By Chris Wack
Sellas Life Sciences Group shares were down 10% to $1.04 after the company entered into a securities purchase agreement with a single, healthcare-focused U.S. institutional investor for the purchase and sale of 3.7 million shares at $1.0952 a share in a registered direct offering.
The stock closed Monday’s session up 24% following a fast track designation granted to SLS009 by the U.S. Food and Drug Administration.
The offering is expected to result in total proceeds of $4 million, before deducting placement agent commissions and other estimated offering expenses.
The biopharmaceutical company also agreed to issue to the investor warrants to buy up to 3.7 million shares. 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 Thursday.
Write to Chris Wack at [email protected]
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