Vienna, Va.–based Cel-Sci is offering 606, 395 shares of common stock at a price of $9.07 per share to total the $5.5 million before deducting underwriting discounts and other estimated expenses. The company also granted the underwriters a 45-day option to purchase up to 90,959 additional common stock shares.
Cel-Sci said it plans to use the net proceeds from the offering to fund the development of its Multikine and Leaps treatments, as well as for other corporate funds, according to a news release.
Multikine is an immunotherapeutic agent in development to become a first-line neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck, and potentially as a treatment for cervical dysplasia or peri-anal warts in HIV/HPV co-infected patients. Leaps is a T-cell modulation, peptide epitope delivery system designed to synthesize proprietary peptide immunogens.
Aegis Capital is acting as the sole book-runner for Cel-Sci’s offering, which the company expects to close on or about Dec. 27.