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EXHIBIT 99.2
8229 Boone Boulevard, Suite 802 COMPANY CONTACT:
Vienna, VA 22182. USA Gavin de Windt
Telephone (703) 506-9460 CEL-SCI Corporation
www.cel-sci.com (703) 506-9460
Cel-Sci Corporation Prices $17.8 Million Public Offering of
Common Stock and Warrants
Vienna, VA, October 8, 2013 - CEL-SCI Corporation (NYSE MKT: CVM) a late-stage
oncology company, today announced that it has priced an underwritten public
offering of units of common stock and warrants at a price of $1.00 per unit for
gross proceeds of $17,826,087, prior to deducting underwriting discounts and
commissions and offering expenses of the Company. Each unit consists of one
share of common stock and a warrant to purchase one share of common stock. The
warrants are immediately exercisable and have a term of 5 years and an exercise
price of $1.25. The underwriters have an option for 45 days to purchase up to an
additional 15% of the shares and/or warrants to cover overallotments. CEL-SCI
intends to use the net proceeds of the offering for general corporate purposes,
including working capital and operational purposes, and including product
development. The offering is expected to close on or about October 11, 2013,
subject to the satisfaction of customary closing conditions.
Chardan Capital Markets is acting as sole bookrunner for the offering and
Laidlaw & Company (UK) Ltd. is acting as co-manager on the deal.
The securities will be offered by means of a prospectus supplement and
accompanying prospectus, forming a part of the effective registration statement,
a copy of which may be obtained, when available, at the website of the SEC at
http://www.sec.gov. Electronic copies of the preliminary prospectus also may be
obtained from Chardan Capital Markets, LLC Capital Markets, 17 State Street,
Suite 1600, New York, NY 10004, at 646-465-9012.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy these securities, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the securities laws
of any such jurisdiction.
About CEL-SCI Corporation
CEL-SCI is dedicated to research and development directed at improving the
treatment of cancer and other diseases by utilizing the immune system, the
body's natural defense system. The lead investigational therapy is Multikine
(Leukocyte Interleukin, Injection), currently being studied in a pivotal global
Phase III clinical trial. CEL-SCI is also investigating a different
peptide-based immunotherapy (LEAPS-H1N1-DC) as a possible treatment for H1N1
hospitalized patients and a vaccine (CEL-2000) for Rheumatoid Arthritis
(currently in preclinical testing) using its LEAPS technology platform. The
investigational immunotherapy LEAPS-H1N1-DC treatment involves non-changing
regions of H1N1 Pandemic Flu (See Journal of Clinical Investigation - J Clin
Invest. 2013; 123(7):2850-2861. doi: 10.1172/JCI67550) Avian Flu (H5N1), and the
Spanish Flu, as CEL-SCI scientists are very concerned about the possible
emergence of a new more virulent hybrid virus through the combination of H1N1
and Avian Flu, or maybe Spanish Flu. The Company has operations in Vienna,
Virginia, and in/near Baltimore, Maryland.
Multikine is the trademark that CEL-SCI has registered for this investigational
therapy, and this proprietary name is subject to FDA review in connection with
its future anticipated regulatory submission for approval.
When used in this release, the words "intends," "believes," "anticipated" and
"expects" and similar expressions are intended to identify forward-looking
statements. Such statements are subject to risks and uncertainties which could
cause actual results to differ materially from those projected. Factors that
could cause or contribute to such differences include, an inability to duplicate
the clinical results demonstrated in clinical studies, timely development of any
potential products that can be shown to be safe and effective, receiving
necessary regulatory approvals, difficulties in manufacturing any of the
Company's potential products, inability to raise the necessary capital and the
risk factors set forth from time to time in CEL-SCI Corporation's SEC filings,
including but not limited to its report on Form 10-K for the year ended
September 30, 2012. The Company undertakes no obligation to publicly release the
result of any revision to these forward-looking statements which may be made to
reflect the events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events