CEL-SCI Corporation (NYSE:CVM) fell sharply early Monday. The company, earlier during the month, announced a bought deal offering of $31.7 million.
The offering was announced on June 11, for total gross proceeds of approximately $31.7 million, before deducting underwriting discounts and other offering expenses payable by the Company. Additionally, the Company has granted the underwriter a 30-day option to purchase up to 210,000 additional shares to cover over-allotments.
Kingswood Capital Markets, division of Benchmark Investments, LLC acted as sole book-running manager for the offering.
The offering of the shares of common stock were made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering was filed with the SEC. A final prospectus supplement was also filed with the SEC
CEL-SCI is a clinical-stage biotechnology company focused on finding the best way to activate the immune system to fight cancer and infectious diseases. The Company’s lead investigational therapy Multikine is currently in a pivotal Phase 3 clinical trial involving head and neck cancer, for which the Company has received Orphan Drug Status from the FDA. The Company has operations in Vienna, Virginia, and near Baltimore, Maryland.
CVM shares swooned $7.08, or 28.2%, to $18.00.