CEL-SCI closes public offering of common stock, exercises over-allotment option to purchase additional shares

Dec 27 2013

CEL-SCI Corporation (NYSE MKT: CVM), a late-stage oncology company, today announced that it has closed an underwritten public offering of units consisting of an aggregate of 5,238,095 shares of common stock and warrants to purchase an aggregate of 5,238,095 shares of common stock. The securities sold are inclusive of the exercise in full by the underwriters of the over-allotment option to purchase an additional 471,190 shares of common stock and warrants to purchase 471,190 shares of common stock, at a combined price of $0.63, and resulted in aggregate gross proceeds of approximately $3.3 million, prior to deducting underwriting discounts and commissions and offering expenses of the Company.

The common stock and warrants will separate immediately. The warrants are immediately exercisable, expire October 11, 2018 and have an exercise price of $1.25. The warrants have been approved for an unpriced quotation on the OTC Bulletin Board under the symbol "CSCIW," however no market for the warrants has developed as of the date of this press release.

Geert Kersten, Chief Executive Officer of CEL-SCI said, "With this financing we welcome a diverse group of about 100 high net worth retail investors to our stock."

CEL-SCI intends to use the net proceeds of the offering for its Phase III clinical trial, other research and development, and general and administrative expenses.

Laidlaw & Company (UK) Ltd. is acting as sole book-running manager for the offering. Dawson James Securities, Inc. is acting as co-manager for the offering.

A shelf registration statement and accompanying base prospectus on Form S-3 relating to the securities was filed with the Securities and Exchange Commission and is effective. A final prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC's web site at http://www.sec.gov. Copies of the final prospectus supplement relating to the offering may be obtained from the offices of Laidlaw & Company (UK) Ltd., 546 Fifth Avenue, 5^th Floor, New York, NY, 10036, telephone: 212-953-4900, or from the above-mentioned SEC website.

Source: CEL-SCI