Breaking News: CEL-SCI Raises $20 Million in Offering
>>And they just happened to "coincidentally" put out their PR a day in front of CVM putting out this PR: (I give it even odds of a fund raise within a week):<<
Good call
VIENNA, Va - CEL-SCI Corp. (NYSE Amex: CVM), a developer of vaccines and therapeutics for the prevention and treatment of infectious diseases and a late-stage oncology company, has entered into definitive agreements to sell 14,285,715 shares of its common stock at a price per share of $1.40 pursuant to a registered direct offering to institutional investors, representing gross proceeds of approximately $19 million.
Investors will also receive warrants to purchase 4,714,284 shares of CEL-SCI Corporation's common stock. The warrants have an exercise price of $1.50 per share and are exercisable at any time after the closing of the transaction and before the second anniversary of such initial issuance date. The closing of the offering is expected to take place on or before Monday, September 21, 2009, subject to the satisfaction of customary closing conditions. CEL-SCI Corporation plans to use the net proceeds from the offering to commence a pivotal Phase III clinical trial with its cancer drug Multikine and to rapidly take its new LEAPS - H1N1 compound into human studies for the treatment of hospitalized H1N1 patients.
The shares and warrants are being offered by CEL-SCI Corporation pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission dated August 12, 2009. Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq GM: RODM - News), acted as the exclusive placement agent for the transaction.
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