CEL-SCI Corporation (NYSE American: CVM) announced the closing of its best-efforts public offering, raising approximately $7.2 million in gross proceeds. The offering consisted of 6 million shares of common stock priced at $1.20 per share. Net proceeds will be directed toward the continued development of Multikine, the company’s investigational immunotherapy for head and neck cancer, as well as for general corporate purposes and working capital.
The capital infusion comes as CEL-SCI advances Multikine through clinical development. Multikine (Leukocyte Interleukin, Injection) is designed to be administered after diagnosis but before surgery, with the goal of boosting the patient’s immune system to target the tumor while it remains relatively intact. The company believes that treating patients before surgery, radiotherapy, and chemotherapy damage the immune system could maximize the impact on survival. Multikine 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.
The offering underscores CEL-SCI’s commitment to bringing Multikine to market. The company has operations in Vienna, Virginia, and near Baltimore, Maryland. More information about CEL-SCI and its pipeline can be found on its website at https://cel-sci.com/.
This funding is a critical step for CEL-SCI as it navigates the regulatory pathway for Multikine. The company has previously reported clinical data suggesting a survival benefit in certain patient subgroups, and the additional capital will support further trials and potential regulatory submissions. The successful closing of the offering also reflects investor confidence in the company’s approach, despite the challenges inherent in cancer drug development.
The full press release regarding the offering can be viewed at https://ibn.fm/T5Ng2.
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