VIENNA, Va. - CEL-SCI Corporation (NYSE American: CVM), a biopharmaceutical company in the Phase 3 stage of cancer immunotherapy development, has announced the pricing of its public offering. The company is offering 3,875,000 shares of common stock at a price of $2.00 per share, aiming to raise gross proceeds of $7.75 million. The offering is expected to close on February 13, 2024, subject to customary closing conditions.
The net proceeds from the offering are designated for the continued development of the company's investigational immunotherapy, Multikine, as well as for general corporate purposes and working capital needs.
ThinkEquity is serving as the sole book-running manager for the offering. The securities are being offered pursuant to a shelf registration statement on Form S-3, which was filed and declared effective by the U.S. Securities and Exchange Commission (SEC) in July 2022. The offering is made by means of a written prospectus, and a prospectus supplement detailing the offering terms has been filed with the SEC.
CEL-SCI's key product under development, Multikine, is intended to enhance the immune system's response to cancer at an early stage when the immune system is relatively intact. The company has focused on patients with locally advanced primary squamous cell carcinoma of the head and neck, administering Multikine before the standard treatment protocol. CEL-SCI's Phase 3 study, which enrolled 928 patients, has shown promising results, particularly in a defined target population where significant survival benefits were observed. The company anticipates submitting a study protocol to the FDA in the first quarter of 2024, seeking a confirmatory clinical trial and potential accelerated approval pathways. Multikine has received Orphan Drug designation from the FDA for neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck.
This announcement of the stock offering is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy the securities. The offering will only proceed in compliance with registration or qualification under the securities laws of any applicable state or jurisdiction.
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