VIENNA, Va., April 25 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION
(Amex: CVM) reports financial results for the fiscal year ending September
30, 2005.
CEL-SCI reports a loss for fiscal year 2005 of $3,039,607 versus a net
loss of $2,952,077 in fiscal year 2004. The loss per share in fiscal years
2005 and 2004 were each $0.04.
During the year ended September 30, 2005, research and development
expenses increased by $288,099. The increase in research and development
expense was due largely to an increase in work related to CEL-SCI's Phase
III application for Multikine(R). Also, during the year ended September 30,
2005, general and administrative expenses decreased by $379,736. The
decrease was mostly due to a decrease in public relations and corporate
presentation expenses, filing fees, travel expenses, accounting fees and
legal fees, as CEL-SCI's efforts were primarily focused on the submission
of the Phase III clinical trial application for Multikine. During 2005 the
Company received $625,472 in settlement of a lawsuit in which the Company
was not a party. The litigation involved a shareholder and three former
investors in CEL-SCI. The lawsuit sought to recover short-swing profits
allegedly obtained by the defendants, their investment advisor and the
investment advisor's principal acting together as a group in trading
CEL-SCI securities. Gain on derivative instruments for the year ended
September 30, 2005 decreased by $811,632 as a number of derivative
instruments either expired or were reclassified to Stockholders' Equity
during the year. The financial results for the fiscal year ending September
30, 2004 have been restated to correct the accounting for certain financial
instruments issued by CEL-SCI between August 18, 2001 and November 28,
2003. This restatement was of a non-cash nature. Investors are advised to
read the full 10-K to understand the issues involved in this non-cash
restatement.
CEL-SCI Corporation is developing new immune system-based treatments
for cancer and infectious diseases. The Company has operations in Vienna,
Virginia and Baltimore, Maryland.
CEL-SCI CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
YEARS ENDED SEPTEMBER 30, 2005 AND 2004
2005 2004
(as restated)
GRANT REVENUE AND OTHER $269,925 $325,479
OPERATING EXPENSES:
Research and development (excluding R&D 2,229,729 1,941,630
depreciation of $96,442 and $110,297
respectively, included below)
Depreciation and amortization 190,420 198,269
General and administrative 1,930,543 2,310,279
Total operating expenses 4,350,692 4,450,178
NET OPERATING LOSS (4,080,767) (4,124,699)
GAIN (LOSS) ON DERIVATIVE INSTRUMENTS 363,028 1,174,660
OTHER INCOME 625,472 -
OTHER COSTS OF FINANCING - -
INTEREST INCOME 52,660 51,817
INTEREST EXPENSE - (53,855)
NET LOSS $(3,039,607) $(2,952,077)
NET LOSS PER COMMON SHARE
BASIC $(0.04) $(0.04)
DILUTED $(0.05) $(0.06)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
BASIC 72,703,395 67,273,133
DILUTED 73,581,925 68,924,099
SOURCE CEL-SCI Corporation
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Related links:
http://www.cel-sci.com/
CONTACT:
Company Contact: Gavin de Windt of CEL-SCI
Corporation, +1-703-506-9460 or Investor Relations: Mike Lucci of
Lucci Financial Group, LLC, +1-248-723-3330
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