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The Vienna cancer drug company said it willsell 12.5 million shares of common stock at 40 cents as well as warrants to purchase another 8.375 million common shares at 50 cents apiece, to an investor in a stockm offering set to close on Monday. The initial stock is being sold at a not uncommon thanks to the fromthe 45-cent price tag each share carried at closinv bell on Tuesday. LLC acted as placemenr agent forthe offering.
Cel-Sci, whichh has been hit by the touggh economy, said it will use the funds to speed up its work on itsswind flu-treating technology and also to validate its $15 million manufacturingh facility in Baltimore, where it plans to produce its late-stages head-and-neck cancer-fighting candidate called That product has largely been on hold from planne d third-phase clinical trials as Cel-Sci waits for fundinbg or a development partner to help carry it The company also applied for a provisional patentt on its experimental, early-stage vaccine technology targetingg diseases like the swine flu.
Cel-Sci’s (AMEX: CVM) stockj fell on Wednesday by 6 cents, or 13 percent, closinv at 39 cents a share.
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