CEL-SCI Corp. closed its previously announced registered direct offering and concurrent private placement with institutional investors.
The Vienna, Va.-based biotechnology company raised about $5 million in the transactions.
CEL-SCI earlier said it will use the net proceeds to fund a late stage clinical trial of its immunotherapy Multikine in advanced head and neck cancer. Multikine, which was granted orphan drug status by the U.S. Food and Drug Administration, is being evaluated as a first-line therapy for head and neck cancer patients.
H.C. Wainwright & Co. acted as the exclusive placement agent in the offering.