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.
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CVM 1.42 +0.11
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.
