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CEL-SCI CORPORATION Reports Third Quarter 2008 Financial ResultsVIENNA, 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
The net loss per common share for the quarter ended June 30, 2008 was
During the three month period ended June 30, 2008, research and
development charges were During the three month period ended June 30, 2008, general and
administrative expenses were 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 toBaltimore, 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 inVienna, Virginia andBaltimore, 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 Tags: ,MTC,BIO,HEA,ERN,VA-CEL-SCI-Q3-earns _ _     Is your favorite bookmark site missing? Ask for it. |
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