CEL-SCI Corporation (NYSE American: CVM) announced the closing of its best-efforts public offering, issuing 6 million shares of common stock at $1.20 per share. The offering generated gross proceeds of approximately $7.2 million before fees and expenses. The company stated that net proceeds will be used to support the continued development of Multikine, its lead immunotherapy candidate, 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. The treatment aims to help the immune system target the tumor at a time when it is still relatively intact, potentially providing a greater impact on survival. Multikine has been dosed in over 740 patients and has received Orphan Drug designation from the FDA for neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck.
The successful closing of this offering provides CEL-SCI with additional capital to advance its clinical programs. The company's focus remains on bringing Multikine to market as a potential treatment for head and neck cancer, a disease with significant unmet medical need. The funds will likely be used to support ongoing trials and regulatory preparations.
For more details on the offering, the full press release is available at https://ibn.fm/T5Ng2. Additional information about CEL-SCI and its operations can be found on the company's website at https://cel-sci.com/.
The company operates in Vienna, Virginia, and near/in Baltimore, Maryland. CEL-SCI's mission is to develop innovative immunotherapies that can improve outcomes for cancer patients. The proceeds from this offering are a step forward in that mission, providing the financial resources needed to continue research and development efforts.
