Navigation Links
CEL-SCI Corporation Announces 2008 Financial Results

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 Pharmaceuticals and Orient Europharma), joint ventures and/or financings to start the Phase III clinical trial with its cancer drug Multikine. In addition, in late December 2008 CEL-SCI put in place a $5 million equity line of credit. In the meantime, in light of the challenging capital markets, management has been very successful in reducing its monthly cash expenditures.

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.

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
                       YEARS ENDED SEPTEMBER 30, 2008 and 2007

                                                   2008              2007

    GRANT REVENUE AND OTHER                      $5,065           $57,043

      Research and development (excluding
        R&D depreciation of $124,705 and
         $91,292 respectively,
         included below)                      4,101,563         2,528,528
      Depreciation and amortization             215,060           176,186
      General & administrative                5,200,735         6,704,538

      Total operating expenses                9,517,358         9,409,252

    NET OPERATING LOSS                       (9,512,293)       (9,352,209)

    GAIN ON DERIVATIVE INSTRUMENTS            1,799,393           868,182

    COSTS ASSOCIATED WITH CONVERTIBLE DEBT            -                 -

    INTEREST INCOME                             483,252           562,973

    INTEREST EXPENSE                           (473,767)       (1,708,603)

    NET LOSS                                $(7,703,415)      $(9,629,657)

    DIVIDENDS                                  (424,815)                -

     SHAREHOLDERS                           $(8,128,230)      $(9,629,657)

          BASIC                                  $(0.07)           $(0.10)
          DILUTED                                $(0.07)           $(0.10)

          BASIC                             117,060,866        97,310,488
          DILUTED                           117,060,866        97,310,488

SOURCE CEL-SCI Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. CEL-SCI Corporation Releases Letter to Shareholders
2. Updated Pictures of CEL-SCI Manufacturing Facility Available Online
3. CEL-SCI Takes Delivery of New Manufacturing Facility
4. CEL-SCI CORPORATION Reports Third Quarter 2008 Financial Results
5. CEL-SCI Announces Exclusive Licensing Agreement with Teva for Cancer Drug Multikine
6. CEL-SCI CORPORATION Manufacturing Facility for Pivotal Phase III Cancer Trial Scheduled to Be Completed During 2008 Third Quarter
7. CEL-SCI to Present at the Noble Financial Conference
8. Volcano Corporation Presentation at J.P. Morgan Conference to be Webcast
9. Mach One Corporation Enters Letter of Intent
10. Shareholder Class Action Filed Against Elan Corporation, plc by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP
11. Environmental Tectonics Corporation Announces Placement of Two Monoplace Chambers at St. John Wound Center; First Computer-controlled Hyperbaric Chambers in Oklahoma
Post Your Comments:
(Date:11/30/2015)... Md. , Nov. 30, 2015 ... development company committed to the fostering and monetization ... the current and prospective initiatives designed to create ... Chief Executive Officer of Spherix. "Based on published ... future licensees exceeds $50 billion and Spherix will ...
(Date:11/30/2015)... , Nov. 30, 2015  Champions Oncology, Inc. (CSBR), ... services to personalize the development and use of oncology ... Executive Officer, will be presenting at the LD MICRO ... Pacific Standard Time (PST).  The conference, held at the ... Angeles, CA , will feature 200 small/micro-cap companies ...
(Date:11/30/2015)... 30, 2015 TapImmune, Inc. ... of innovative peptide and gene-based immunotherapeutics and vaccines for ... it will be presenting at the 8 th ... at 2.30 PM PT. Dr. John N. Bonfiglio ... be giving the presentation and will join TapImmune management ...
(Date:11/30/2015)... , Nov. 30, 2015  Aytu BioScience, Inc. (OTCQB: ... and related conditions, will present at two upcoming investor ... an interactive real-time virtual conference, to be held December ... Conference, to be held December 2 nd & ... and streamed live via webcast. ...
Breaking Biology Technology:
(Date:11/9/2015)...  Synaptics Inc. (NASDAQ: SYNA ), the leading ... into the automotive market with a comprehensive and dedicated ... consumer electronics human interface innovation. Synaptics, industry-leading touch controllers, ... automotive industry and will be implemented in numerous locations ... , Japan , and ...
(Date:11/2/2015)... , Nov. 2, 2015  SRI International has ... to provide preclinical development services to the National Cancer ... SRI will provide scientific expertise, modern testing and support ... of preclinical pharmacology and toxicology studies to evaluate potential ... --> The PREVENT Cancer Drug Development Program is ...
(Date:10/29/2015)... , Oct. 29, 2015  The J. Craig ... report titled, "DNA Synthesis and Biosecurity: Lessons Learned and ... Department of Health and Human Services guidance for synthetic ... 2010. --> --> ... also has the potential to pose unique biosecurity threats. ...
Breaking Biology News(10 mins):