CEL-SCI ANNOUNCES THE CLOSING OF ITS $5 MILLION REGISTERED DIRECT OFFERING
Vienna, VA, May 24, 2016 -- CEL-SCI Corporation (NYSE MKT: CVM) today announced that it has closed its previously announced registered direct offering with a single healthcare dedicated institutional investor. The Company has received gross proceeds of $5 million.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as the exclusive placement agent in connection with the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About CEL-SCI Corporation
CEL-SCI's work is focused on finding the best way to activate a patient's immune response to fight cancer and infectious diseases. CEL-SCI believes that we should give the immune system the best chance of successfully fighting cancer by administering a cancer immunotherapy drug before surgery, radiation and chemotherapy, a time when the immune system is strongest. The typical cancer immunotherapy drug development path involves giving a cancer immunotherapy after these conventional treatments.
Its lead investigational therapy, Multikine (Leukocyte Interleukin, Injection), is currently being studied in a pivotal Phase 3 clinical trial as a potential neoadjuvant treatment for patients with squamous cell carcinoma of the head and neck. Almost 800 patients were enrolled in that study at the end of April 2016. If the study endpoint, which is a 10% improvement in overall survival of the subjects treated with the Multikine treatment regimen plus the current standard of care (SOC) as compared to subjects treated with the current SOC only, is satisfied, the study results will be used to support applications that the Company plans to submit to regulatory agencies in order to seek commercial marketing approvals for Multikine in major markets around the world.
Additional clinical indications for Multikine that are being investigated include the treatment of cervical dysplasia in HIV/HPV co-infected women, and the treatment of peri-anal warts in HIV/HPV co-infected men and women. A Phase 1 trial of the former indication has been completed at the University of Maryland. The latter indication is now in a Phase 1 trial in conjunction with the U.S. Naval Medical Center, San Diego, under a CRADA and UCSF. CEL-SCI has issued patents on Multikine from the US, Europe, China and Japan.
CEL-SCI is also developing its pre-clinical L.E.A.P.S. (Ligand Epitope Antigen Presentation System) technology as a potential vaccine for the treatment of rheumatoid arthritis.
The Company has operations in Vienna, Virginia, and in/near Baltimore, Maryland.
To the extent any statements made in this press release deal with information that is not historical, these are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the terms, expected proceeds and closing of the offering. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties and risks may cause CEL-SCI's actual results to be materially different than those expressed in or implied by CEL-SCI's forward-looking statements. For CEL-SCI, this includes that closing conditions may not be met. All forward-looking statements in this news release speak only as of the date of this news release. CEL-SCI undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by law.