CEL-SCI Announces Pricing of $5 Million Offering of Common Stock
November 16 2023 - 7:30AM
Business Wire
CEL-SCI Corporation (“CEL-SCI” or the “Company”) (NYSE American:
CVM), a Phase 3 cancer immunotherapy company, today announced the
pricing of an offering of 2,490,000 shares of its common stock to a
single investor at an offering price of $2.00 per share, for gross
proceeds of approximately $5 million, before deducting underwriting
discounts and offering expenses. All of the shares of common stock
are being offered by the Company. The offering is expected to close
on November 20, 2023, subject to satisfaction of customary closing
conditions.
The Company intends to use the net proceeds from this offering
to fund the continued development of Multikine,* for general
corporate purposes, and working capital.
ThinkEquity is acting as sole book-running manager for the
offering.
The securities will be offered and sold pursuant to a shelf
registration statement on Form S-3 (File No. 333-265995), including
a base prospectus, filed with the U.S. Securities and Exchange
Commission (the “SEC”) on July 1, 2022 and declared effective on
July 15, 2022. The offering will be made only by means of a written
prospectus. A prospectus supplement and accompanying prospectus
describing the terms of the offering has been or will be filed with
the SEC on its website at www.sec.gov. Copies of the prospectus
supplement, when available, and the accompanying prospectus
relating to the offering may also be obtained from the offices of
ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.
Before investing in this offering, interested parties should read
in their entirety the prospectus supplement and the accompanying
prospectus and the other documents that the Company has filed with
the SEC that are incorporated by reference in such prospectus
supplement and the accompanying prospectus, which provide more
information about the Company and such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About CEL-SCI Corporation
CEL-SCI is a clinical-stage biotechnology company focused on
finding the best way to activate the immune system to fight cancer
and infectious diseases. The Company’s lead investigational therapy
Multikine completed a pivotal Phase 3 clinical trial involving head
and neck cancer, for which the Company has received Orphan Drug
Status from the FDA. The Company has operations in Vienna,
Virginia, and near Baltimore, Maryland.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. When used in this press release, the words "intends,"
"believes," "anticipated," "plans" and "expects," and similar
expressions, are intended to identify forward-looking statements.
Such statements are subject to risks and uncertainties that could
cause actual results to differ materially from those projected.
Such statements include, but are not limited to, statements about
the offering. Factors that could cause or contribute to such
differences include an inability to duplicate the clinical results
demonstrated in clinical studies, timely development of any
potential products that can be shown to be safe and effective,
receiving necessary regulatory approvals, difficulties in
manufacturing any of the Company's potential products, inability to
raise the necessary capital and the risk factors set forth from
time to time in CEL-SCI's filings with the Securities and Exchange
Commission, including but not limited to its report on Form 10-K
for the year ended September 30, 2022. The Company undertakes no
obligation to publicly release the result of any revision to these
forward-looking statements which may be made to reflect the events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events.
* Multikine (Leukocyte Interleukin, Injection) is the trademark
that CEL-SCI has registered for this investigational therapy. This
proprietary name is subject to FDA review in connection with the
Company's future anticipated regulatory submission for approval.
Multikine has not been licensed or approved for sale, barter or
exchange by the FDA or any other regulatory agency. Similarly, its
safety or efficacy has not been established for any use.
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Gavin de Windt CEL-SCI Corporation (703) 506-9460
Cel Sci (AMEX:CVM)
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