VIENNA, Va., Aug. 14 /PRNewswire-FirstCall/ -- CEL-SCI Corporation (NYSE Amex: CVM) reports financial results for the three and nine months ended June 30, 2009.
The Company's loss from operations for the quarter ended June 30, 2009 was $3.7 million versus a loss of $2.2 million during the same quarter in 2008. Included in the fiscal 2009 third quarter loss of $3.7 million was $2.6 million in non-cash expense. The Company's loss from operations for the nine months ended June 30, 2009 was $8.1 million versus a loss of $7.1 million during the same nine months in 2008. Included in the fiscal 2009 nine-month loss of $8.1 million were $4 million in non-cash expense.
The net loss per common share for the quarter ended June 30, 2009 was $0.05 versus a net loss per common share of $0.02 during the same quarter in 2008. The Company's net loss per common share for the nine months ended June 30, 2009 was $0.08 versus a net loss per common share of $0.06 during the same nine month period in 2008.
During the three month period ended June 30, 2009, research and development charges were $1.6 million compared to $1.0 million during the same period in 2008. During the nine month period ended June 30, 2009, research and development expenses were $3.8 million compared to $3.0 million during the same period in 2008.
During the three month period ended June 30, 2009, general and administrative expenses were $1.9 million compared to $1.2 million during the same period in 2008. During the nine month period ended June 30, 2009, general and administrative expenses were $4.0 million compared to $3.9 million during the same period in 2008. A large part of the G&A expenditures was non-cash charges. The Company ended the 2009 third quarter with cash and cash equivalents of $5.6 million.
Geert Kersten, Chief Executive Officer of CEL-SCI said, "Despite a disruption in the capital markets, CEL-SCI has emerged stronger than ever. We are nearing the completion of the validation of our manufacturing facility in order to position the Company to proceed with a pivotal Phase III trial of Multikine as quickly as possible. The Company also expanded its efforts to develop its L.E.A.P.S.(TM) technology platform to combat a potentially more aggressive future form of the H1N1 virus. It also strengthened our balance sheet through the completion of a registered direct offering, allowing us to invest in many of these exciting clinical programs."
CEL-SCI Corporation develops immune-based cancer and infectious disease therapies. Its primary product candidate is Multikine, a next-generation, comprehensive immunotherapy that targets newly diagnosed head and neck cancer. Multikine is cleared by the FDA and the Canadian regulators for a global Phase III clinical trial in newly diagnosed head and neck cancer. In a Phase II long term follow-up trial with Multikine, a 33% improvement in overall survival was observed.
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/have been tested against diseases associated with bio-defense, rheumatoid arthritis, and pandemic flu.
For more information, please visit www.cel-sci.com.
When used in this report, the words "intends," "believes," "anticipated" and "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include, an inability to duplicate the clinical results demonstrated in clinical studies, timely development of any potential products that can be shown to be safe and effective, receiving necessary regulatory approvals, difficulties in manufacturing any of the Company's potential products, inability to raise the necessary capital and the risk factors set forth from time to time in CEL-SCI Corporation's SEC filings, including but not limited to its report on Form 10- K/A for the year ended September 30, 2008. The Company undertakes no obligation to publicly release the result of any revision to these forward-looking statements which may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
CEL-SCI CORPORATION
-------------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------
(unaudited)
Three Months Ended
June 30,
2009 2008
---- ----
REVENUE:
Rent income $30,000 $-
Grant revenue - 3,535
Other income 450 -
--- ---
Total revenue 30,450 3,535
EXPENSES:
Research and development, excluding
depreciation of $101,108 and $7,246
included below 1,619,120 975,183
Depreciation and amortization 123,114 27,743
General and administrative 1,946,396 1,177,288
--------- ---------
Total expenses 3,688,630 2,180,214
--------- ---------
LOSS FROM OPERATIONS (3,658,180) (2,176,679)
(LOSS) GAIN ON DERIVATIVE INSTRUMENTS (2,548,327) 206,106
INTEREST INCOME 68,716 94,333
INTEREST EXPENSE (445,161) (113,038)
-------- --------
NET LOSS BEFORE INCOME TAXES (6,582,952) (1,989,278)
INCOME TAX PROVISION - -
--- ---
NET LOSS (6,582,952) (1,989,278)
DIVIDENDS (11,667) (424,815)
------- --------
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $(6,594,619) $(2,414,093)
=========== ===========
NET LOSS PER COMMON SHARE (BASIC) $(0.05) $(0.02)
====== ======
NET LOSS PER COMMON SHARE (DILUTED) $(0.05) $(0.02)
====== ======
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING, BASIC & DILUTED 130,076,656 117,773,569
=========== ===========
CEL-SCI CORPORATION
-------------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------
(unaudited)
Nine Months Ended
June 30,
2009 2008
---- ----
REVENUE:
Rent income $49,643 $1,530
Grant revenue - 3,535
Other income 450 -
--- ---
Total revenue 50,093 5,065
EXPENSES:
Research and development, excluding
depreciation of $266,739 and $101,005
included below 3,832,582 3,041,212
Depreciation and amortization 331,656 161,211
General and administrative 4,015,921 3,931,857
--------- ---------
Total expenses 8,180,159 7,134,280
--------- ---------
LOSS FROM OPERATIONS (8,130,066) (7,129,215)
(LOSS) GAIN ON DERIVATIVE INSTRUMENTS (1,892,084) 35,157
INTEREST INCOME 208,113 430,320
INTEREST EXPENSE (614,654) (378,569)
-------- --------
NET LOSS BEFORE INCOME TAXES (10,428,691) (7,042,307)
INCOME TAX PROVISION - -
--- ---
NET LOSS (10,428,691) (7,042,307)
DIVIDENDS (11,667) (424,815)
------- --------
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $(10,440,358) $(7,467,122)
============ ===========
NET LOSS PER COMMON SHARE (BASIC) $(0.08) $(0.06)
====== ======
NET LOSS PER COMMON SHARE (DILUTED) $(0.08) $(0.06)
====== ======
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING, BASIC & DILUTED 125,655,445 116,594,797
=========== ===========
