11:07 AM EDT, 03/15/2024 (MT Newswires) -- Sellas Life Sciences ( SLS ) said Friday it has signed agreements with two investors for the purchase and sale of about 13 million shares in a direct offering and warrants to buy up to the same number of shares in a simultaneous private placement at a combined purchase price of $1.535 per share and warrant.

The expected gross proceeds are about $20 million, the company said, adding that the offering is expected to close around March 19.

Net proceeds will be used for research and development projects, working capital and general corporate purposes, Sellas said.

The company's shares were falling more than 31% in recent trading.

Price: 1.06, Change: -0.49, Percent Change: -31.61