SELLAS Life Sciences announces derivative settlement

NEW YORK, September 23, 2021 (GLOBE NEWSWIRE) – SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) (“SELLAS” or the “Company”), an advanced-stage clinical biopharmaceutical company focused on the development of novel cancer immunotherapies for a wide range of indications, today announced that on September 10, 2021, the United States District Court for the District of New Jersey (the “court”) issued an order (the “preliminary order” ) providing for the preliminary approval of the proposed settlement of the claims relating to the Company’s predecessor, Galena Biopharma, Inc., and derivative asserted on behalf of the Company against the individual defendants named in the previously disclosed shareholder derivative actions (i) Keller v. Ashton, et al, Civil Action n ° 2: 17-cv-1777 (DNJ); and (ii) Johnson v. Schwartz, et al, Civil Action No. 2: 18-cv-00903 (DNJ) pending before the Court in accordance with the Settlement Stipulation, dated June 15, 2021 (the “Stipulation”). The Stipulation also resolves all claims made in another derivative action arising from the same facts, Jacobs v. Schwartz, et al, Case No. CIVMSC17-01222, (Calif. Sup. Ct., Contra Costa). The Stipulation requests the Company to adopt certain policies relating to the potential future commercialization of the Company’s clinical candidates and the Company’s insurer to pay the plaintiff’s counsel up to $ 270,000 in legal fees and reimbursement. spending. The preliminary order set a final settlement approval hearing for November 19, 2021.

As required by the Preliminary Order, the Clause and the Notice of Proposed Settlement (the “Notice”) have been posted in the Investor Relations section of our website and can be viewed at https: / /www.sellaslifesciences.com/investors/ Investor-resources / defaulat.aspx # section = derivative-litigation.

About SELLAS Life Sciences Group, Inc.
SELLAS is an advanced clinical biopharmaceutical company focused on the development of novel cancer immunotherapeutics for a wide range of indications. SELLAS ‘lead product candidate, GPS, is licensed by Memorial Sloan Kettering Cancer Center and targets the WT1 protein, which is found in a variety of tumor types. GPS has potential both as monotherapy and in combination to treat a wide range of hematologic malignancies and solid tumor indications. SELLAS ‘second product candidate, nelipepimut-S (NPS), is a cancer immunotherapy directed against HER2 that can treat patients with early-stage breast cancer with low to intermediate HER2 expression, also known as the name of HER2 1+ or 2+, which includes TNBC Patients, depending on the standard of care.

For more information on SELLAS, please visit www.sellaslifesciences.com.

Forward-looking statements
This press release contains forward-looking statements. All statements other than statements of historical fact are “forward-looking statements”, including those relating to future events. In some cases, forward-looking statements may be identified by words such as “plan”, “expect”, “anticipate”, “could”, “could”, “will”, “should”, “plan”, ” believe, “” estimate “,” predict “,” potential “,” intend “or” continue “and other words or terms with similar meaning. These statements include, but are not limited to, statements relating to the settlement of certain disputes. These forward-looking statements are based on current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Actual results and timing of events could differ materially from those anticipated in these forward-looking statements due to these risks and uncertainties, which include, without limitation, the risks and uncertainties associated with the COVID-19 pandemic, and ” other risks and uncertainties affecting SELLAS and its development programs, as discussed under “Risk Factors” in SELLAS ‘Annual Report on Form 10-K filed on March 23, 2021 and in its other documents filed with the SEC . Other risks and uncertainties of which SELLAS is not currently aware may also affect SELLAS ‘forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. Forward-looking statements herein are made only as of the date hereof. SELLAS assumes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date on which the forward-looking statements have been done.

Investor contacts
Valter Pinto / Allison Soss
KCSA strategic communication
E-mail: [email protected]
Telephone: 914.907.2675 / 215.272.2707

Media contacts
Caitlin Kasunich / Raquel Cona
KCSA strategic communication
E-mail: [email protected]
Telephone: 212.896.1241 / 212.896.1276

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