CEL-SCI Announces the Closing of $31.7 Million Bought Deal Offering
CEL-SCI Corporation (NYSE American: CVM), a Phase 3 cancer immunotherapy
company, today announced the closing of the offering of
1,400,000 shares of its common stock at a price of $22.62 per
share, for total gross proceeds of approximately $31.7 million,
before deducting underwriting discounts and other offering expenses
payable by the Company. Additionally, the Company has granted the
underwriter a 30-day option to purchase up to 210,000 additional
shares to cover over-allotments.
Kingswood Capital Markets, division of Benchmark Investments,
LLC acted as sole book-running manager for the offering.
The shares of common stock described above were offered by
CEL-SCI pursuant to a "shelf" registration statement on Form S-3
(File No. 333-226558) filed with the Securities and Exchange
Commission (SEC) and the accompanying prospectus contained therein.
The offering of the shares of common stock were made only by means
of a prospectus, including a prospectus supplement, forming a part
of the effective registration statement. A preliminary prospectus
supplement and the accompanying prospectus relating to and
describing the terms of the offering was filed with the SEC. A
final prospectus supplement was also filed with the SEC. Copies of
the preliminary prospectus supplement, final prospectus supplement
and the accompanying prospectus relating to this offering may be
obtained on the SEC's website at http://www.sec.gov or by
contacting Kingswood Capital Markets, Attention: Syndicate Desk,
590 Madison Avenue, 39th Floor, New York, NY 10022, by email at
firstname.lastname@example.org, or by telephone at (212) 404-7002.
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.
About CEL-SCI Corporation
CEL-SCI is a clinical-stage biotechnology company focused on
finding the best way to activate the immune system to fight cancer
and infectious diseases. The Company’s lead investigational therapy
Multikine is currently in a pivotal Phase 3 clinical trial
involving head and neck cancer, for which the Company has received
Orphan Drug Status from the FDA. The Company has operations in
Vienna, Virginia, and near Baltimore, Maryland.
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. When used in this press release, 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 that 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’s filings with the Securities and Exchange Commission,
including but not limited to its report on Form 10-K for the year
ended September 30, 2020. 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.
* Multikine (Leukocyte Interleukin, Injection) is the trademark
that CEL-SCI has registered for this investigational therapy, and
this proprietary name is subject to FDA review in connection with
the Company's future anticipated regulatory submission for
approval. Multikine has not been licensed or approved for sale,
barter or exchange by the FDA or any other regulatory agency.
Similarly, its safety or efficacy has not been established for any
use. Moreover, no definitive conclusions can be drawn from the
early-phase, clinical-trials data involving the investigational
therapy Multikine. Further research is required, and early-phase
clinical trial results must be confirmed in the Phase 3 clinical
trial of this investigational therapy that is in progress.
version on businesswire.com: https://www.businesswire.com/news/home/20210611005374/en/
Gavin de Windt CEL-SCI Corporation (703) 506-9460