VIENNA, Va.--(BUSINESS WIRE)--CEL-SCI Corporation (NYSE MKT:CVM) today announced it has entered into a definitive agreement with institutional investors to purchase approximately 10 million shares of its common stock and warrants exercisable for up to approximately 5 million shares of its common stock for gross proceeds of $5 million. The warrants will be exercisable six months following the date of issuance, will expire on the fifth anniversary of the initial exercise date and have an exercise price of $0.55 per share. The closing of the offering is expected to take place on or about August 26, 2016, subject to the satisfaction of customary closing conditions.

Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as the exclusive placement agent in connection with the offering.

The net proceeds of the offering will be used for the ongoing Phase 3 study and general corporate purposes.

About CEL-SCI Corporation

CEL-SCI’s work is focused on finding the best way to activate a patient’s immune response to fight cancer and infectious diseases. CEL-SCI believes that we should give the immune system the best chance of successfully fighting cancer by administering a cancer immunotherapy drug before surgery, radiation and chemotherapy, a time when the immune system is strongest. The typical cancer immunotherapy drug development path involves giving a cancer immunotherapy after these conventional treatments.