|[April 17, 2014]
CEL-SCI Corporation Announces Closing of Public Offering for Gross Proceeds of $10 Million
VIENNA, Va. --(Business Wire)--
CEL-SCI Corporation (NYSE MKT: CVM), a late-stage oncology
company, today announced that it has closed an underwritten public
offering of units consisting of an aggregate of 7,128,229 shares of
common stock and warrants to purchase an aggregate of 1,782,057 shares
of common stock. The units were sold at a price of $1.40 per unit and
resulted in aggregate gross proceeds of approximately $10 million, prior
to deducting underwriting commissions and offering expenses. The common
stock and warrants will separate immediately. The warrants are
immediately exercisable, expire on October 17, 2014, and have an
exercise price of $1.58 per share.
Geert Kersten, Chief Executive Officer of CEL-SCI said, "With this
financing we welcome a diverse group of about 250 high net worth retail
investors to our shareholder base."
CEL-SCI intends to use the net proceeds of the offering for its Phase
III head and neck cancer clinical trial, other research and development,
and general and administrative expenses.
Dawson James Securities, Inc. and Laidlaw & Company (UK) Ltd. acted as
joint book-running managers and underwriters for the offering.
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. The offering was made only by
means of a prospectus supplement and accompanying prospectus forming a
part of the effective registration statement, copies of which may be
obtained from te offices of Laidlaw & Company (UK) Ltd., 546 Fifth
Avenue, 5th Floor, New York, NY, 10036, telephone: 212-953-4900, or from
Dawson James Securities, 1 North Federal Highway, Suite 500, Boca Raton,
FL 33432, telephone: 561-391-5555.
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 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. Its lead investigational
therapy is Multikine (Leukocyte Interleukin, Injection), currently being
studied in a pivotal global Phase III clinical trial. CEL-SCI is also
investigating an immunotherapy (LEAPS-H1N1-DC) as a possible treatment
for H1N1 hospitalized patients and as a vaccine (CEL-2000) for
Rheumatoid Arthritis (currently in preclinical testing) using its LEAPS
technology platform. The investigational immunotherapy LEAPS-H1N1-DC
treatment involves non-changing regions of H1N1 Pandemic Flu, Avian Flu
(H5N1), and the Spanish Flu, as CEL-SCI scientists are very concerned
about the possible emergence of a new more virulent hybrid virus through
the combination of H1N1 and Avian Flu, or maybe Spanish Flu. The Company
has operations in Vienna, Virginia, and in/near Baltimore, Maryland.
Multikine is the trademark that CEL-SCI has registered for this
investigational therapy, and this proprietary name is subject to FDA
review in connection with its 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 (Leukocyte Interleukin, Injection). Further research is
required, and early-phase clinical trial results must be confirmed in
the well-controlled, Phase III clinical trial of this investigational
therapy that is currently in progress.
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. Such statements are subject to
risks and uncertainties which could cause actual results to differ
materially from those projected. 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
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