CEL-SCI Announces $15 Million Financing
VIENNA, Va., APRIL 18 /PRNewswire-FirstCall/ -- CEL-SCI Corporation , a developer of immune-system based treatments for cancer and infectious diseases, announces that it has raised $15 million in new equity financing. The shares were sold at $0.75, a small premium over the closing price of the last two weeks.
The financing is accompanied by 10 million warrants at $0.75 and 10 million warrants at $2.00. The Company has agreed to register the shares involved in this financing.
Geert Kersten, Chief Executive Officer of CEL-SCI said, "These funds will allow us to move forward as planned to start our Phase III clinical trial in first line advanced primary head and neck cancer. This also allows us to negotiate with potential partners from a position of strength."
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.
CEL-SCI Corporation is developing new immune system based treatments for cancer and infectious diseases. The Company has operations in Vienna, Virginia and Baltimore, Maryland. The Company's lead product Multikine(R) is cleared to enter a global Phase III clinical trial in advanced primary head and neck cancer patients in the U.S. and Canada. CEL-SCI's other products, which are currently in pre-clinical stage, have shown protection against a number of diseases in animal tests and are being tested against diseases associated with bio-defense and avian flu.
When used in this report, the words "intends," "believes," "anticipated" and "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include, an inability to duplicate the clinical results demonstrated in clinical studies, timely development of any potential products that can be shown to be safe and effective, receiving necessary regulatory approvals, difficulties in manufacturing any of the Company's potential products, inability to raise the necessary capital and the risk factors set forth from time to time in CEL-SCI Corporation's SEC filings, including but not limited to its report on Form 10- K for the year ended September 30, 2006. The Company undertakes no obligation to publicly release the result of any revision to these forward-looking statements, which may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.CEL-SCI Corporation
CONTACT: Gavin de Windt of CEL-SCI Corporation, +1-703-506-9460
Web site: http://www.cel-sci.com/