By Devika Patel
Knoxville, Tenn., Sept. 16 - Cel-Sci Corp. said it plans a $20 million registered direct offering of stock.
The company will sell 14,285,715 shares at $1.40 apiece. Investors also will receive warrants for 4,714,284 shares. The warrants are each exercisable at $1.50 for two years.
Settlement is expected Sept. 21.
Rodman & Renshaw, LLC is the agent.
Proceeds will be used for clinical trials of the company's cancer drug Multikine and to take its new LEAPS-H1N1 compound into human studies for the treatment of hospitalized H1N1 patients.
Based in Vienna, Va., Cel-Sci develops treatments for cancer and infectious diseases.
| Issuer: | Cel-Sci Corp.
|
| Issue: | Common stock
|
| Amount: | $20 million
|
| Shares: | 14,285,715
|
| Price: | $1.40
|
| Warrants: | For 4,714,284 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $1.50
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 21
|
| Stock symbol: | Amex: CVM
|
| Stock price: | $1.36 at close Sept. 15
|
| Market capitalization: | $193 million
|
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