These hedge funds sued Cel-Sci in October 2009 asking for $30 million in actual damages, $90 million in punitive damages and reduction in the conversion price of the Cel-Sci convertible notes and warrants they purchased in 2006.
Cel-Sci ended the first quarter with $17.7 million in cash. In its first-quarter regulatory filing, Cel-Sci warned that additional cash or long-term financing will be required for the company to continue funding its Multikine clinical trial and possibly seek regulatory approval. The company is still in the beginning stages of a phase III study of Multikine that could take years to complete.
Cel-Sci shares closed Monday at 68 cents.
--Written by Adam Feuerstein in Boston.
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