12:25 PM EDT, 07/26/2024 (MT Newswires) -- Cel-Sci ( CVM ) said Friday it has priced its best-efforts offering of about 10.8 million shares of its common stock or pre-funded warrants.

The company said each common share or pre-funded warrant is being sold at an offering price of $1 per share, inclusive of the pre-funded warrant exercise price, for total gross proceeds of about $10.8 million.

The net proceeds from the offering, which is expected to close on Monday, will be used to finance the continued development of the company's lead investigational therapy Multikine, for general corporate purposes and working capital, according to the company.

Shares of Cel-Sci ( CVM ) were up 22% in recent Friday trading.

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