CEL-SCI Prices $10 Mln Offering Of Common Stock, Warrants

(RTTNews) - CEL-SCI Corp. (CVM) said Monday that it has priced a "best efforts" underwritten public offering of units of common stock and warrants at a price of $1.40 per unit for gross proceeds of about $10 million, prior to deducting underwriting commissions and offering expenses of the company.

Each unit consists of one share of common stock and 0.25 warrant to purchase one share of common stock. The common stock and warrants will separate immediately. The warrants are immediately exercisable, expire October 17, 2014 and have an exercise price of $1.58.

The offering is expected to close on or about April 17.

The company plans to use the net proceeds of the offering for its Phase III clinical trial, other research and development, and general and administrative expenses.