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 the net proceeds will be used 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, aiming to provide the greatest possible impact on survival. According to CEL-SCI, the therapy helps the immune system target the tumor at a time when the immune system is still relatively intact, thereby thought to be better able to mount an attack on the tumor. Multikine has been dosed in over 740 patients and received Orphan Drug designation from the FDA 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 operates facilities in Vienna, Virginia, and near Baltimore, Maryland. For more information about CEL-SCI, visit cel-sci.com. The full press release is available at https://ibn.fm/T5Ng2.
