CEL-SCI Raises $7.2 Million in Public Offering to Advance Cancer Drug Multikine
CEL-SCI Corporation closed a $7.2 million public offering to fund continued development of its head and neck cancer treatment Multikine, highlighting the company's push to bring a novel immunotherapy to market.
CEL-SCI Corporation (NYSE American: CVM) announced the closing of its best-efforts public offering, raising gross proceeds of approximately $7.2 million. The company sold 6 million shares of common stock at $1.20 per share, with net proceeds earmarked for the continued development of Multikine, its investigational immunotherapy for head and neck cancer, as well as general corporate purposes and working capital.
This capital infusion comes at a critical juncture for CEL-SCI, which is focused on a unique approach to cancer treatment. The company believes that boosting a patient's immune system before surgery, radiotherapy, and chemotherapy have damaged it should provide the greatest possible impact on survival. Multikine is designed to help the immune system target the tumor at a time when the immune system is still relatively intact and thereby thought to be better able to mount an attack on the tumor.
Multikine (Leukocyte Interleukin, Injection) is given right after diagnosis and before surgery. It has been dosed in over 740 patients and received Orphan Drug designation from the FDA for neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck. The Orphan Drug designation provides incentives for the development of drugs for rare diseases, including tax credits and market exclusivity upon approval.
The completion of this offering signals investor confidence in CEL-SCI's pipeline and the potential of Multikine. The funds will enable the company to continue clinical development and prepare for potential regulatory submissions. For more details on the offering, view the full press release at https://ibn.fm/T5Ng2.
CEL-SCI operates in Vienna, Virginia, and near/in Baltimore, Maryland. The company's commitment to developing a treatment that harnesses the body's own immune system before standard therapies compromise it could address a significant unmet medical need in head and neck cancer, where current treatment options often have limited efficacy and high toxicity.
Investors and industry watchers will be monitoring CEL-SCI's progress closely as the company advances Multikine through the regulatory pathway. The successful close of this offering provides a financial runway to support key milestones. More information about CEL-SCI and its programs is available at https://cel-sci.com/.