CEL-SCI Corporation (NYSE American: CVM) has closed a best-efforts offering of 2,500,000 shares of common stock at $1.00 per share, raising approximately $2.5 million in gross proceeds before placement agent fees and other expenses, according to a press release from the company.

ThinkEquity served as the sole placement agent for the offering. The securities were offered under a shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission on July 3, 2025, which was declared effective on August 12, 2025.

CEL-SCI said it intends to use the net proceeds to fund continued development of its investigational therapy Multikine, as well as for general corporate purposes and working capital.

Multikine, which has not been approved or licensed by the FDA, has been administered to more than 740 patients and holds Orphan Drug designation from the FDA for neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck. The Vienna, Virginia-based company is focused on cancer immunotherapy at the clinical stage.