CEL-SCI Corporation (NYSE AMEX: CVM) announced today that it has closed its previously announced registered direct offering for the sale of (i) 13,333,334 shares of its common stock at a price per share of $0.30 and (ii) warrants to purchase up to 12,000,000 shares of CEL-SCI Corporation's common stock at a purchase price of $0.40. The warrants may be exercised at any time prior to October 6, 2014.
CEL-SCI estimates the net offering proceeds to be $3.85 million. Proceeds from the transaction will be used for general corporate purposes, including clinical trial expenses for CEL-SCI's Phase III clinical trials involving Multikine® (Leukocyte Interleukin, Injection).
Chardan Capital Markets, LLC acted as the exclusive placement agent for the transaction. Roth Capital Partners served as the financial advisor to CEL-SCI in the transaction.
All of the securities were offered pursuant to an effective shelf registration statement. A shelf registration statement relating to the shares of common stock and warrants issued in the offering (and the shares of common stock issuable upon exercise of the warrants) has been filed with, and declared effective by, the Securities and Exchange Commission (the "SEC"). A prospectus supplement relating to the offering has been filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus may be obtained at the SEC's website at http://www.sec.gov.