VIENNA, Va., Aug. 20 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION
(Amex: CVM) reports financial results for the three and nine months ending
June 30, 2008.
The Company's loss from operations for the quarter ended June 30, 2008
was $2,176,679 versus a loss of $3,776,263 during the same quarter in 2007.
The Company's loss from operations for the nine months ended June 30, 2008
was $7,129,215 versus a loss of $7,368,779 during the same nine months in
2007.
The net loss per common share for the quarter ended June 30, 2008 was
$0.02 versus a net loss per common share of $0.05 during the same quarter
in 2007. The Company's net loss per common share for the nine months ended
June 30, 2008 was $0.06 versus a net loss per common share of $0.10 during
the same nine month period in 2007.
During the three month period ended June 30, 2008, research and
development charges were $975,183 compared to $632,868 during the same
period in 2007. During the nine month period ended June 30, 2008, research
and development expenses were $3,041,212 compared to $1,817,891 during the
same period in 2007.
During the three month period ended June 30, 2008, general and
administrative expenses were $1,177,288 compared to $3,104,755 during the
same period in 2007. During the nine month period ended June 30, 2008,
general and administrative expenses were $3,931,857 compared to $5,473,605
during the same period in 2007.
Geert Kersten, Chief Executive Officer of CEL-SCI said, "We are moving
forward just as we had planned. The greatest part of the expenditures are
focused on completing the manufacturing facility and starting the Phase III
study of our Multikine cancer drug. Some additional funds were spent on our
new and very promising Rheumatoid Arthritis vaccine."
About Multikine:
In Phase II clinical trials Multikine was shown to be safe and
well-tolerated, and to improve the patients' overall survival by 33% at a
median of three and a half years following surgery. The U.S. Food and Drug
Administration (FDA) gave the go-ahead for a Phase III clinical trial with
Multikine in January 2007 and granted orphan drug status to Multikine in
the neoadjuvant therapy of squamous cell carcinoma (cancer) of the head and
neck in May 2007.
CEL-SCI is currently building a manufacturing facility for Multikine
close to Baltimore, MD. Upon completion of the facility in the 3rd quarter
of 2008, CEL-SCI will commence the Phase III clinical trial. Multikine
appears to be the first non-toxic cancer drug.
Multikine, a patented defined mixture of naturally derived cytokines,
is the first immunotherapeutic agent in a new class of drugs called "Immune
SIMULATORS". Immune SIMULATORS simulate the way our natural immune system
acts in defending us against cancer. As opposed to other immunotherapies
which are designed to target a single or limited number of specific
antigens or molecules, Immune SIMULATORS are multi-targeted; they
simultaneously cause a direct and targeted killing of the specific tumor
cells and they activate the immune system to produce a stronger anti-tumor
attack on multiple fronts.
Multikine is also the first immunotherapeutic agent being developed as
a first-line standard of care treatment for cancer. It is administered
prior to any other cancer therapy because that is the period when the
anti-tumor immune response can still be fully activated. Once the patient
has advanced disease, or had surgery or has received radiation and/or
chemotherapy, the immune system is severely weakened and is less able to
mount an effective anti-tumor immune response. Other immunotherapies are
administered after the patient has received chemotherapy and/or radiation
therapy, which can limit their effectiveness.
The Company has operations in Vienna, Virginia and Baltimore, Maryland.
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.
CEL-SCI CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
June 30,
2008 2007
REVENUE:
Grant revenue $ 3,535 $ -
Rent income - 5,734
Other income - 715
Total Revenue 3,535 6,449
EXPENSES:
Research and development, excluding
depreciation of $7,246 and $21,086
included below 975,183 632,868
Depreciation and amortization 27,743 45,089
General and administrative 1,177,288 3,104,755
Total Expenses 2,180,214 3,782,712
LOSS FROM OPERATIONS (2,176,679) (3,776,263)
GAIN (LOSS) ON DERIVATIVE INSTRUMENTS 206,106 (1,090,471)
INTEREST INCOME 94,333 190,112
INTEREST EXPENSE (113,038) (878,354)
NET LOSS BEFORE INCOME TAXES (1,989,278) (5,554,976)
INCOME TAX PROVISION - -
NET LOSS (1,989,278) (5,554,976)
DIVIDENDS (424,815) -
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $(2,414,093) $(5,554,976)
NET LOSS PER COMMON SHARE (BASIC) $ (0.02) $ (0.05)
NET LOSS PER COMMON SHARE (DILUTED) $ (0.02) $ (0.05)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING,
BASIC & DILUTED 117,773,569 108,526,680
CEL-SCI CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Nine Months Ended
June 30,
2008 2007
REVENUE:
Grant revenue $ 3,535 $ 31,779
Rent income 1,530 18,629
Other income - 1,556
Total Revenue 5,065 51,964
EXPENSES:
Research and development, excluding
depreciation of $101,005 and $62,364
included below 3,041,212 1,817,891
Depreciation and amortization 161,211 129,247
General and administrative 3,931,857 5,473,605
Total Expenses 7,134,280 7,420,743
LOSS FROM OPERATIONS (7,129,215) (7,368,779)
GAIN (LOSS) ON DERIVATIVE INSTRUMENTS 35,157 (818,580)
INTEREST INCOME 430,320 362,777
INTEREST EXPENSE (378,569) (1,566,638)
NET LOSS BEFORE INCOME TAXES (7,042,307) (9,391,220)
INCOME TAX PROVISION - -
NET LOSS (7,042,307) $(9,391,220)
DIVIDENDS (424,815) -
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $(7,467,122) $(9,391,220)
NET LOSS PER COMMON SHARE (BASIC) $(0.06) $(0.10)
NET LOSS PER COMMON SHARE (DILUTED) $(0.06) $(0.10)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING,
BASIC & DILUTED 116,594,797 91,574,113
SOURCE CEL-SCI CORPORATION
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Related links:
http://www.cel-sci.com
CONTACT:
Gavin de Windt of CEL-SCI CORPORATION,
+1-703-506-9460
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