CEL-SCI Corporation (NYSE American: CVM) has announced the closing of its best-efforts public offering of 6 million shares of common stock at $1.20 per share, generating gross proceeds of approximately $7.2 million before fees and expenses. The company stated that net proceeds will be used to support continued development of Multikine, its lead immunotherapy candidate, as well as for general corporate purposes and working capital.
Multikine (Leukocyte Interleukin, Injection) is designed to boost a patient's immune system before surgery, radiotherapy, and chemotherapy have damaged it, potentially providing the greatest possible impact on survival. The therapy targets the tumor at a time when the immune system is still relatively intact, aiming to mount a more effective attack on the tumor. Multikine has been dosed in over 740 patients and received Orphan Drug designation from the FDA for neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck.
This capital infusion is significant for CEL-SCI as it allows the company to advance clinical development and potentially bring Multikine closer to market. The successful closing of the offering demonstrates investor confidence in the company's approach and its potential to address an unmet medical need in head and neck cancer treatment.
For more details on the offering, the full press release can be accessed at https://ibn.fm/T5Ng2. Additional information about CEL-SCI and its operations is available on the company's website at https://cel-sci.com/.
