-funded warrant exercisable for one share of common stock, together with common warrants to purchase 73,632,800 shares of common stock (Press release, Sellas Life Sciences, JUN 18, 2019, View Source [SID1234537157]). At closing, SELLAS received aggregate net proceeds from the offering of approximately $13.5 million, after deducting underwriting discounts and commissions and estimated offering expenses. The common warrants have an initial exercise price of $0.50 per share and have a 5-year term.

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SELLAS intends to use the net proceeds from the offering to commence a pivotal Phase 3 trial for its lead clinical candidate, galinpepimut-S ("GPS"), as a monotherapy in acute myeloid leukemia patients following second complete remission and to continue its Phase 1/2 basket type trial of GPS in combination with pembrolizumab, as well as for general corporate purposes and funding its working capital needs.

A.G.P./Alliance Global Partners acted as sole book-running manager for the offering. Maxim Group LLC acted as co-manager.

A registration statement on Form S-1 relating to the offering was filed with the Securities and Exchange Commission (the "SEC") on May 23, 2019, amended on June 6, 2019 and June 13, 2019, and was declared effective on June 13, 2019. The offering was 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 by contacting A.G.P./Alliance Global Partners, 590 Madison Avenue, 36th Floor New York, NY 10022 or via telephone at 212-624-2006 or email: [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