CEL-SCI Prices up to $16 Million Public Offering of Common Stock and Warrants
22 May 2015 - 11:03PM
Business Wire
CEL-SCI Corporation (NYSE MKT: CVM) (“CEL SCI” or the
“Company”) today announced that it has priced a best efforts
offering of common stock and warrants at a combined price of $0.79
per unit of securities for aggregate gross proceeds of up to $16
million, prior to deducting placement agent commissions and
offering expenses. Each unit consists of one share of common stock
and one warrant to purchase one share of common stock. The common
stock and warrants will separate immediately. The warrants are
immediately exercisable, expire in five-years and have an exercise
price of $0.79 per share. This offering is expected to close on or
about May 28, 2015, subject to the satisfaction of customary
closing conditions.
CEL-SCI intends to use the net proceeds of the offering for its
Phase III clinical trial, an ongoing Phase I study in HIV/HPV
co-infected patients other research and development, repayment of a
$1.1 million note, held in a trust of which the Company’s chief
executive officer is the trustee and a beneficiary, due in July
2015 and general and administrative expenses.
Dawson James Securities, Inc. is acting as the sole placement
agent for the proposed offering on a best efforts basis.
A shelf registration statement on Form S-3 declared effective by
the Securities and Exchange Commission (“SEC”) on July 8, 2014, a
preliminary prospectus supplement and accompanying prospectus
related to the offering have been filed with the SEC and are
available on the SEC’s website located at http://www.sec.gov. The
offering may be made only by means of the prospectus supplement and
accompanying prospectus, copies of which may be obtained from
Dawson James Securities, Inc., Attention: Prospectus Department, 1
North Federal Highway, 5th Floor, Boca Raton, FL 33432,
mmaclaren@dawsonjames.com or toll free at 866.928.0928.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or other jurisdiction.
Forward-Looking Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. When used in this press release, the words “intends,”
“believes,” “anticipated,” “plans” and “expects” and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements include, without limitation, the
Company’s ability to complete the proposed offering. Such
statements are subject to risks and uncertainties which could cause
actual results to differ materially from those projected. CEL-SCI
undertakes no obligation to publicly release the result of any
revision to these forward-looking statements that may be made to
reflect the events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
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CEL-SCI CorporationGavin de Windt, 703-506-9460
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