VIENNA, Va., Aug. 13 /PRNewswire-FirstCall/ -- CEL-SCI Corporation
(Amex: CVM) reports financial results for the three and nine months ending
June 30, 2007.
The Company's net loss from operations for the quarter ended June 30,
2007 was $3,776,263 versus a net loss of $1,305,457 during the same quarter
in 2006. The Company's net loss from operations for the nine months ended
June 30, 2007 was $7,368,779 versus a net loss of $3,668,572 during the
same nine months in 2006. The increase in net loss from operations was
mostly due to non-cash charges. The actual cash spent during the nine month
ending June 30, 2007 was about $4,000,000.
The net loss per common share for the quarter ended June 30, 2007 was
$0.05 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 nine months ended
June 30, 2007 was $0.10 versus a net loss per common share of $0.05 during
the same nine month period in 2006.
During the three month period ended June 30, 2007, research and
development charges were $632,868 compared to $429,097 during the same
period in 2006. During the nine month period ended June 30, 2007, research
and development expenses were $1,817,891 compared to $1,290,843 during the
same period in 2006.
During the three month period ended June 30, 2007, general and
administrative expenses were $3,104,755 compared to $873,350 during the
same period in 2006. During the nine month period ended June 30, 2007,
general and administrative expenses were $5,473,605 compared to $2,353,956
during the same period in 2006.
Geert Kersten, Chief Executive Officer of CEL-SCI said, "We ended the
quarter in a strong financial position with close to $20 million in the
bank. This enables us to move our cancer drug Multikine(R) into the already
cleared Phase III clinical trial."
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. The Company's lead product Multikine has
the go-ahead to enter global Phase III clinical trials in advanced primary
head and neck cancer patients. CEL-SCI's other products, which are
currently in pre-clinical stage, have shown protection against a number of
diseases in animal tests and are being tested against diseases associated
with bio-defense and avian flu.
CEL-SCI CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
June 30,
2007 2006
REVENUE:
Grant revenue $- $39,708
Rent income 5,734 -
Other income 715 -
Total Revenue 6,449 39,708
EXPENSES:
Research and development, excluding
depreciation of $21,086 and $18,511
included below 632,868 429,097
Depreciation and amortization 45,089 42,718
General and administrative 3,104,755 873,350
Total Expenses 3,782,712 1,345,165
LOSS FROM OPERATIONS (3,776,263) (1,305,457)
GAIN (LOSS) ON DERIVATIVE INSTRUMENTS (1,090,471) 1,615
INTEREST INCOME 190,112 9,801
INTEREST EXPENSE (878,354) -
NET LOSS BEFORE INCOME TAXES (5,554,976) (1,294,041)
INCOME TAX PROVISION - -
NET LOSS $(5,554,976) $(1,294,041)
NET LOSS PER COMMON SHARE (BASIC) $(0.05) $(0.02)
NET LOSS PER COMMON SHARE (DILUTED) $(0.05) $(0.02)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 108,526,680 80,874,687
CEL-SCI CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Nine Months Ended
June 30,
2007 2006
REVENUE:
Grant revenue $31,779 $106,370
Rent income 18,629 -
Other income 1,556 -
Total Revenue 51,964 106,370
EXPENSES:
Research and development, excluding
depreciation of $62,364 and $55,532
included below 1,817,891 1,290,843
Depreciation and amortization 129,247 130,143
General and administrative 5,473,605 2,353,956
Total Expenses 7,420,743 3,774,942
LOSS FROM OPERATIONS (7,368,779) (3,668,572)
GAIN/LOSS ON DERIVATIVE INSTRUMENTS (818,580) 13,130
INTEREST INCOME 362,777 33,203
INTEREST EXPENSE (1,566,638) -
NET LOSS BEFORE INCOME TAXES (9,391,220) (3,622,239)
INCOME TAX PROVISION - -
NET LOSS $(9,391,220) $(3,622,239)
NET LOSS PER COMMON SHARE (BASIC) $(0.10) $(0.05)
NET LOSS PER COMMON SHARE (DILUTED) $(0.10) $(0.05)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 91,574,113 78,076,239
SOURCE CEL-SCI Corporation
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