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Already beaten down as it was, the Cel-Sci (CVM) share price dropped again on Tuesday, but not necessarily because the entire market as a whole was still tanking.

In an effort to raise some more money to complete the ongoing global trial for Cel-Sci's Phase III head and neck cancer immunotherapy, Multikine, a registered direct offering will be completed by later this week, with four million dollars being raised to plus-up the company coffers.

Multikine is being tested as a first-line treatment and, if approved, could achieve blockbuster status, but the trial is still in its early phases.

Two partners are helping to offset the costs of the trial, with Orient Europharma picking up the tab for its portion of the trial in South Korea and Teva doing the same in Israel.

Cel-Sci sold over thirteen million shares of common stocks at thirty cents/per and will also dish out warrants, exercisable for an additional twelve million shares at forty cents. The warrants are exercisable at any time after the closing of the offering and before the third anniversary of the closing.

Given the early stages of the Phase III Multikine trial, CVM shares could remain trading at their supressed levels for a while longer, especially given the down market. Should the Phase III Multikine results turn out positive, then the current prices will have looked like highway robbery, but again - results are a while away.

Still highly speculative, but the potential rewards make the 'night on the town' money worth the risk. After all, a little night on the town money spent on a speculative player can save a hangover or two - and then potentially bankroll a few more nights on the town.

Keep CVM on the radar for Multikine updates.

Disclosure: Long CVM.

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