VIENNA, Va., May 14 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION
(Amex: CVM) reports financial results for the three and six months ended
March 31, 2007.
Geert Kersten, Chief Executive Officer of CEL-SCI Corporation said,
"With $20 million in cash and cash equivalents we are able to move forward
diligently to commence our Phase III clinical trial in head & neck cancer
patients. We are the first biotech company ever to go for a first line
standard of care indication in head & neck cancer, a market that promises
blockbuster status to a successful drug."
The Company's net loss from operations for the quarter ended March 31,
2007 was $2,012,605 versus a net loss from operations of $1,341,247 during
the same quarter in 2006. The Company's net loss from operations for the
six months ended March 31, 2007 was $3,592,516 versus a net loss from
operations of $2,363,115 during the same six months in 2006.
The net loss per common share for the quarter ended March 31, 2007 was
$0.03 versus a net loss per common share of $0.02 during the same quarter
in 2006. The Company's net loss per common share for the six months ended
March 31, 2007 was $0.05 versus a net loss per common share of $0.03 during
the same six month period in 2006.
During the three month period ended March 31, 2007, research and
development charges were $678,865 compared to $426,857 during the same
period in 2006. During the six month period ended March 31, 2007, research
and development expenses were $1,185,023 compared to $861,746 during the
same period in 2006.
During the three month period ended March 31, 2007, general and
administrative expenses were $1,316,146 compared to $907,570 during the
same period in 2006. During the six month period ended March 31, 2007,
general and administrative expenses were $2,368,850 compared to $1,480,606
during the same period in 2006.
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
-------------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
---------------------------------
(unaudited)
Three Months Ended
March 31,
2007 2006
REVENUE:
Grant revenue $17,917 $36,815
Rent income 6,805 -
Other income - -
Total Revenue 24,722 36,815
EXPENSES:
Research and development,
excluding depreciation of
$20,832 and $18,511 included
below 678,865 426,857
Depreciation and amortization 42,316 43,635
General and administrative 1,316,146 907,570
Total Expenses 2,037,327 1,378,062
LOSS FROM OPERATIONS (2,012,605) (1,341,247)
LOSS ON DERIVATIVE INSTRUMENTS (447,356) (1,822)
INTEREST INCOME 77,114 11,998
INTEREST EXPENSE (341,038) -
NET LOSS BEFORE INCOME TAXES (2,723,885) (1,331,071)
INCOME TAX PROVISION - -
NET LOSS $(2,723,885) $(1,331,071)
NET LOSS PER COMMON SHARE (BASIC) $(0.03) $(0.02)
NET LOSS PER COMMON SHARE (DILUTED) $(0.03) $(0.02)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 83,836,076 78,392,835
-------------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
---------------------------------
(unaudited)
Six Months Ended
March 31,
2007 2006
REVENUE:
Grant revenue $31,779 $66,662
Rent income 12,895 -
Other income 841 -
Total Revenue 45,515 66,662
EXPENSES:
Research and development,
excluding depreciation of
$41,794 and $37,021 included
below 1,185,023 861,746
Depreciation and amortization 84,158 87,425
General and administrative 2,368,850 1,480,606
Total Expenses 3,638,031 2,429,777
LOSS FROM OPERATIONS (3,592,516) (2,363,115)
GAIN ON DERIVATIVE INSTRUMENTS 271,891 11,515
INTEREST INCOME 172,665 23,402
INTEREST EXPENSE (688,284) -
NET LOSS BEFORE INCOME TAXES (3,836,244) (2,328,198)
INCOME TAX PROVISION - -
NET LOSS $(3,836,244) $(2,328,198)
NET LOSS PER COMMON SHARE (BASIC) $(0.05) $(0.03)
NET LOSS PER COMMON SHARE (DILUTED) $(0.05) $(0.03)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 83,377,267 76,677,015
SOURCE CEL-SCI Corporation
back to top
