Vienna-based-CEL-SCI Corp., a late-stage oncology company, plans to raise $10.5 million by selling 35 million shares of common stock to institutional investors.
The stock will be sold at 30 cents per share in the direct offering.
Investors also will receive warrants to purchase up to 26.25 million shares of CEL-SCI common stock. The warrants, which have an exercise price of 40 cents a share, are not exercisable for six months from the close of the transaction. They have a term of exercise of 4 years from the date of issuance.
Closing on the offering is expected to take place on or before Friday.
CEL-SCI plans to use the net proceeds of about $10.5 million for general and administrative expenses and for the Phase III clinical trial involving its product Multikine.
CEL-SCI is involved in research and development aimed at improving the treatment of cancer and other diseases by utilizing the immune system.
The company has operations in Vienna and the Baltimore area.
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