CEL-SCI Announces Closing of $5 Million Public Offering of Common Stock
November 20 2023 - 3:15PM
Business Wire
CEL-SCI Corporation (“CEL-SCI” or the “Company”) (NYSE
American: CVM), a Phase 3 cancer immunotherapy company, today
announced the closing of its previously announced public offering
of 2,490,000 shares of its common stock to a single investor at a
public 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 were
offered by the Company.
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 acted as sole book-running manager for the
offering.
The securities were offered and sold pursuant to the Company’s
currently effective 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 was made by means
of a prospectus supplement and prospectus which have been filed
with the SEC and available on the SEC’s website at www.sec.gov. You
should read the applicable prospectus supplement and prospectus for
more complete information about the Company and the offering. You
may obtain these documents free of charge by visiting the SEC
website at www.sec.gov. Alternatively, you may obtain copies by
contacting ThinkEquity, 17 State Street, 41st Floor, New York, New
York 10004.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231120016021/en/
Gavin de Windt CEL-SCI Corporation (703) 506-9460
Cel Sci (AMEX:CVM)
Historical Stock Chart
From May 2024 to Jun 2024
Cel Sci (AMEX:CVM)
Historical Stock Chart
From Jun 2023 to Jun 2024