VIENNA, Va.--(BUSINESS WIRE)--CEL-SCI Corporation (NYSE American: CVM) today announced it has entered into definitive agreements with institutional investors for an offering of shares of common stock with gross proceeds of approximately $5 million in a registered direct offering. The closing of the offering is expected to take place on or about July 2, 2018, subject to the satisfaction of customary closing conditions.

In connection with the offering, CEL-SCI will issue approximately 3,900,000 registered shares of common stock at a purchase price of $1.30 per share. Concurrently in a private placement, the Company will issue to the investors warrants to purchase up to 3,900,000 shares of its common stock. For each share of common stock purchased in the registered direct offering, the investors in the private placement will receive from CEL-SCI an unregistered warrant to purchase one share of common stock. The warrants have an exercise price of $1.75 per share, will be exercisable upon the 6 month anniversary of the issue date, and will expire 5.5 years from the issue date.

H.C. Wainwright & Co., LLC is acting as the exclusive placement agent for the offering.

CEL-SCI intends to use the net proceeds from the offering for the Phase 3 clinical study and general corporate purposes.

About CEL-SCI Corporation

CEL-SCI is a Phase 3 cancer immunotherapy company. The Phase 3 study is fully enrolled with 928 patients. When it comes to cancer immunotherapy, CEL-SCI believes it is most logical to boost the patient's immune system while it is still intact in order to have the greatest possible impact on survival. Therefore, in CEL-SCI's pivotal Phase 3 study patients who are newly diagnosed with advanced head and neck cancer are treated first with its lead investigational immunotherapy Multikine* (Leukocyte Interleukin, Injection), BEFORE they receive surgery, radiation and/or chemotherapy. This approach is unique. Most other cancer immunotherapies are used only after conventional therapies have been tried and/or failed. Head and neck cancer represents about 6% of all cancers. Multikine has received Orphan Drug designation from the FDA for the treatment of head and neck cancer patients with advanced squamous cell carcinoma. CEL-SCI has received patents for Multikine from the US, Europe, China and Japan.