CEL-SCI makes $8.3M placing
Virginia, USA-based CEL-SCI Corp, a developer of immune-system based treatments for cancer and infectious diseases, say that it has entered into a $8.3 million private placement with a number of independent institutional investors who purchased convertible notes and warrants. The notes are convertible into shares of the company's common stock at a conversion price of $0.86. CEL-SCI also has the right, under certain conditions, to force conversion of the notes or to prepay any outstanding principle.
The warrants allow the holders to purchase about 4.8 million shares of the firm's common stock at an exercise price of $0.95, but are not exercisable until February 4, 2007 and expire on February 4, 2012.
The company expects to use the amounts received from the sale of the notes to fund future development activities and to provide working capital. Maxim Group served as the placement agent.
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