CEL-SCI Announces $5 Million Registered Direct Offering
May 18 2016 - 9:00AM
Business Wire
CEL-SCI Corporation (NYSE MKT: CVM) today announced it
has entered into a definitive agreement with a single healthcare
dedicated institutional investor to purchase approximately 10
million shares of its common stock and warrants exercisable for up
to approximately 6.66 million shares of its common stock for gross
proceeds of $5 million. The warrants will be exercisable six months
following the date of issuance, will expire on the fifth
anniversary of the initial exercise date and have an exercise price
of $0.55 per share. The closing of the offering is expected to take
place on or about May 20, 2016, subject to the satisfaction of
customary closing conditions.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC,
acted as the exclusive placement agent in connection with the
offering.
The net proceeds of the offering will be used for the ongoing
Phase 3 study and general corporate purposes.
The securities described above are being offered by CEL-SCI
pursuant to a shelf registration statement (File No. 333-205444)
previously filed with and subsequently declared effective by the
Securities and Exchange Commission (the “SEC”). A prospectus
supplement relating to the offering will be filed with the SEC and
will be available on the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, 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. Copies of the
prospectus supplement, when filed with the SEC, and accompanying
base prospectus relating to this offering may be obtained from
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, by
emailing placements@hcwco.com or by accessing the SEC’s website,
www.sec.gov.
About CEL-SCI Corporation
CEL-SCI’s work is focused on finding the best way to activate a
patient’s immune response to fight cancer and infectious diseases.
CEL-SCI believes that we should give the immune system the best
chance of successfully fighting cancer by administering a cancer
immunotherapy drug before surgery, radiation and chemotherapy, a
time when the immune system is strongest. The typical cancer
immunotherapy drug development path involves giving a cancer
immunotherapy after these conventional treatments.
Its lead investigational therapy, Multikine (Leukocyte
Interleukin, Injection), is currently being studied in a pivotal
Phase 3 clinical trial as a potential neoadjuvant treatment for
patients with squamous cell carcinoma of the head and neck. Almost
800 patients were enrolled in that study at the end of April 2016.
If the study endpoint, which is a 10% improvement in overall
survival of the subjects treated with the Multikine treatment
regimen plus the current standard of care (SOC) as compared to
subjects treated with the current SOC only, is satisfied, the study
results will be used to support applications that the Company plans
to submit to regulatory agencies in order to seek commercial
marketing approvals for Multikine in major markets around the
world.
Additional clinical indications for Multikine that are being
investigated include the treatment of cervical dysplasia in HIV/HPV
co-infected women, and the treatment of peri-anal warts in HIV/HPV
co-infected men and women. A Phase 1 trial of the former indication
has been completed at the University of Maryland. The latter
indication is now in a Phase 1 trial in conjunction with the U.S.
Naval Medical Center, San Diego, under a CRADA and UCSF. CEL-SCI
has issued patents on Multikine from the US, Europe, China and
Japan.
CEL-SCI is also developing its pre-clinical L.E.A.P.S. (Ligand
Epitope Antigen Presentation System) technology as a potential
vaccine for the treatment of rheumatoid arthritis.
The Company has operations in Vienna, Virginia, and in/near
Baltimore, Maryland.
Safe Harbor
To the extent any statements made in this press release deal
with information that is not historical, these are forward-looking
statements under the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about the terms, expected proceeds and closing of the offering.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. Uncertainties and risks may
cause CEL-SCI’s actual results to be materially different than
those expressed in or implied by CEL-SCI’s forward-looking
statements. For CEL-SCI, this includes that closing conditions may
not be met. All forward-looking statements in this news release
speak only as of the date of this news release. CEL-SCI undertakes
no obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise,
unless required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160518005773/en/
CEL-SCI CorporationGavin de Windt, 703-506-9460
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