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VIENNA, Va., Jan. 14 /PRNewswire-FirstCall/ -- CEL-SCI Corporation (Amex: CVM) reports financial results for the fiscal year ending September 30, 2007.
CEL-SCI reports a net operating loss for fiscal year 2007 of $9,352,209 versus a net operating loss of $5,349,196 in fiscal year 2006. The loss per share for fiscal year 2007 was unchanged at $(0.10) compared to fiscal year 2006.
The cash from operating activities used during the year was about $4,890,100. CEL-SCI's assets during the year grew from $9.6 million in fiscal year 2006 to $20.7 million in fiscal year 2007.
Geert Kersten, Chief Executive Officer said, "CEL-SCI had a very successful year in that it received FDA go-ahead for a Phase III clinical trial with its cancer drug Multikine, raised substantial amounts of money and began building a dedicated manufacturing facility for Multikine. We are looking forward to taking over the completed facility in 2008 and starting the global Phase III trial."
About CEL-SCI's Phase III Cancer Drug 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.
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.
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