On December 13, 2020 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, reported that it has entered into a share purchase agreement with institutional investors to purchase approximately $16.2 million of its common stock in a registered direct offering at a purchase price of $7.00 per share (Press release, Sellas Life Sciences, DEC 13, 2020, View Source [SID1234572776]).

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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 $16.2 million before deducting the placement agent’s fees and other offering expenses. The registered direct offering is expected to close on or about December 16, 2020, subject to the satisfaction of customary closing conditions.

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 [email protected] or telephone at (212) 895-3745.