NEWS:
CEL-SCI Completes Equity Financing
VIENNA, Va., Dec. 14 /PRNewswire/ -- CEL-SCI CORPORATION (Amex: HIV) (Berlin Stock Exchange: LSR) announced today the successful completion of a sale of $2.5 million of the Company's common stock to two institutional investors. Reedland Capital Partners, a division of Financial West Group, facilitated the transaction. In addition, it is expected that one of the Company's directors will soon purchase $300,000 worth of stock on the same terms as were negotiated with the institutional investors.
"This cash infusion is an important positive milestone for CEL-SCI, as we are currently completing several phase II clinical trials against head and neck cancer, and are preparing for a potential phase III clinical trial," indicated Chief Executive Officer, Geert Kersten. "In addition, we hope to show in 2000 that our cancer drug, Multikine(TM), which is a non-specific immune therapy, also shows beneficial effects in the treatment of prostate and breast cancer patients."
CEL-SCI Corporation is a biopharmaceutical company whose mission is to mobilize the immune system to combat disease.
"CEL-SCI press releases are available through Company News On-Call by fax, 800-758-5804, Ext. 445563, or at cel-sci.com on the Internet."
When used in this report, 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 clinic results demonstrated in preclinical 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 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, 1998. 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.>>>
SOURCE CEL-SCI Corporation
CO: CEL-SCI Corporation
ST: Virginia
IN: MTC
SU:
12/14/1999 09:00 EST prnewswire.com |
