VIENNA, Va., April 25 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION reports financial results for the fiscal year ending September 30, 2005.
CEL-SCI reports a loss for fiscal year 2005 of $3,039,607 versus a net loss of $2,952,077 in fiscal year 2004. The loss per share in fiscal years 2005 and 2004 were each $0.04.
During the year ended September 30, 2005, research and development expenses increased by $288,099. The increase in research and development expense was due largely to an increase in work related to CEL-SCI’s Phase III application for Multikine(R). Also, during the year ended September 30, 2005, general and administrative expenses decreased by $379,736. The decrease was mostly due to a decrease in public relations and corporate presentation expenses, filing fees, travel expenses, accounting fees and legal fees, as CEL-SCI’s efforts were primarily focused on the submission of the Phase III clinical trial application for Multikine. During 2005 the Company received $625,472 in settlement of a lawsuit in which the Company was not a party. The litigation involved a shareholder and three former investors in CEL-SCI. The lawsuit sought to recover short-swing profits allegedly obtained by the defendants, their investment advisor and the investment advisor’s principal acting together as a group in trading CEL-SCI securities. Gain on derivative instruments for the year ended September 30, 2005 decreased by $811,632 as a number of derivative instruments either expired or were reclassified to Stockholders’ Equity during the year. The financial results for the fiscal year ending September 30, 2004 have been restated to correct the accounting for certain financial instruments issued by CEL-SCI between August 18, 2001 and November 28, 2003. This restatement was of a non-cash nature. Investors are advised to read the full 10-K to understand the issues involved in this non-cash restatement.
CEL-SCI Corporation is developing new immune system-based treatments for cancer and infectious diseases. The Company has operations in Vienna, Virginia and Baltimore, Maryland.
CEL-SCI CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS YEARS ENDED SEPTEMBER 30, 2005 AND 2004 2005 2004 (as restated) GRANT REVENUE AND OTHER $269,925 $325,479 OPERATING EXPENSES: Research and development (excluding R&D 2,229,729 1,941,630 depreciation of $96,442 and $110,297 respectively, included below) Depreciation and amortization 190,420 198,269 General and administrative 1,930,543 2,310,279 Total operating expenses 4,350,692 4,450,178 NET OPERATING LOSS (4,080,767) (4,124,699) GAIN (LOSS) ON DERIVATIVE INSTRUMENTS 363,028 1,174,660 OTHER INCOME 625,472 - OTHER COSTS OF FINANCING - - INTEREST INCOME 52,660 51,817 INTEREST EXPENSE - (53,855) NET LOSS $(3,039,607) $(2,952,077) NET LOSS PER COMMON SHARE BASIC $(0.04) $(0.04) DILUTED $(0.05) $(0.06) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING BASIC 72,703,395 67,273,133 DILUTED 73,581,925 68,924,099
CEL-SCI Corporation
CONTACT: Company Contact: Gavin de Windt of CEL-SCI Corporation,+1-703-506-9460 or Investor Relations: Mike Lucci of Lucci Financial Group,LLC, +1-248-723-3330
Web site: http://www.cel-sci.com//
