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.
>To contact the writer of this article, click here: Adam Feuerstein.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV