Benzinga | Nov 23, 2021 08:33AM EST

SELLAS Life Sciences Reports Final Court Approval Of Settlement Of Derivative Litigation

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 November 19, 2021 the United States District Court for the District of New Jersey (the "Court") issued the final approval of the settlement of the claims relating to the Company's predecessor, Galena Biopharma, Inc., and asserted derivatively on behalf of the Company against the individual defendants named in the previously disclosed stockholder derivative actions (i) Keller v. Ashton, et al, Civil Action No. 2:17-cv-1777 (D.N.J.); and (ii) Johnson v. Schwartz, et al, Civil Action No. 2:18-cv-00903 (D.N.J.) pending before the Court in accordance with the Stipulation of Settlement, dated June 15, 2021, which also resolves all claims asserted in a third derivative action arising from the same facts, Jacobs v. Schwartz, et al, Case No. CIVMSC17-01222 (Calif. Sup. Ct., Contra Costa). The Stipulation calls for the Company to adopt certain policies relating to the potential future commercialization of the Company's clinical candidates and for the Company's insurer to pay plaintiff's counsel up to $270,000 in attorney's fees and reimbursement of expenses. The Company previously announced in September 2021 the preliminary approval of this settlement.