CEL-SCI Corp (CVM) recently announced that it raised equity capital to fund further research and clinical trials of some of its drug candidates, including an anti cancer drug and one to treat swine flu.
The company sold 4,285,715 shares of common stock at $1.40 per share, yielding gross proceeds of approximately $19 million. Investors who participated in the offering also received warrants to purchase additional shares at $1.50 per share. The warrants expire in two years.
CEL-SCI Corp is using the funds to begin a Phase III clinical trial for Multikline, a cancer drug used to treat advanced primary head and neck cancer. The drug is an immunotherapeutic agent that uses the body’s own defenses to fight the disease. CEL-SCI Corp has licensed Multikline to three established pharmaceutical companies to help market the drug.
The company is also working in an H1N1 compound to treat swine flu in hospitalized patients. The compound is based on the company’s L.E.A.P.S technology, which uses a patented, T-cell modulation, peptide epitope delivery technology.