CEL-SCI Corporation Prices $6 Million Public Offering of Common Stock and Warrants
October 21 2014 - 8:15AM
Business Wire
CEL-SCI Corporation (NYSE MKT: CVM), a late-stage
oncology company, today announced that it has priced a “best
efforts” underwritten public offering of common stock and warrants
at a combined price of $0.76 for aggregate gross proceeds of $6
million, prior to deducting underwriting commissions and offering
expenses and excluding the exercise of any warrants. For every four
shares sold, we will issue to investors in this offering one
warrant to purchase a share of common stock. The warrants are
immediately exercisable, expire October 11, 2018, have an exercise
price of $1.25 and trade on the NYSE MKT under the symbol “CVM WS”.
The offering is expected to close on or about October 24, 2014,
subject to the satisfaction of customary closing conditions.
CEL-SCI intends to use the net proceeds of the offering for its
Phase III clinical trial, other research and development, and
general and administrative expenses.
Laidlaw & Company (UK) Ltd. is acting as the sole
book-running manager and underwriter for the proposed offering.
A shelf registration statement and accompanying base prospectus
on Form S-3 relating to the securities was filed with the
Securities and Exchange Commission and is effective. A preliminary
prospectus supplement relating to the offering has been filed with
the SEC and is available on the SEC’s web site at
http://www.sec.gov. Copies of the final prospectus supplement
relating to the offering, when available, may be obtained from the
offices of Laidlaw & Company (UK) Ltd., 546 Fifth Avenue, 5th
Floor, New York, NY, 10036, telephone: 212-953-4900, or from the
above-mentioned SEC website.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About CEL-SCI Corporation
CEL-SCI Corporation is dedicated to research and development
directed at improving the treatment of cancer and other diseases by
utilizing the immune system, the body's natural defense system.
Safe Harbor Statement
When used in this release, the words "intends," "believes,"
"anticipated" and "expects" and similar expressions are intended to
identify forward-looking statements. Forward-looking statements
include, without limitation, the company’s ability to complete the
proposed public offering of its common stock and warrants described
above. These forward-looking statements are based on our current
expectations and actual results could differ materially. Such
statements are subject to risks and uncertainties which could cause
actual results to differ materially from those projected, including
the risk factors set forth in CEL-SCI’s Form 10-K for the year
ended September 30, 2013 and other periodic reports filed with the
Securities and Exchange Commission. 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 except as required by law.
CEL-SCI CorporationGavin de Windt,
703-506-9460www.cel-sci.com
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