Cel-Sci raises $17.8 million in follow-on

Cel-Sci Corp. (NYSE-M:CVM) raised $17.8 million through the sale of 17.8 million units at $1 in a follow-on underwritten by Chardan Capital Markets and Laidlaw. Each unit comprises a share and a five-year warrant to purchase a share at $1.25. Cel-Sci proposed the follow-on late Monday, when its share price was $1.24. The company's Multikine is in Phase III testing to treat squamous cell carcinoma of the head and neck (SCCHN). The product is a cytokine mixture that includes interleukins, interferons, chemokines and colony stimulating factors. ...