Cel-Sci Corporation ( CVM ) shares are trading lower premarket on Monday.

On Sunday, the company disclosed a public offering of 16.13 million shares of common stock or pre-funded warrants at $0.31 per share.

The company aims to raise around $5 million in gross proceeds. The offering is expected to close on December 31, 2024, subject to customary conditions.

The company plans to use proceeds to support the development of Multikine, general corporate purposes, and working capital.

Earlier this month, CEL-SCI ( CVM ) emphasized the strong biological rationale for using Multikine in its FDA-approved confirmatory registration study for head and neck cancer.

The study, involving 212 newly diagnosed patients with locally advanced, resectable head and neck cancer, will focus on those who demonstrated a 73% survival rate with Multikine compared to 45% for control patients in the prior Phase 3 trial.

Price Action: CVM shares are down 29.9% at $0.4204 premarket at the last check Monday.

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