CEL-SCI Announces $5 Million Equity Financing Agreement
VIENNA, Va., Oct. 31 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION , a developer of novel products for the treatment of cancer and infectious diseases, announces that it has entered into a binding agreement to provide the Company with up to $5 million in equity financing. Terms of the deal, structured in the form of an equity line of credit, will be detailed in a registration statement to be filed with the Securities and Exchange Commission (SEC).
Under the two-year agreement, CEL-SCI will have the right, but not the obligation, to obtain as much as $5 million through the issuance of common stock to the investor in a series of periodic sales at an 11% discount to market. Subject to certain volume limitations, the amount and minimum price per share of each sale are at the sole discretion of the Company.
The sales are subject to the satisfaction of a number of conditions, including the effectiveness of a registration statement filed with the Securities and Exchange Commission covering the resale of shares covered by the equity line and certain related warrants.
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.CEL-SCI Corporation
CONTACT: Gavin de Windt of CEL-SCI Corporation, +1-703-506-9460; orInvestor Relations: Michael Lucci, Jr. of Lucci Financial Group, LLC,+1-248-723-3330, for CEL-SCI Corporation
Web site: http://www.cel-sci.com/