CEL-SCI Corporation (NYSE American: CVM) announced the closing of its best-efforts public offering of 6 million shares of common stock at $1.20 per share, generating gross proceeds of approximately $7.2 million before fees and expenses. The company stated that net proceeds will be allocated to support the continued development of Multikine, its investigational immunotherapy for head and neck cancer, as well as for general corporate purposes and working capital.
Multikine (Leukocyte Interleukin, Injection) is designed to boost the patient's immune system before surgery, radiotherapy, and chemotherapy have damaged it, potentially providing the greatest impact on survival. The therapy is intended to help the immune system target the tumor at a time when the immune system is still relatively intact and better able to mount an attack. Multikine has been dosed in over 740 patients and has received Orphan Drug designation from the U.S. Food and Drug Administration for neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck.
The closing of this offering provides CEL-SCI with additional capital to advance its clinical programs. The company has operations in Vienna, Virginia, and near Baltimore, Maryland. For more information, visit the company's website at https://cel-sci.com/.
The press release announcing the offering is available at https://ibn.fm/T5Ng2.