CEL-SCI Corporation (NYSE American: CVM) announced the closing of its best-efforts public offering of 6 million shares of common stock at $1.20 per share, generating gross proceeds of approximately $7.2 million before fees and expenses. The company stated that net proceeds will be used to support continued development of Multikine, its lead immunotherapy candidate, as well as for general corporate purposes and working capital. This capital infusion comes at a critical time as CEL-SCI advances Multikine through clinical development for the treatment of squamous cell carcinoma of the head and neck.
Multikine (Leukocyte Interleukin, Injection) is designed to boost a patient's immune system before surgery, radiotherapy, and chemotherapy have damaged it, with the goal of providing the greatest possible impact on survival. The therapy is administered right after diagnosis and before surgery, aiming to help the immune system target the tumor when it is still relatively intact and thought to be better able to mount an attack. According to the company, Multikine has been dosed in over 740 patients and has received Orphan Drug designation from the U.S. Food and Drug Administration for neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck.
The successful closing of this offering provides CEL-SCI with additional financial runway to continue its research and development efforts. The company operates in Vienna, Virginia, and near Baltimore, Maryland. This news is significant for investors and the biotech industry as it underscores ongoing interest in immunotherapies that target cancer before traditional treatments weaken the immune system. If Multikine proves effective in clinical trials, it could change the standard of care for head and neck cancer patients by offering a treatment that primes the immune system to fight the tumor more effectively.
For more information about CEL-SCI and Multikine, please visit https://cel-sci.com/. The full press release is available at https://ibn.fm/T5Ng2.
