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17. SUBSEQUENT EVENTS | 12 Months Ended
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Sep. 30, 2013
Subsequent Events [Abstract] |
17. SUBSEQUENT EVENTS | In accordance with ASC 855, “Subsequent Events”, the Company has reviewed subsequent events through the date of the filing. On October 11, 2013, the Company announced that it had underwritten a public offering of units of common stock and warrants at a price of $1.00 per unit for net proceeds of $16,400,000, net of underwriting discounts and commissions and offering expenses of the Company. Each unit consists of one share of common stock and a warrant to purchase one share of common stock. The warrants are immediately exercisable and expire on October 11, 2018, and have an exercise price of $1.25. The underwriters had an option for 45 days to purchase up to an additional 15% of the shares and/or warrants to cover overallotments. In November 2013, the underwriters purchased an additional 2,648,913 warrants pursuant to the overallotment option for which the Company received proceeds of $24,370. On October 31, 2013, the Company announced the commencement of arbitration proceedings against inVentiv Health Clinical, LLC (f/k/a PharmaNet, LLC), the Company’s former clinical research organization. The arbitration claim, initiated under Commercial Rules of the American Arbitration Association, alleges (i) breach of contract, (ii) fraud in the inducement, and (iii) common law fraud, and seeks at least $50 million in damages. The Company filed this arbitration because, among other reasons, the number of patients that have been enrolled and treated in the study fell below the level agreed to with inVentiv Health Clinical, LLC. In April 2013, the Company dismissed inVentiv Health Clinical, LLC and replaced it with two clinical research organizations, Aptiv Solutions, Inc. and Ergomed Clinical Research Ltd On December 12, 2013, inVentiv Health Clinical, LLC (inVentiv) filed an answer and counterclaim in response to CEL-SCI’s claims against it. The counterclaim alleges breach of contract on the part of CEL-SCI and seeks at least $2 million in damages. On December 20, 2013, inVentiv moved to dismiss certain claims. Given that this matter is at a preliminary stage, the Company is not in a position to predict or assess the likely outcome of these proceedings. On December 19, 2013, the Company announced that it had underwritten a public offering of units of common stock and warrants at a price of $0.63 per unit for net proceeds of $2,710,000, net of underwriting discounts and commissions and offering expenses of the Company. Each unit consists of one share of common stock and a warrant to purchase one share of common stock. The warrants are immediately exercisable and expire on October 11, 2018, and have an exercise price of $1.25. The underwriters have an option for 45 days to purchase up to an additional 10% of the shares and/or warrants to cover overallotments. On December 23, 2013, the underwriters exercised the option for the full 10% overallotment for additional net proceeds of approximately $379,000.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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