CEL-SCI Corporation to Raise $20 Million in Registered Direct Offering
16 Septembre 2009 - 7:10PM
PR Newswire (US)
VIENNA, Va., Sept. 16 /PRNewswire-FirstCall/ -- CEL-SCI Corp. (NYSE
Amex: CVM), a developer of vaccines and therapeutics for the
prevention and treatment of infectious diseases and a late-stage
oncology company, has entered into definitive agreements to sell
14,285,715 shares of its common stock at a price per share of $1.40
pursuant to a registered direct offering to institutional
investors, representing gross proceeds of approximately $19
million. Investors will also receive warrants to purchase 4,714,284
shares of CEL-SCI Corporation's common stock. The warrants have an
exercise price of $1.50 per share and are exercisable at any time
after the closing of the transaction and before the second
anniversary of such initial issuance date. The closing of the
offering is expected to take place on or before Monday, September
21, 2009, subject to the satisfaction of customary closing
conditions. CEL-SCI Corporation plans to use the net proceeds from
the offering to commence a pivotal Phase III clinical trial with
its cancer drug Multikine and to rapidly take its new LEAPS - H1N1
compound into human studies for the treatment of hospitalized H1N1
patients. The shares and warrants are being offered by CEL-SCI
Corporation pursuant to an effective shelf registration statement
filed with the Securities and Exchange Commission dated August 12,
2009. Rodman & Renshaw, LLC, a wholly owned subsidiary of
Rodman & Renshaw Capital Group, Inc. (Nasdaq GM: RODM - News),
acted as the exclusive placement agent for the transaction. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
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. The shares of common stock may only be offered by
means of a prospectus. Copies of the final prospectus supplement
and accompanying base prospectus can be obtained from the SEC's
website at http://www.sec.gov/. About CEL-SCI: CEL-SCI Corporation
is developing products that empower immune defenses. Its lead
product is Multikine which is being readied for a global Phase III
trial in advanced primary head and neck cancer. CEL-SCI is also
developing a vaccine to prevent and treat swine and other
influenzas using its L.E.A.P.S. technology platform and expects to
soon finish the validation of its state-of-the-art facility in
Maryland which it expects to utilize to launch aseptic filling for
stem cell produced therapies and other biological products. The
Company has operations in Vienna, Virginia, and Baltimore,
Maryland. For more information, please visit
http://www.cel-sci.com/. Certain statements contained herein
relating to the anticipated closing of the offering or product
development, or that otherwise relate to future periods, are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These statements are based on assumptions that may not
prove accurate. Actual results could differ materially from those
anticipated due to certain risks inherent in the biotechnology
industry and for companies engaged in the development of new
products in a regulated market. These risks, including those
related to whether the offering will close when anticipated or at
all, the results of discovery research and preclinical testing; the
timing or results of pending and future clinical trials (including
the design and progress of clinical trials; safety and efficacy of
the products being tested; action, inaction or delay by the FDA,
European or other regulators or their advisory bodies; and analysis
or interpretation by, or submission to, these entities or others of
scientific data); uncertainties regarding the status of
biotechnology patents; uncertainties as to the cost of protecting
intellectual property; changes in the status of the existing
collaborative and licensing relationships; the ability of
collaborators, licensees and other third parties to meet their
obligations; market demand for products; scale up and marketing
capabilities; competition; international operations; share price
volatility; and CEL-SCI's financing needs and opportunities are
described in more detail in CEL-SCI's most recent annual report on
Form 10-K/A and in other SEC filings. Consider such risks carefully
in considering CEL-SCI's prospects. DATASOURCE: CEL-SCI Corporation
CONTACT: Gavin de Windt of CEL-SCI Corporation, +1-703-506-9460 Web
Site: http://www.cel-sci.com/
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