CEL-SCI Prices $5 Million Public Offering
CEL-SCI Corporation (NYSE American: CVM), a clinical-stage immunotherapy company focused on cancer treatments, today announced the pricing of a public offering of 16,130,000 shares of its common stock or pre-funded warrants (in lieu of shares). Each share of common stock (or pre-funded warrant) is being offered at a public price of $0.31 per share, including the exercise price of the pre-funded warrants. The gross proceeds from this offering, before deductions for placement agent fees and other expenses, are expected to total approximately $5 million. The offering is expected to close on December 31, 2024, subject to the satisfaction of customary closing conditions.
The company plans to use the net proceeds from this offering to continue funding the development of its lead cancer immunotherapy, Multikine, along with general corporate purposes and working capital needs. ThinkEquity is serving as the sole placement agent for this transaction.
The securities will be offered under CEL-SCI’s existing shelf registration statement on Form S-3 (File No. 333-265995), filed with the U.S. Securities and Exchange Commission (SEC) on July 1, 2022, and declared effective on July 15, 2022. The offering will be conducted only by means of a written prospectus. A final prospectus supplement and the accompanying base prospectus detailing the offering terms will be filed with the SEC and made available on the SEC’s website at www.sec.gov. Additionally, copies of the prospectus supplement and prospectus can be obtained from the offices of ThinkEquity, located at 17 State Street, 41st Floor, New York, NY 10004.
This press release is not an offer to sell, nor is it a solicitation of an offer to buy, securities. There will be no sale of these securities in any state or jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.
About CEL-SCI Corporation
CEL-SCI is committed to the development of Multikine, a unique cancer immunotherapy aimed at boosting the immune system’s ability to target and fight tumors while the immune system is still intact. The company believes that by enhancing the immune system at this critical stage, patients may experience the greatest possible benefit in terms of survival.
Multikine (Leukocyte Interleukin, Injection) is a first-line cancer therapy that has already been administered to more than 740 patients in clinical trials. It has been granted Orphan Drug designation by the U.S. Food and Drug Administration (FDA) for use as a neoadjuvant treatment in patients with squamous cell carcinoma of the head and neck (SCCHN).
CEL-SCI’s Phase 3 study data has been reviewed by the FDA, which has approved a confirmatory Registration Study to further evaluate Multikine’s efficacy. This study will enroll 212 patients and focus on newly diagnosed, locally advanced, primary, treatment-naïve head and neck cancer patients who have no lymph node involvement (confirmed via PET scan) and exhibit low PD-L1 tumor expression (determined via biopsy). The target patient population represents approximately 100,000 individuals annually.
CEL-SCI is advancing its operations from its headquarters in Vienna, Virginia, and its research and development facilities in the Baltimore, Maryland area. The company continues to focus on its mission to bring innovative immunotherapies to market, with the goal of improving outcomes for cancer patients worldwide.
By leveraging the body’s own immune defenses, Multikine represents a novel approach to cancer treatment, offering hope to patients with challenging cancers like head and neck squamous cell carcinoma, which remains a major unmet medical need. With its promising clinical results, CEL-SCI is poised to make a significant impact in the oncology space in the coming years.
Conclusion
CEL-SCI’s $5 million public offering represents a vital step in advancing its cancer immunotherapy pipeline, particularly the development of Multikine. The company’s commitment to enhancing immune responses against tumors could revolutionize treatment options for cancer patients globally. As it progresses through its clinical trials and moves closer to commercialization, CEL-SCI remains dedicated to improving patient outcomes and addressing the unmet needs in oncology.
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