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By Colin Kellaher
Shares of CEL-SCI fell more than 20% in premarket trading after the cancer immunotherapy said it was raising $5 million in a public stock offering.
The Vienna, Va., company said it is selling 2.5 million shares at $2.00 apiece, 30% below Monday’s closing price of $2.86.
CEL-SCI, which had about 44.8 million shares outstanding prior to the offering, said it plans to use proceeds from the offering to fund the continued development of its proposed cancer drug Multikine.
CEL-SCI shares were recently down 22% to $2.23 in premarket trading.
Write to Colin Kellaher at [email protected]
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