On October 31, 2023 SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) ("SELLAS’’ or the "Company"), a late-stage clinical biopharmaceutical company focused on the development of novel therapies for a broad range of cancer indications, reported that it has entered into a securities purchase agreement with a single, healthcare-focused U.S. institutional investor for the purchase and sale of 3,652,300 shares of common stock (or common stock equivalents in lieu thereof) at a purchase price of $1.0952 per share, priced at-the-market under Nasdaq rules pursuant to a registered direct offering resulting in total gross proceeds of approximately $4 million, before deducting placement agent commissions and other estimated offering expenses (Press release, Sellas Life Sciences, OCT 31, 2023, View Source [SID1234636552]). The Company further agreed to issue to the investor warrants to purchase up to an aggregate of 3,652,300 shares of common stock. The warrants will have an exercise price of $0.9702, will be immediately exercisable and will expire five years after issuance. The closing of the offering is expected to occur on or about November 2, 2023, subject to the satisfaction of customary closing conditions.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

A.G.P./Alliance Global Partners is acting as the lead placement agent for the offering and Maxim Group LLC is acting as a co-placement agent for the offering.

This offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No 333-255318) previously filed with the U.S. Securities and Exchange Commission (the "SEC"). A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at View Source Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at [email protected].

This press release shall not constitute an offer to sell or a 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.