CEL-SCI Corporation (NYSE American: CVM) announced the closing of its best-efforts public offering, which consisted of 6 million shares of common stock priced at $1.20 per share, generating gross proceeds of approximately $7.2 million before fees and expenses. The company stated that the net proceeds will be used to support continued development of Multikine, its lead investigational immunotherapy, as well as for general corporate purposes and working capital.
This capital raise comes as CEL-SCI advances Multikine, which is designed to boost a patient's immune system before surgery, radiotherapy, and chemotherapy have damaged it. According to the company, this approach aims to provide the greatest possible impact on survival by helping the immune system target the tumor when it is still relatively intact. Multikine (Leukocyte Interleukin, Injection) has been dosed in over 740 patients and 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 public offering underscores CEL-SCI's ongoing efforts to secure funding for clinical development and operational needs. For more details on the offering, the full press release is available at https://ibn.fm/T5Ng2.
CEL-SCI operates in Vienna, Virginia, and near/in Baltimore, Maryland. Additional information about the company and its pipeline can be found at https://cel-sci.com/.
The successful closing of this offering provides CEL-SCI with additional financial resources to advance Multikine through clinical trials and regulatory processes, potentially bringing a new treatment option to patients with head and neck cancer. The company's focus on neoadjuvant immunotherapy represents a novel approach in oncology, aiming to harness the immune system before conventional treatments compromise its function. With Orphan Drug designation, Multikine may benefit from expedited development and review pathways, positioning CEL-SCI to address an unmet medical need in squamous cell carcinoma of the head and neck.
