VIENNA, Va.--(BUSINESS WIRE)-- CEL-SCI Corporation (NYSE AMEX: CVM) reported today financial results for its third fiscal quarter for the period ended June 30, 2011.
CEL-SCI reported a net loss for the three months ended June 30, 2011 of ($3.1) million versus a loss of ($0.6) million during the same three months ended June 30, 2010. Net loss per basic share was ($0.01) for the three months ended June 30, 2011 versus a loss per basic share of ($0.00) during the same three months ended June 30, 2010.
Net loss for the nine months ended June 30, 2011 was ($23.4) million, versus a net income of $17.8 million during the same nine months ended June 30, 2010. Net loss per basic share was ($0.12) for the nine months ended June 30, 2011 versus a net income per basic share of $0.08 during the same nine months ended June 30, 2010.
R&D expenses for the three months ended June 30, 2011 totaled $2.9 million versus R&D expenses of $1.6 million for the same three months ended June 30, 2010. R&D expenses for the nine months ended June 30, 2011 totaled $9.2 million versus R&D expenses of $7.7 million for the same three months ended June 30, 2010.
Geert Kersten, Chief Executive Officer said, “Our Phase III clinical trial for head and neck cancer is proceeding well. So far, we have 22 centers that are enrolled in the study in eight countries. The centers are actively screening/enrolling patients. We have produced two clinical lots of Multikine® from which patients are being treated.”
About CEL-SCI Corporation
CEL-SCI Corporation is developing products that empower immune defenses. Its lead product, Multikine is currently being tested in a global Phase III clinical trial that started in December 2010. In Phase II clinical trials Multikine was shown to be safe and well-tolerated and to improve the patients overall survival by 33 percent at a median of three and half years following surgery.
CEL-SCI is also developing an immunotherapy (LEAPS-H1N1-DC) to treat H1N1 hospitalized patients and a vaccine (CEL-2000) for Rheumatoid Arthritis using its LEAPS technology platform. The LEAPS-H1N1-DC treatment involves non-changing regions of H1N1 Pandemic Flu, Avian Flu (H5N1), and the Spanish Flu as CEL-SCI scientists are very concerned about the creation of a new more virulent hybrid virus through the combination H1N1 and Avian Flu, or maybe Spanish Flu. The Company has operations in Vienna, Virginia, and in/near Baltimore, Maryland.
For more information, please visit www.cel-sci.com.
CEL-SCI CORPORATION |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(unaudited) | ||||||||||||
For the Three Months Ended
June 30, |
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2011 | 2010 | |||||||||||
REVENUE: | ||||||||||||
Rent income | $ | - | $ | 30,900 | ||||||||
Grant and other income | 77,403 | - | ||||||||||
Total revenue | 77,403 | 30,900 | ||||||||||
EXPENSES: | ||||||||||||
Research and development, excluding depreciation of $123,519 and $113,146 included below |
2,924,771 | 1,587,520 | ||||||||||
Depreciation and amortization | 148,148 | 134,574 | ||||||||||
General and administrative | 1,862,328 | 1,702,865 | ||||||||||
Foreign exchange gain | (12,100 | ) | - | |||||||||
Total expenses | 4,923,147 | 3,424,959 | ||||||||||
LOSS FROM OPERATIONS | (4,845,744 | ) | (3,394,059 | ) | ||||||||
OTHER EXPENSES | - | - | ||||||||||
GAIN ON DERIVATIVE INSTRUMENTS | 1,763,311 | 2,754,512 | ||||||||||
INTEREST INCOME | 34,416 | 79,825 | ||||||||||
INTEREST EXPENSE | (66,238 | ) | (41,402 | ) | ||||||||
NET LOSS BEFORE INCOME TAXES | (3,114,255 | ) | (601,124 | ) | ||||||||
INCOME TAX PROVISION | - | - | ||||||||||
NET LOSS | (3,114,255 | ) | (601,124 | ) | ||||||||
MODIFICATION OF WARRANTS | - | - | ||||||||||
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS | $ | (3,114,255 | ) | $ | (601,124 | ) | ||||||
NET LOSS PER COMMON SHARE-BASIC | $ | (0.01 | ) | $ |
0.00 |
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NET LOSS PER COMMON SHARE-DILUTED | $ | (0.02 | ) | $ | (0.01 | ) | ||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC |
208,402,408 | 204,592,051 | ||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED |
241,110,822 | 231,827,525 | ||||||||||
CEL-SCI CORPORATION |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(unaudited) | ||||||||||||
For the Nine Months Ended
June 30, |
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2011 | 2010 | |||||||||||
REVENUE: | ||||||||||||
Rent income | $ | - | $ | 91,500 | ||||||||
Grant and other income | 784,036 | - | ||||||||||
Total revenue | 784,036 | 91,500 | ||||||||||
EXPENSES: | ||||||||||||
Research and development, excluding depreciation of $359,343 and $316,575 included below |
9,231,296 | 7,733,544 | ||||||||||
Depreciation and amortization | 434,436 | 377,458 | ||||||||||
General and administrative | 5,407,782 | 4,947,764 | ||||||||||
Foreign exchange gain | (30,704 | ) | - | |||||||||
Total expenses | 15,042,810 | 13,058,766 | ||||||||||
LOSS FROM OPERATIONS | (14,258,774 | ) | (12,967,266 | ) | ||||||||
OTHER EXPENSES | (12,000,000 | ) | - | |||||||||
GAIN ON DERIVATIVE INSTRUMENTS | 2,879,003 | 30,614,451 | ||||||||||
INTEREST INCOME | 134,002 | 287,613 | ||||||||||
INTEREST EXPENSE | (149,042 | ) | (120,924 | ) | ||||||||
NET (LOSS) INCOME BEFORE INCOME TAXES | (23,394,811 | ) | 17,813,874 | |||||||||
INCOME TAX PROVISION | - | - | ||||||||||
NET (LOSS) INCOME | (23,394,811 | ) | 17,813,874 | |||||||||
MODIFICATION OF WARRANTS | (1,068,369 | ) | (1,432,456 | ) | ||||||||
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | (24,463,180 | ) | $ | 16,381,418 | |||||||
NET (LOSS) INCOME PER COMMON SHARE-BASIC | $ | (0.12 | ) | $ | 0.08 | |||||||
NET (LOSS) INCOME PER COMMON SHARE-DILUTED | $ | (0.12 | ) | $ | (0.02 | ) | ||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC |
206,860,979 | 201,208,121 | ||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED |
206,860,979 | 228,443,595 | ||||||||||
CONTACT:
CEL-SCI Corporation
Gavin de Windt, 703-506-9460
KEYWORDS: United States North America Virginia
INDUSTRY KEYWORDS: Health Biotechnology Infectious Diseases Medical Devices Oncology Pharmaceutical Medical Supplies General Health
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