CEL-SCI Corporation (NYSE Amex: CVM) announced today that it has
fully paid off its outstanding convertible debenture. The Company had
been making monthly payments of approximately $1 million per month to
repay a $9 million convertible debenture which CEL-SCI had issued in
connection with the settlement of litigation. CEL-SCI has now eliminated
the convertible debenture and any associated preferential rights.
"We are pleased that we have eliminated this substantial obligation and
the associated potential dilution," said Geert Kersten, Chief Executive
Officer of CEL-SCI. "Our money is now being allocated to the greatest
benefit of our shareholders, namely an expansion of our Phase III study
by adding 10-15 additional clinical sites in four more countries."
About CEL-SCI Corporation
CEL-SCI is dedicated to research and development directed at improving
the treatment of cancer and other diseases by utilizing the immune
system, the body's natural defense system. Its lead investigational
therapy is Multikine (Leukocyte Interleukin, Injection), currently being
studied in a pivotal global Phase III clinical trial. CEL-SCI is also
developing (and investigating) an immunotherapy (LEAPS-H1N1-DC) as a
possible treatment for H1N1 hospitalized patients and as a vaccine
(CEL-2000) for Rheumatoid Arthritis (currently in preclinical testing)
using its LEAPS technology platform. The investigational immunotherapy
LEAPS-H1N1-DC treatment involves non-changing regions of H1N1 Pandemic
Flu, Avian Flu (H5N1), and the Spanish Flu, as CEL-SCI scientists are
very concerned about the possible emergence of a new more virulent
hybrid virus through the combination of H1N1 and Avian Flu, or maybe
Spanish Flu. The Company has operations in Vienna, Virginia, and in/near
Baltimore, Maryland.
For more information, please visit www.cel-sci.com.
