- CEL-SCI Corporation CVM has increased the size of its previously announced capital raise offering to 1.4 million shares, up from 1 million shares, at $22.62 per share representing a 5% discount to Tuesday's closing price of $23.82 per share.
- The offering is expected to close by June 11.
- Underwriters have an option to purchase up to 15% of the offering.
- The proceeds will be used to fund the continued development of the pipeline based on Multikine and LEAPS technologies and other general corporate purposes.
- For the quarter that ended on March 31, the company reported a cash balance of $6.4 million.
- In the Q2 earnings release, the company said it is preparing for the anticipated commercial launch of Multikine, CEL-SCI, which has been expanding and upgrading its dedicated cGMP manufacturing facility.
- Price Action: CVM shares are down 9.2% at $21.62 during the premarket session on the last check Wednesday.
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