CEL-SCI Corporation (NYSE American: CVM) 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 intends to use the net proceeds to support the continued development of Multikine, its investigational immunotherapy for head and neck cancer, as well as for general corporate purposes and working capital.
Multikine (Leukocyte Interleukin, Injection) is designed to boost the patient's immune system before surgery, radiotherapy, and chemotherapy have damaged it, potentially maximizing the impact on survival. It has been dosed in over 740 patients and received Orphan Drug designation from the U.S. Food and Drug Administration (FDA) for neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck.
The closing of this offering provides CEL-SCI with additional capital to advance its clinical programs. The company believes that administering Multikine right after diagnosis and before surgery could help the immune system target the tumor when it is still relatively intact, thereby mounting a stronger attack on the cancer.
For more details on the public offering, refer to the full press release at https://ibn.fm/T5Ng2. Information about CEL-SCI and its operations in Vienna, Virginia, and near Baltimore, Maryland, can be found at https://cel-sci.com/.
This funding milestone is significant for CEL-SCI as it seeks to bring Multikine through the regulatory process. The capital injection will help the company continue its research and development efforts, potentially bringing a novel treatment option to patients with head and neck cancer.
The offering was conducted on a best-efforts basis, and the company has now closed the transaction, securing the funds needed to support its near-term objectives. With the Orphan Drug designation from the FDA, Multikine could address an unmet medical need in a patient population that has limited treatment options.
Investors and industry observers will be watching for further updates on CEL-SCI's clinical progress and the potential impact of Multikine on the standard of care for head and neck cancer.
