CEL-SCI Corporation (CVM) $17.5 Million Public Offering of Stock and Warrants
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October 8, 2013 (www.investorideas.com newswire) On October 8, 2013, CEL-SCI Corporation announced a public offering of common stock and warrants price at $1.00 per unit. The offering is expected to raise gross proceeds of $17.5 million, which will be used for general corporate purposes.
Each unit consists of one share of common stock and a warrant to purchase one share of common stock. The warrants are immediately exercisable at an exercise price of $1.25 per share and have a term of five years. The underwriters have an option for 45 days to purchase up to an additional 15% of the shares and/or warrants to cover overallotments. CEL-SCI intends to use the net proceeds of the offering for general corporate purposes. The offering is expected to close around October 11, 2013.
CEL-SCI Corporation (NYSE: CVM), headquartered in Vienna , Virginia , is a development stage biopharmaceutical company focused on unique immunotherapies that address unmet needs in significant patient populations.
In recent years, the company's R&D has centered on immunotherapy for head and neck cancer, which now absorbs practically all of its R&D spending. Product development includes work on LEAPS (Ligand Epitope Antigen Presentation System) technology treatments for a range of influenzas and a vaccine against rheumatoid arthritis.
The company's lead drug candidate, MultikineŽ, is a synthesized combination, non-specific immunotherapy currently being evaluated in a phase III study as neoadjuvant therapy for advanced primary (untreated) head and neck cancer.
Multikine is under study in a 48-center, 800+ subject phase III clinical trial that aims to demonstrate that it can, in combination with follow-on surgery, radiation and chemotherapy, reduce mortality in advanced head and neck cancer cases by 10%. The therapy aims to reduce mortality by eradicating micro-metastases, microscopic tumors that survive the therapy, are difficult to detect, and are arguably the underlying cause of disease recurrence.
Multikine has orphan drug status in the US.
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