Navigation Links
CEL-SCI CORPORATION Reports Third Quarter 2008 Financial Results
Date:8/20/2008

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
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. CEL-SCI Announces Exclusive Licensing Agreement with Teva for Cancer Drug Multikine
2. CEL-SCI CORPORATION Manufacturing Facility for Pivotal Phase III Cancer Trial Scheduled to Be Completed During 2008 Third Quarter
3. CEL-SCI to Present at the Noble Financial Conference
4. Emerging Growth Equities, Ltd. Initiates Coverage of CombiMatrix Corporation with a BUY Rating and an $18.00 Price Target
5. [video] David Brown, President and CEO of LifeVantage Corporation, Discusses Record Page Views on WallSt.nets 3-Minute Press Show
6. MannKind Corporation Reports Second Quarter Financial Results
7. Genaera Corporation Announces Second Quarter Financial Results
8. China Bionanometer Industries Corporation Promotes New Product Beauty Look in China
9. Pharmos Corporation Reports 2008 Second Quarter Results
10. Verenium Corporation to Present at Canaccord Adams 28th Annual Global Growth Conference
11. Vista Partners Updates Coverage on Inovio Biomedical Corporation (Amex: INO); $3.57 Price Target
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/3/2016)... New York, NY (PRWEB) , ... May 03, ... ... and NeuroTech NYC , the sensor and data driven conferences, will take ... include:, UnitedHealth's Vidya Raman-Tangella on incorporating technology -- ...
(Date:5/2/2016)... 2, 2016 Q BioMed Inc. ... partner Mannin Research Inc. will be attending the Association ... place from May 1-5, 2016 in Seattle ... with its vendors and research partners. The meeting provides ... and other collaborative opportunities for the MAN-01 program for ...
(Date:4/29/2016)... ... April 29, 2016 , ... Proove ... excited to announce the launch of the Proove Health Foundation . The ... education to promote the use of personalized medicine for tackling the nation’s most-pressing ...
(Date:4/29/2016)... ... ... Intelligent Implant Systems announced today that the two-level components for the Revolution™ Spinal System ... These components expand the capabilities of the system and allow Revolution™ to be utilized ... the company has seen significant sales growth in 1Q 2016, and the system is ...
Breaking Biology Technology:
(Date:3/15/2016)... Yissum Research Development Company of the Hebrew University ... University, announced today the formation of Neteera Technologies ... biological indicators. Neteera Technologies has completed its first round ... Neteera,s ... from sweat ducts, enables reliable and speedy biometric identification, ...
(Date:3/10/2016)... , March 10, 2016 ... market research report "Identity and Access Management Market by ... Compliance, and Governance), by Organization Size, by Deployment, by ... published by MarketsandMarkets, The market is estimated to grow ... Billion by 2020, at a Compound Annual Growth Rate ...
(Date:3/8/2016)... March 8, 2016   Valencell , the ... announced it has secured $11M in Series D ... a new venture fund being launched by UAE-based ... from existing investors TDF Ventures and WSJ Joshua ... continue its triple-digit growth and accelerate its pioneering ...
Breaking Biology News(10 mins):