CEL-SCI Corp. (CVM) stock prices were up by 5.20% as of the market closing on June 25th, 2021, bringing the price per share up to USD$25.08 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 7.42%, bringing it up to USD$26.94.
June 11th, 2021 saw the company announce its entering into an underwriting agreement with Kingswood Capital Market. As per the agreement, the underwriter made a purchase of 1.4 million shares of CVM’s common stock. Each share was priced at USD$22.62, with gross proceeds amounting to USD$31.7 million before the deduction of expenses related to the offering. The agreement also included a 30-day option for underwriters to purchase up to an addition 210,000 shares to cover over-allotments.
December 2020 saw the company’s Phase 3 head and neck cancer study complete database lock and enter the statistical analysis phase. Independent contractors have been hired to conduct the analysis process so as to ensure CVM stays blind to the study data. The company hopes to meet FDA safety and efficacy requirements, with the statistical analysis plan following the protocol states objectives. Furthermore, the company is keen to compile the clinical benefits the Multikine has the potential to provide patients that are newly diagnose, but not yet treated, for advanced primary squamous cell carcinoma of the head and neck.
Multikine Production Facility
With the commercial launch of Multikine looming closer, CVM has been allocating resources towards the expansion and upgrading of its proprietary cGMP manufacturing facility for Multikine. Construction began in 2020, with completion anticipated for the next several months. Upon completion, the company plans to double the facility’s capacity to accommodate two shifts for maximum production of Multikine.
The six month period ended March 2021 saw the company report an operating loss of USD$17.3 million, up from the USD$13.6 million reported for the six month period ended March 31st, 2020. Operating loss for the quarter ended March 31st, 2021 was USD$8.5 million, up from the USD$6.7 million reported for the same time period of the prior year. The six and three-month periods ended March 31st, 2021, respectively reported USD$6.9 million and USD$3.3 million in capitalized costs.
Future Outlook for CVM
Armed with the nearing commercialization of Multikine, CVM is poised to continue its trajectory of success by allocating resources towards Multikine’s proliferation in the U.S and global markets. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.