SELLAS Life Sciences Group (NASDAQ:SLS), Inc., a pharmaceutical company based in New York with a market capitalization of $69 million, has recently amended severance agreements for two of its top executives. According to InvestingPro data, the company maintains a Fair overall financial health score, with strong liquidity metrics.
The company's Board of Directors approved changes to the severance agreements for Dragan Cicic, Senior Vice President and Chief Development Officer, and John Burns, Senior Vice President and Chief Financial Officer, on January 10, 2025.
The amendments to the existing Change in Control Severance Agreements, originally dated December 14, 2021, now provide for a severance payment equivalent to 15 months of the executives' then-current base salary if they are terminated in connection with a change of control of the company.
Apart from the revised severance terms, all other provisions in both Cicic's and Burns' severance agreements remain unchanged. The full text of the amendments will be included in SELLAS Life Sciences Group's next periodic report to the U.S. Securities and Exchange Commission.
In other recent news, SELLAS Life Sciences Group has made significant strides in its novel cancer therapies with key developments in its clinical trials. The company's Phase 3 REGAL study for acute myeloid leukemia (AML) has reached a crucial milestone, triggering an interim analysis by the Independent (LON:IOG) Data Monitoring Committee. The study focuses on the immunotherapeutic agent, Galinpepimut-S. SELLAS also reported positive data from its Phase 2 trial of SLS009, a selective CDK9 inhibitor, with a median overall survival exceeding 7.7 months.
Additionally, the company received FDA Rare Pediatric Disease Designation for its drugs SLS009 and Galinpepimut-S, indicating their potential in treating pediatric AML and pediatric acute lymphoblastic leukemia. SELLAS also extended its lease agreement for its Times Square Tower headquarters through 2026 and is set to raise approximately $21 million through a registered direct offering.
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