SELLAS Life Sciences Group, Inc. (NASDAQ:SLS) Q3 2018 Earnings Conference Call Transcript
Nov 15, 2018 • 08:00 am ET
Good morning and welcome to the SELLAS Life Sciences Third Quarter 2018 Financial Results and Corporate and Business Update Conference Call. All participants are now in a listen-only mode. There will be a question-and-answer session at the end. Please be advised that this call is being recorded at SELLAS request.
I would now like turn the call over to Will O'Connor of Stern IR. Please proceed.
Thank you, operator. This is Will O'Connor with Stern Investor Relations and welcome to SELLAS' third quarter 2018 financial results and corporate and business update conference call. The news release became available earlier this morning and it can be found on the SELLAS website at sellaslifesciences.com. You may listen to a live audio webcast and replay of today's call on the Investors section of the website.
(Forward-Looking Cautionary Statements)
Participating on the call are Dr. Angelos Stergiou, CEO of SELLAS, and Gene Mack, CFO of SELLAS.
With that, I'll now turn the call over to Dr. Stergiou.
Thank you, Will. Good morning, everyone, and thank you for joining us on today's call. This is our first earnings call following the reverse merger of SELLAS and Galena at the end of 2017. As you know, our mission at SELLAS is to develop and commercialize cancer immunotherapies for a wide area of solid and hematological cancers.
Our late stage pipeline includes our lead candidate, galinpepimut-S, or GPS, which was in license with Memorial Sloan Kettering Cancer Center and is currently being evaluated in multiple tumor types as a monotherapy and in combination with pembrolizumab or Keytruda, a PD-1 checkpoint inhibitor under our collaboration agreement with Merck.
We are also developing nelipepimut-S, or NPS, or NeuVax, for which we from which we just announced positive Phase IIb results in triple negative breast cancer and which originated from MD Anderson Cancer Center. During Q3 and early Q4, we have made significant clinical and regulatory progress for GPS and NPS, which I will talk about shortly. We also made key corporate advancements with the closing of our approximately $22 million financing in July of this year, which bolsters our balance sheet and enables us to pursue our plans for our clinical programs. We have also just added $6.6 million to our balance sheet from a payment by JGB in connection of the litigation with them.
This followed the dismissal by the court of JGB's complaint against our company. Sellas and JGB have also agreed to terminate the debenture and all related agreements. Just to be clear, our JGB debt is now extinguished, and we have no other outstanding debt. Turning to the progress we've made with our pipeline, I'd like to first discuss where we currently stand with our lead clinical candidate, GPS. Given the compelling evidence from our Phase I and II trials of GPS in treating acute myeloid leukemia, we've been planning a pivotal Phase III study. As you may know, acute myeloid leukemia, or AML, is an area of serious unmet need and we have both fast