VIENNA, Va., May 19 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION
(Amex: CVM) reports financial results for the three and six months ending
March 31, 2006.
The Company's net loss for the quarter ending March 31, 2006 was
$1,331,071 versus a net loss of $1,149,440 during the same quarter in 2005.
The Company's net loss for the six months ended March 31, 2006 was
$2,328,198 versus a net loss of $2,378,883 during the same six months in
2005.
"Grant revenue and other" decreased by $72,970 and $118,630 during the
three and six months ended March 31, 2006, respectively, compared to the
same periods of the previous year.
During the three month period ended March 31, 2006, research and
development charges decreased by $158,030 compared to the same period in
2005. During the six month period ended March 31, 2006, research and
development expenses decreased by $424,245 compared to the same period in
2005.
During the three month period ended March 31, 2006, general and
administrative expenses increased by $346,929 compared to the same period
in 2005. This increase in the loss is due to the costs for the restatement
of prior year financials that CEL-SCI completed in April 2006. During the
six month period ended March 31, 2006, general and administrative expenses
increased by $387,751 compared to the same period in 2005.
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,
2006 2005
REVENUES:
Grant revenue and other $36,815 $109,785
EXPENSES:
Research and development, excluding
depreciation of $18,511 and $29,447
included below 426,857 584,887
Depreciation and amortization 43,635 53,089
General and administrative 907,570 560,641
Total Operating Expenses 1,378,062 1,198,617
NET OPERATING LOSS (1,341,247) (1,088,832)
GAIN (LOSS) ON DERIVATIVE INSTRUMENTS (1,822) (75,082)
INTEREST INCOME 11,998 14,474
NET LOSS $(1,331,071) $(1,149,440)
NET LOSS PER COMMON SHARE (BASIC) $(0.02) $(0.02)
NET LOSS PER COMMON SHARE (DILUTED) $(0.02) $(0.02)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 78,392,835 72,287,847
CEL-SCI CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Six Months Ended
March 31,
2006 2005
REVENUES:
Grant revenue and other $66,662 $185,292
EXPENSES:
Research and development excluding
depreciation of $37,021 and $63,099
included below 861,746 1,285,991
Depreciation and amortization 87,425 109,768
General and administrative 1,480,606 1,092,855
Total Operating Expenses 2,429,777 2,488,614
NET OPERATING LOSS (2,363,115) (2,303,322)
GAIN (LOSS) ON DERIVATIVE INSTRUMENTS 11,515 (107,855)
INTEREST INCOME 23,402 32,294
NET LOSS $(2,328,198) $(2,378,883)
NET LOSS PER COMMON SHARE (BASIC) $(0.03) $(0.03)
NET LOSS PER COMMON SHARE (DILUTED) $(0.03) $(0.03)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 76,677,015 72,232,732
SOURCE CEL-SCI Corporation
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Related links:
http://www.cel-sci.com
CONTACT:
Stockholders: Gavin de Windt of CEL-SCI
Corporation, +1-703-506-9460; or Institutional Investors, Brokers
& Analysts: Michael Lucci of Lucci Financial Group LLC,
+1-248-723-3330, for CEL-SCI Corporation
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