CEL-SCI Corporation (NYSEMKT:CVM) gained 4.91% in terms of its share value, during the January 3 trading session, to close at $0.0705 per share. The stock has been rapidly declining, since early December 2016 and has so far lost $0.057 of its share value, since December 8. Although the company has been silent for the last few weeks, it has released two updates during the last 1-month. Most recently, CVM generated net proceeds in excess of $3.7 million and expected to generate another $75,000, before the end of 2016. This was done through a public offering, but the company is yet to provide an update on closing of the offering.
Following the announcement, CEL-SCI stated that the amount raise does not bring about any major change in its ability to continue as a going concern. Earlier, the company filed its Form 10-K for the full year ended September 30, 2016. In the 10-K, CVM noted that it has suffered a net loss of $11.46 million, lower than the net loss of $34.67 million from a year ago. However, the company’s administrative and general expenses declined by more than half of the figure at the end of the FY2015.
The CEO of CVM, Geert Kersten, revealed that the company was focusing on two important issues, which includes releasing the partial clinical hold on their phase-3 trial and successfully concluding the ongoing arbitration against its former CRO, responsible for overseeing the phase-3 trials. Providing a review of the events of the previous year, CEL-SCI pointed out, in the 10-K, that it has raised net proceeds of $21.42 million and enrolled an additional 365 patients in the phase-3 study, which is currently on partial clinical hold, by the FDA.
The phase-3 study focuses on head and neck cancer and has a population of 928 patients, as of September 30, 2016. In addition to this, the company is also working with Multikine, on a phase-1 study, aimed at the treatment of HIV/HPV. The principal investigator for the study is Dr. Joel Palefsky, a world renowned leader in this field.