SELLAS Life Sciences Announces Final Court Approval of Settlement of Securities Litigation
SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) announced on February 28, 2022, that the United States District Court for the District of New Jersey approved a $1.6 million settlement related to litigation involving its predecessor, Galena Biopharma. The settlement, fully covered by insurance, resolves all legacy legal claims. CEO Angelos M. Stergiou expressed satisfaction with the modest settlement, emphasizing the company's focus on developing innovative cancer immunotherapies. SELLAS's lead candidate, galinpepimut-S, targets the WT1 protein in various tumors.
- Final approval of $1.6 million settlement ends all legacy litigation related to Galena Biopharma.
- Settlement amount is fully covered by insurance, minimizing financial impact.
- The company continues to focus on developing novel cancer immunotherapies.
- None.
– Marks an End to All Litigation Related to Activities of SELLAS’ Predecessor, Galena Biopharma –
NEW YORK, Feb. 28, 2022 (GLOBE NEWSWIRE) -- SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) ("SELLAS" or the “Company”), a late-stage clinical biopharmaceutical company focused on developing novel cancer immunotherapies for a broad range of indications, today announced that on February 24, 2022 the United States District Court for the District of New Jersey issued final approval of the settlement of the claims relating to the Company’s predecessor, Galena Biopharma, Inc., in the litigation captioned In re Galena BioPharma, Inc. Securities Litigation. The settlement provides for the payment of
“The final court approval for the settlement of the securities litigation marks the end of all legacy litigation related to Galena, our predecessor,” said Angelos M. Stergiou, MD, ScD. h.c., President and Chief Executive Officer of SELLAS. “I am pleased that our legal team was able to strike such a modest settlement payment, fully covered by insurance, as SELLAS continues to be focused on continuing our diligent work to develop innovative novel cancer immunotherapies to provide much needed, more tolerable, therapeutic treatment options for patients – that is our mission.”
About SELLAS Life Sciences Group, Inc.
SELLAS is a late-stage clinical biopharmaceutical company focused on developing novel cancer immunotherapeutics for a broad range of indications. SELLAS’ lead product candidate, galinpepimut-S (GPS), is licensed from Memorial Sloan Kettering Cancer Center and targets the WT1 protein, which is present in an array of tumor types. GPS has potential both as a monotherapy and in combination to address a broad spectrum of hematologic malignancies and solid tumor indications. SELLAS’ second product candidate, nelipepimut-S (NPS), is a HER2-directed cancer immunotherapy with potential to treat patients with early-stage breast cancer with low to intermediate HER2 expression, otherwise known as HER2 1+ or 2+, which includes triple negative breast cancer patients, following the standard of care.
For more information on SELLAS, please visit www.sellaslifesciences.com.
Investor Contacts
Allison Soss
KCSA Strategic Communications
Email: SELLAS@kcsa.com
Phone: 212.896.1267
Media Contacts
Raquel Cona
KCSA Strategic Communications
Email: SELLAS@kcsa.com
Phone: 212.896.1276
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