CEL-SCI Corporation Reports Second Quarter 2013 Financial Results

CEL-SCI Corporation Reports Second Quarter 2013Financial Results

VIENNA, Va.--(BUSINESS WIRE)-- CEL-SCI Corporation (NYSE MKT: CVM) reports financial results for the fiscal quarter ended March 31, 2013.

CEL-SCI reported that net loss available to common shareholders for the quarter ended March 31, 2013 was ($713,371) versus ($10,086,959) during the same quarter ended March 31, 2012. Net loss per common share, (basic) was ($0.00) for the quarter ended March 31, 2013 versus ($0.04) during the same quarter ended March 31, 2012. The operating loss for the quarter ended March 31, 2013 was ($4,239,824) versus ($4,262,357) during the same quarter ended March 31, 2012. Net loss available to common shareholders for the six months ended March 31, 2013 was ($3,023,617) versus ($14,243,792) million during the same six months ended March 31, 2012. Net loss per common share, (basic) was ($0.01) for the six months ended March 31, 2013 versus ($0.06) during the same six months ended March 31, 2012. The operating loss for the six months ended March 31, 2013 was ($9,283,337) versus ($8,705,633) during the same six months ended March 31, 2012.


R&D expenses for the quarter ended March 31, 2013 totaled $2,515,585 versus R&D expenses of $2,594,235 for the quarter ended March 31, 2012. R&D expenses for the six months ended March 31, 2013 totaled $5,439,363 versus R&D expenses of $5,050,420 for the six months ended March 31, 2012. R&D expenses are mostly related to the running of the Company's Phase III clinical trial.

Geert Kersten, Chief Executive Officer said, "We are fortunate that we were able to bring in a new partner to help us expand the Phase III clinical trial to about 100 clinical sites worldwide. The new partner, Ergomed, will contribute up to $10 million towards this expanded clinical trial and will be responsible for most of the enrollment. We feel very good about this new development."

About CEL-SCI Corporation

CEL-SCI is dedicated to research and development directed at improving the treatment of cancer and other diseases by utilizing the immune system, the body's natural defense system. Its lead investigational therapy is Multikine (Leukocyte Interleukin, Injection), currently being studied in a pivotal global Phase III clinical trial. CEL-SCI is also developing (and investigating) an immunotherapy (LEAPS-H1N1-DC) as a possible treatment for H1N1 hospitalized patients and as a vaccine (CEL-2000) for Rheumatoid Arthritis (currently in preclinical testing) using its LEAPS technology platform. The investigational immunotherapy LEAPS-H1N1-DC treatment involves non-changing regions of H1N1 Pandemic Flu, Avian Flu (H5N1), and the Spanish Flu, as CEL-SCI scientists are very concerned about the possible emergence of a new more virulent hybrid virus through the combination of H1N1 and Avian Flu, or maybe Spanish Flu. The Company has operations in Vienna, Virginia, and in/near Baltimore, Maryland.

For more information, please visit www.cel-sci.com.

Multikine is the trademark that CEL-SCI has registered for this investigational therapy, and this proprietary name is subject to FDA review in connection with our future anticipated regulatory submission for approval.Multikine has not been licensed or approvedfor sale, barter or exchangeby the FDA or any other regulatory agency. Similarly, its safety or efficacy has not been established for any use. Moreover, no definitive conclusions can be drawn from the early-phase, clinical-trials data involving the investigational therapy Multikine (Leukocyte Interleukin, Injection). Further research is required, and early-phase clinical trial results must be confirmed in the well-controlled, Phase III clinical trial of this investigational therapy that is currently in progress.

When used in this report, the words "intends," "believes," "anticipated", "plans" 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 for the year ended September 30, 2012. 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
STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2013 AND 2012
(unaudited)
 
 
  2013  2012
 
GRANT INCOME AND OTHER$15,405$106,543
 
OPERATING EXPENSES:

Research and development (excluding R&D depreciation of $55,957 and $108,531, respectively, included below)

2,515,5852,594,235
Depreciation and amortization90,413143,428
General & administrative 1,649,231  1,631,237 
 

Total operating expenses

 4,255,229  4,368,900 
 
OPERATING LOSS(4,239,824)(4,262,357)
 
GAIN (LOSS) ON DERIVATIVE INSTRUMENTS3,538,264(4,204,327)
 
INTEREST INCOME30,95228,673
 
INTEREST EXPENSE (42,763) (55,948)
 
NET LOSS(713,371)(8,493,959)
 
INDUCEMENT WARRANTS -  (1,593,000)
 
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS$(713,371)$(10,086,959)
 
NET LOSS PER COMMON SHARE
BASIC$(0.00)$(0.04)
 
DILUTED$(0.01)$(0.04)
 

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

BASIC309,011,767247,369,587
 
DILUTED309,011,767247,369,587
 
 
CEL-SCI CORPORATION
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 2013 AND 2012
(unaudited)
 
 
  2013  2012
 
GRANT INCOME AND OTHER$30,405$111,567
 
OPERATING EXPENSES:

Research and development (excluding R&D depreciation of $160,820 and $225,282, respectively, included below)

5,439,3635,050,420
Depreciation and amortization223,863281,853
General & administrative 3,650,516  3,484,927 
 
Total operating expenses 9,313,742  8,817,200 
 
OPERATING LOSS(9,283,337)(8,705,633)
 
GAIN (LOSS) ON DERIVATIVE INSTRUMENTS6,284,462(3,247,857)
 
INTEREST INCOME60,36757,728
 
INTEREST EXPENSE (85,109) (179,410)
 
NET LOSS(3,023,617)(12,075,172)
 
ISSUANCE OF ADDITIONAL SHARES DUE TO RESET PROVISIONS-(250,000)
MODIFICATIONS OF WARRANTS-(325,620)
INDUCEMENT WARRANTS -  (1,593,000)
 
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS$(3,023,617)$(14,243,792)
 
NET LOSS PER COMMON SHARE
BASIC$(0.01)$(0.06)
 
DILUTED$(0.03)$(0.06)
 

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

BASIC295,921,608237,912,177
 
DILUTED295,921,608237,912,177
 



CEL-SCI Corporation
Gavin de Windt, 703-506-9460

KEYWORDS:   United States  North America  District of Columbia  Virginia

INDUSTRY KEYWORDS:

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