Sellas Life Sciences Group, a biopharmaceutical company focused on developing innovative immunotherapeutic products to treat a variety of cancers, today announced that it has moved its head office from Switzerland to Bermuda.

The company said it has made its first local hires, including the chief financial officer, and intends to continue to build its local presence over the coming months.

Angelos Stergiou, chief executive officer, will relocate to Bermuda. The company’s headquarters are now at O’Hara House on Bermudiana Road. It also has an office in New York

“Our largest shareholder, Equilibria Capital, a Bermuda-based asset-management company, encouraged us to consider re-domesticating to the Island,” said Dr Stergiou.

“In addition to the close physical proximity to the US, an important market for our products, we have been highly impressed with Bermuda’s infrastructure, legal system, political stability and, most importantly, the quality of the workforce.

“We have found it easy to set-up our business here and would wholeheartedly encourage other biotech companies to consider moving to the island.”

Sellas was founded in 2012. It focuses on the treatment of various cancers through its immunotherapy agent, called galinpepimut-S, developed at, and licensed from, Memorial Sloan-Kettering Cancer Center in New York. The effectiveness of the agent in treating cancers such as acute myeloid leukaemia and malignant pleural mesothelioma in phase two clinical trials has been very encouraging.

Sellas said it is now ready to enter into the final stage of clinical testing, phase three, for both of these indications.

The company also has ongoing trials targeting ovarian cancer, multiple myeloma, and will also enter into clinical studies for glioblastoma multiforme and chronic myelogenous leukaemia shortly.

“Sellas’ cancer treatment immunotherapies are potentially applicable to over 25 types of cancers and could have a material impact on the way that cancers are treated.,” the company said in a statement.

Regarding the move, Daniel Tafur, partner at Equilibria, said: “We are delighted that Sellas has moved its headquarters to Bermuda. We are confident that the company will find the island an excellent base from which to grow and continue to develop and commercialise its innovative cancer therapies.”

Ross Webber, CEO of the Bermuda Business Development Agency, said: “We have been working for a while to attract biotech and life-science companies to Bermuda, and the move here by Sellas is a very positive development that not only creates jobs but also helps diversify our economy.

“The BDA has worked with Sellas and its advisers for nearly six months, and we are proud to see them establish a physical presence on the island. It brings new jobs for Bermudians immediately, and we fully expect more will follow.”