September 17, 2009 (FinancialWire) — - CEL-SCI Corp. (AMEX: CVM) said it has entered into definitive agreements to sell 14,285,715 shares of its common stock at $1.40 pursuant for gross proceeds of around $19 million.

Under the deal, investors will also receive warrants to purchase 4,714,284 shares of CEL-SCI common stock. The warrants have an exercise price of $1.50 per share and are exercisable for two years. The closing of the offering is scheduled to take place on or before September 21.

CEL-SCI plans to use the net proceeds from the offering to launch a Phase III clinical trial with its cancer drug Multikine and to take its new LEAPS - H1N1 compound into human studies for the treatment of hospitalized H1N1 patients.

Vienna, Virginia-based CEL-SCI’s lead product is Multikine, which is being readied for a global Phase III trial in advanced primary head and neck cancer. The company is also developing a vaccine to prevent and treat swine and other influenzas using its L.E.A.P.S. technology platform.

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