VIENNA, Va., Feb. 14 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION reports financial results for the first quarter fiscal year 2005, ending December 31, 2004.
Highlights: * Net loss for the three months ending December 31, 2004 was $1.2 million compared with an operating loss of $1.1 million during the quarter ending December 31, 2003. * The net loss per common share remained at $0.02 during the quarter ending December 31, 2004, the same as the net loss per common share of $0.02 for the quarter ending December 31, 2003. * Research and Development expenses increased from $368,348 in the quarter ending December 31, 2003 to $701,104 in the quarter ending December 31, 2004. This increase was due to the extensive work that needed to be conducted for the Company’s filing of the Phase III protocol with FDA for CEL-SCI’s cancer drug Multikine(R). * General and Administrative expenses decreased from $647,440 in the quarter ending December 31, 2003 to $532,214 in the quarter ending December 31, 2004.
Multikine is an immunotherapeutic agent consisting of a mixture of naturally occurring cytokines including interleukins, interferons, chemokines and colony-stimulating factors. Multikine has completed several Phase II clinical trials and has been tested in over 200 patients. It has been shown to be safe, to render cancer cells much more susceptible to radiation therapy (The Laryngoscope, December 2003, Vol.113 Issue 12), to reverse the ratio of CD4/CD8 immune cells in the tumor and to induce a 42% response rate, including a 12% total elimination of tumor as determined by pathology, following only 3 weeks of treatment (Proceedings of the 40th ASCO Annual Meeting, June 5-8, 2004).
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 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended December 31, 2004 2003 REVENUES: Grant revenue and other $75,507 $73,235 EXPENSES: Research and development 701,104 368,348 Depreciation and amortization 56,679 47,927 General and administrative 532,214 647,440 Total Operating Expenses 1,289,997 1,063,715 NET OPERATING LOSS (1,214,490) (990,480) INTEREST INCOME 17,820 11,227 INTEREST EXPENSE - (126,840) NET LOSS (1,196,670) (1,106,093) NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $(1,196,670) $(1,106,093) NET LOSS PER COMMON SHARE (BASIC) $(0.02) $(0.02) NET LOSS PER COMMON SHARE (DILUTED) $(0.02) $(0.02) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 72,178,816 62,848,255
CEL-SCI Corporation
CONTACT: Gavin de Windt of CEL-SCI Corporation, +1-703-506-9460
Web site: http://www.cel-sci.com/