In Brief: Cel-Sci

Cel-Sci: Institutional investors purchase $5 mil. in convertible series B preferred stock, Alexandria, Va.-based Cel-Sci reports Aug. 19. The preferred stock is convertible prior to August 1998. "The financing is set up" to minimize the impact of "the recent decrease in the company's stock price," Cel-Sci says. "Conversion prices will depend mostly on the future stock price." Cel-Sci estimates its $10 mil. in total funding will sustain operations for two years...