CEL-SCI Corporation (NYSE MKT: CVM), a late-stage oncology
company, today announced that it has closed an underwritten public
offering of 7,894,737 shares of common stock and 1,973,684 warrants to
purchase shares of common stock. For every four shares of common stock
sold, we issued to investors in this offering one warrant to purchase a
share of common stock. The common stock and warrants were sold at a
combined price of $0.76 and resulted in aggregate gross proceeds of $6
million, prior to deducting underwriting commissions and offering
expenses and excluding the exercise of any warrants. The common stock
and warrants will separate immediately. 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”.
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
in this offering. Dawson James Securities, Inc. is acting as a
co-manager.
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 final 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 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.
Copyright Business Wire 2014