CEL-SCI Corporation to Raise $1 Million in Registered Direct Offering
October 21 2014 - 9:42AM
Business Wire
CEL-SCI Corporation (NYSE MKT: CVM), a late-stage
oncology company, has agreed to sell common stock and warrants
in a registered direct offering to European investors at a combined
price of $0.76 for aggregate gross proceeds of a little over $1
million. For every four shares sold, we will issue to investors in
this offering one warrant to purchase a share of common stock. 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”. The offering is expected to close on or about
October 24, 2014, subject to the satisfaction of customary closing
conditions.
This is in addition to the $6 million expected to be raised in a
separate underwritten public offering.
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.
The shares and warrants are being offered by CEL-SCI pursuant to
an effective shelf registration statement declared effective by the
Securities and Exchange Commission on July 8, 2014.
This press release does 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.
When used in this report, the words "intends," "believes,"
"anticipated", “plans” and "expects" and similar expressions are
intended to identify forward-looking statements. Such statements
are subject to risks and uncertainties which could cause actual
results to differ materially from those projected. Factors that
could cause or contribute to such differences include, an inability
to duplicate the clinical results demonstrated in clinical studies,
timely development of any potential products that can be shown to
be safe and effective, receiving necessary regulatory approvals,
difficulties in manufacturing any of the Company's potential
products, inability to raise the necessary capital and the risk
factors set forth from time to time in CEL-SCI Corporation's SEC
filings, including but not limited to its report on Form 10-K for
the year ended September 30, 2013. 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.
CEL-SCI CorporationGavin de Windt,
703-506-9460www.cel-sci.com
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