CEL-SCI Corporation to Raise $5.76M in Registered Direct Offering
CEL-SCI Corporation (NYSE: CVM) has entered into definitive agreements to sell 16,000,000 shares of its common stock at a price per share of $0.36 pursuant to a registered direct offering to an institutional investor, representing gross proceeds of approximately $5.76 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. The closing of the offering is expected to take place on or before Monday, January 30, 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 trials involving its investigational cancer drug Multikine® (Leukocyte Interleukin, Injection).
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