VIENNA, Va.--(BUSINESS WIRE)-- CEL-SCI Corporation (NYSE AMEX: CVM) reports financial results for the quarter ended March 31, 2011.
CEL-SCI reported that the net loss available to common shareholders for the three months ended March 31, 2011 was $(15.1 million) versus a net loss available to common shareholders of $(2.2 million) during the same three months ended March 31, 2010. Net loss per share, basic was $(0.07) for the three months ended March 31, 2011 versus a loss of $(0.01) during the same three months ended March 31, 2010. Net loss available to common shareholders for the six months ended March 31, 2011 was $(21.3 million) versus net income available to common shareholders of $17 million during the same six months ended March 31, 2010. Net loss per share, basic was $(0.10) for the six months ended March 31, 2011 versus net income of $0.09 per share, basic, during the same six months ended March 31, 2010. The significantly increased loss in the quarter ending March 31, 2011 was due to a one-time charge of $12 million in connection with the settlement of litigation related to a previous financing. The net income available to shareholders for the six months ended March 31, 2010 was due to derivative accounting.
R&D expenses for the three months ended March 31, 2011 totaled $3.0 million versus R&D expenses of $3.3 million for the three months ended March 31, 2010. R&D expenses for the six months ended March 31, 2011 totaled $6.3 million versus R&D expenses of $6.1 million for the six months ended March 31, 2010.
Geert Kersten, Chief Executive Officer said, “We have approval for our Phase III clinical trial in head & neck cancer in all 9 countries where we plan to conduct our trial. We are initiating several clinical sites per week to rapidly accrue patients. We are very pleased with the progress right now. This study will hopefully lead to the approval of a novel, non-toxic cancer therapy.”
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
------------------- CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS --------------------------------- (unaudited) |
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| For the Three Months Ended | |||||||||
| March 31, | |||||||||
| 2011 | 2010 | ||||||||
| REVENUE: | |||||||||
| Rent income | $ | - | $ | 30,600 | |||||
| Grant and other income | 43,815 | - | |||||||
| Total revenue | 43,815 | 30,600 | |||||||
| EXPENSES: | |||||||||
|
Research and development, excluding depreciation of |
|||||||||
| $119,633 and $103,845 included below | 3,042,097 | 3,340,897 | |||||||
| Depreciation and amortization | 145,141 | 123,303 | |||||||
| General and administrative | 1,994,803 | 1,886,758 | |||||||
| Foreign exchange gain | (41,230 | ) | - | ||||||
| Total expenses | 5,140,811 | 5,350,958 | |||||||
| LOSS FROM OPERATIONS | (5,096,996 | ) | (5,320,358 | ) | |||||
| OTHER EXPENSES | (12,000,000 | ) | - | ||||||
| GAIN ON DERIVATIVE INSTRUMENTS | 3,062,087 | 4,519,672 | |||||||
| INTEREST INCOME | 46,707 | 97,569 | |||||||
| INTEREST EXPENSE | (41,402 | ) | (41,402 | ) | |||||
| FOREIGN EXCHANGE GAIN | - | - | |||||||
| NET LOSS BEFORE INCOME TAXES | (14,029,604 | ) | (744,519 | ) | |||||
| INCOME TAX PROVISION | - | - | |||||||
| NET LOSS | (14,029,604 | ) | (744,519 | ) | |||||
| MODIFICATION OF WARRANTS | (1,068,369 | ) | (1,432,456 | ) | |||||
|
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS |
$ | (15,097,973 | ) | $ | (2,176,975 | ) | |||
| NET LOSS PER COMMON SHARE-BASIC | $ | (0.07 | ) | $ | (0.01 | ) | |||
|
NET LOSS PER COMMON SHARE-DILUTED |
$ | (0.08 | ) | $ | (0.03 | ) | |||
| WEIGHTED AVERAGE COMMON | |||||||||
| SHARES OUTSTANDING-BASIC | 207,089,841 | 204,173,750 | |||||||
| WEIGHTED AVERAGE COMMON | |||||||||
| SHARES OUTSTANDING-DILUTED | 229,343,923 | 258,251,010 | |||||||
| See notes to condensed consolidated financial statements. | |||||||||
| CEL-SCI CORPORATION
------------------- CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS --------------------------------- (unaudited) |
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| For the Six Months Ended | |||||||||
| March 31, | |||||||||
| 2011 | 2010 | ||||||||
| REVENUE: | |||||||||
| Rent income | $ | - | $ | 60,600 | |||||
| Grant and other income | 706,633 | - | |||||||
| Total revenue | 706,633 | 60,600 | |||||||
| EXPENSES: | |||||||||
| Research and development, excluding depreciation of | |||||||||
| $235,824 and $203,429 included below | 6,306,525 | 6,146,024 | |||||||
| Depreciation and amortization | 286,288 | 242,884 | |||||||
| General and administrative | 3,545,454 | 3,244,899 | |||||||
| Foreign exchange gain | (18,604 | ) | - | ||||||
| Total expenses | 10,119,663 | 9,633,807 | |||||||
| LOSS FROM OPERATIONS | (9,413,030 | ) | (9,573,207 | ) | |||||
| OTHER EXPENSES | (12,000,000 | ) | - | ||||||
| GAIN ON DERIVATIVE INSTRUMENTS | 1,115,692 | 27,859,939 | |||||||
| INTEREST INCOME | 99,586 | 207,788 | |||||||
| INTEREST EXPENSE | (82,804 | ) | (79,522 | ) | |||||
| NET (LOSS) INCOME BEFORE INCOME TAXES | (20,280,556 | ) | 18,414,998 | ||||||
| INCOME TAX PROVISION | - | - | |||||||
| NET (LOSS) INCOME | (20,280,556 | ) | 18,414,998 | ||||||
| MODIFICATION OF WARRANTS | (1,068,369 | ) | (1,432,456 | ) | |||||
| NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | (21,348,925 | ) | $ | 16,982,542 | ||||
| NET (LOSS) INCOME PER COMMON SHARE-BASIC | $ | (0.10 | ) | $ | 0.09 | ||||
| NET (LOSS) INCOME PER COMMON SHARE-DILUTED | $ | (0.10 | ) | $ | (0.01 | ) | |||
| WEIGHTED AVERAGE COMMON | |||||||||
| SHARES OUTSTANDING-BASIC | 206,090,265 | 199,516,156 | |||||||
| WEIGHTED AVERAGE COMMON | |||||||||
| SHARES OUTSTANDING-DILUTED | 206,090,265 | 253,593,416 | |||||||
| See notes to condensed consolidated financial statements. | |||||||||
CONTACT:
CEL-SCI Corporation
Gavin de Windt, 703-506-9460
KEYWORDS: United States North America Virginia
INDUSTRY KEYWORDS: Health Biotechnology Pharmaceutical
MEDIA:
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