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VIENNA, Va. - CEL-SCI Corporation (NYSE American:CVM), a clinical stage cancer immunotherapy company with a market capitalization of $18.74 million, announced Monday it has closed a best-efforts offering of 1,500,000 shares of common stock, raising approximately $5.7 million in gross proceeds. According to InvestingPro data, the company has been quickly burning through cash, making this capital raise crucial for operations.
The shares were sold at $3.82 each, priced at-the-market under NYSE American rules. ThinkEquity served as the sole placement agent for the transaction. The stock has shown significant volatility, with InvestingPro data revealing a 54% return over the last week despite a 71% decline over the past six months.
According to the company’s press release statement, CEL-SCI plans to use the net proceeds to fund continued development of its Multikine therapy, as well as for general corporate purposes and working capital.
Multikine is CEL-SCI’s investigational therapy designed to boost patients’ immune systems before they undergo surgery, radiotherapy, or chemotherapy. The company reports the treatment has been administered to over 740 patients and has received Orphan Drug designation from the FDA for neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck.
The securities were offered through a shelf registration statement on Form S-3 filed with the SEC in July 2022. A final prospectus supplement and accompanying prospectus describing the offering terms has been filed with the SEC.
CEL-SCI maintains operations in Vienna, Virginia, and near Baltimore, Maryland. Financial health metrics from InvestingPro indicate challenges ahead, with a current ratio of 0.55 suggesting short-term obligations exceed liquid assets. InvestingPro subscribers have access to 10+ additional financial insights and tips about CVM’s outlook.
In other recent news, CEL-SCI Corporation has announced a $5.7 million common stock offering, pricing 1.5 million shares at $3.82 each. The proceeds will be used to fund the development of their Multikine therapy and for general corporate purposes. Concurrently, CEL-SCI has partnered with a leading Saudi pharmaceutical company to pursue regulatory approval and commercialization of Multikine in Saudi Arabia. This partnership includes plans to file a Breakthrough Medicine Designation application with the Saudi Food and Drug Authority, potentially allowing immediate patient access and commercialization. The company also highlighted that several Saudi investment funds have shown interest in investing in CEL-SCI or a joint venture targeting the Middle East and North Africa region. In another development, CEL-SCI welcomed the FDA’s approval of Merck’s Keytruda for head and neck cancer, noting that their own Multikine treatment showed promising results in a Phase 3 study. CEL-SCI has received authorization from the FDA to conduct a confirmatory Registration Study for Multikine based on these findings. The company continues to focus on advancing Multikine, which has received Orphan Drug designation from the FDA for neoadjuvant therapy.
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