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 stated that net proceeds will be used 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, with the goal of maximizing the impact on survival. The therapy has been dosed in over 740 patients and has received Orphan Drug designation from the U.S. Food and Drug Administration for neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck.
This financing comes at a critical time for CEL-SCI as it seeks to bring Multikine through the regulatory approval process. The company believes that stimulating the immune system to target the tumor when it is still relatively intact could improve treatment outcomes. With the additional capital, CEL-SCI aims to advance its clinical programs and potentially move closer to providing a new therapeutic option for patients.
For more information about CEL-SCI and its pipeline, visit https://cel-sci.com/. The full press release detailing the offering can be accessed at https://ibn.fm/T5Ng2.
