CEL-SCI Will Sell 16M Shares at $0.35

CEL-SCI Corporation

, a late-stage oncology company, has entered into a definitive agreement to sell 16,000,000 shares of its common stock at a price per share of $0.35 pursuant to a registered direct offering to an institutional investor, representing gross proceeds of approximately $5.60 million. The investor will also receive warrants to purchase 12,000,000 shares of CEL-SCI Corporation's common stock. The warrants have an exercise price of $0.50 per share and are not exercisable for six months from the close of the transaction and have a term of exercise of 3 years from the initial exercise date. The closing of the offering is expected to take place on or before Thursday, June 21, 2012, subject to the satisfaction of customary closing conditions. CEL-SCI Corporation plans to use the net proceeds for CEL-SCI's general and administrative expenses and for CEL-SCI's Phase III clinical trial involving its investigational product Multikine® (Leukocyte Interleukin, Injection).