By Ben Glickman
Shares of CEL-SCI fell Monday after the company said it would sell shares of its common stock.
The stock was down 20% to $2.30 in after-hours trading. Shares are up 22% year-to-date.
The Vienna, Va.-based cancer immunotherapy company didn’t say how many shares it would sell or give an estimated price range. CEL-SCI said it will use the proceeds to fund development of Multikine, its lead candidate, and for general corporate purposes.
ThinkEquity is the sole underwriter of the offering. CEL-SCI said the underwriter would have a 45-day option to purchase the equivalent of 15% of the shares in the offering.
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