CEL-SCI Corporation Strengthens Balance Sheet Through Receipt of $10 Million
From Warrant Exercises
VIENNA, Va., Oct. 26 /PRNewswire-FirstCall/ -- CEL-SCI Corporation (NYSE Amex:
CVM) announced today that it has received over $10 million over the past 60
days through the exercise of warrants by investors to purchase the Company's
common stock. These additional funds increased the gross proceeds raised in
the last 60 days to approximately $30 million. CEL-SCI plans to use the
additional proceeds towards its pivotal Phase III clinical trial with its
cancer drug Multikine and to accelerate the development of its LEAPS compound
for the treatment of H1N1 hospitalized patients.
The Company previously said that it planned to commence its first study in
humans aimed at improving the treatment of hospitalized H1N1 patients. The
goal to be studied with CEL-SCI's investigational LEAPS H1N1 treatment is to
induce an effective anti-H1N1 immune response in patients, without the raging
pro-inflammatory cytokine response that can follow the natural response to
infection and which may lead to a patient's death.
Since the beginning of the year, the Company has raised gross proceeds
exceeding $43 million and has eliminated its Series K convertible notes which
had an initial principal value of $8.3 million.
CEL-SCI Corporation is developing products that empower immune defenses. Its
lead product is Multikine® which is being readied for a global Phase III trial
in advanced primary head and neck cancer. CEL-SCI is also developing a
treatment for hospitalized H1N1 patients using it's L.E.A.P.S. technology
platform, and expects to soon finish the validation of it's state-of-the-art
manufacturing facility in Maryland.
When used in this report, the words "intends," "believes," "anticipated" and
"expects" and similar expressions are intended to identify forward-looking
statements. Such statements are subject to risks and uncertainties which could
cause actual results to differ materially from those projected. Factors that
could cause or contribute to such differences include, lack of regulatory
clearance to proceed with clinical trials, an inability to duplicate the
clinical results demonstrated in clinical studies that have been completed or
that are initiated in the future, timely development of any potential products
that can be shown to be safe and effective, unwillingness of regulatory
authorities to engage in further regulatory dialogue, receiving necessary
regulatory approvals, difficulties in manufacturing any of the Company's
potential products, inability to raise the necessary capital, and the risk
factors set forth from time to time in CEL-SCI Corporation's SEC filings,
including but not limited to its report on Form 10- K/A for the year ended
September 30, 2008. The Company undertakes no obligation to publicly release
the result of any revision to these forward-looking statements which may be
made to reflect the events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
For more information, please visit www.cel-sci.com
SOURCE CEL-SCI Corporation
Gavin de Windt of CEL-SCI Corporation, +1-703-506-9460
