VIENNA, Va., Jan. 14 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION
(NYSE Alternext US: CVM) reports financial results for the fiscal year ended September 30, 2008.
CEL-SCI reported a net loss for fiscal year 2008 of $(7,703,415) versus a net loss of $(9,629,657) in fiscal year 2007. The loss per share per common share for fiscal year 2008 was $(0.07) compared to a net loss per common share in fiscal year 2007 of $(0.10). Included in the loss in 2008 were non-cash expenditures that added up to approximately $3.3 million, including $1.3 million for employee-stock compensation charges and $1.4 million for various consulting and other related expenses.
The net loss included research and development (R&D) expenses of $4,101,563 in 2008 compared to $2,528,528 in 2007. R&D expenses increased due to higher costs associated with preparing for the Company's upcoming Phase III clinical trial of its cancer drug Multikine.
Geert Kersten, Chief Executive Officer said, "We are pleased by the progress we made in fiscal 2008 in preparing for our pivotal trial of Multikine for head and neck cancer. Expenditures for 2009 are expected to be significantly reduced because of the completion of the manufacturing facility and other material reductions in expenditures. Our focus now is to secure strategic partners to assist us in funding the Phase III study of our cancer drug."
The report by the Company's accountants also contained a "going concern" qualification. This means that based upon only the existing and committed amount of cash in CEL-SCI today, the accountants cannot be sure that CEL-SCI will have enough cash to stay in business until January 2010. As is clearly explained in the Company's 10-K filing, CEL-SCI's management is aware of this, and is currently working on licensing agreements (in addition to the two agreements it currently has with Teva P
|SOURCE CEL-SCI Corporation|
Copyright©2009 PR Newswire.
All rights reserved