CEL-SCI Corporation (NYSE American: CVM), a phase 3 cancer-immunotherapy company, has closed on its previously announced public offering. The offering was comprised of 3,875,000 shares of common stock, offered at $2 per share, resulting in $7.75 million in gross proceeds before deducting underwriting discounts and offering expenses. According to the announcement, CEL-SCI anticipates using the funds for continued development of Multikine as well as for working capital and general corporate purposes. ThinkEquity acted as sole book-running manager for the offering.
To view the full press release, visit https://ibn.fm/kaEhi
About CEL-SCI Corporation
CEL-SCI believes that boosting a patient’s immune system while it is still intact should provide the greatest possible impact on survival. Multikine (leukocyte interleukin, injection) 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. In a phase 3 study, CEL-SCI studied patients who were newly diagnosed with locally advanced primary squamous cell carcinoma of the head and neck (oral cavity and soft-palate) with the investigational product Multikine administered first, before they received the standard of care, which involved surgery followed by either radiation or chemoradiation. The phase 3 study enrolled 928 patients. The company’s approach is unique because most other cancer immunotherapies are administered only after conventional therapies have been tried and/or failed. After analyzing data from the phase 3 study, the company has better defined the target population, which is advanced primary head and neck cancer patients with no lymph node involvement and with low PD-L1 tumor expression. In the phase 3 study, CEL-SCI observed statistically significant survival data in the final target population, showing that Multikine cut the risk of death in half at five years vs. control. The company plans to submit the proposed study protocol to the FDA in Q1 2024, with the goal to get FDA buy-in for a confirmatory clinical trial, and also to discuss potential accelerated approval pathways. Multikine received Orphan Drug designation from the FDA for neoadjuvant therapy in patients with squamous cell carcinoma (cancer) of the head and neck. For more information about the company, please visit www.CEL-SCI.com.
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