VIENNA, Va., May 19 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION reports financial results for the three and six months ending March 31, 2006.
The Company's net loss for the quarter ending March 31, 2006 was $1,331,071 versus a net loss of $1,149,440 during the same quarter in 2005. The Company's net loss for the six months ended March 31, 2006 was $2,328,198 versus a net loss of $2,378,883 during the same six months in 2005.
"Grant revenue and other" decreased by $72,970 and $118,630 during the three and six months ended March 31, 2006, respectively, compared to the same periods of the previous year.
During the three month period ended March 31, 2006, research and development charges decreased by $158,030 compared to the same period in 2005. During the six month period ended March 31, 2006, research and development expenses decreased by $424,245 compared to the same period in 2005.
During the three month period ended March 31, 2006, general and administrative expenses increased by $346,929 compared to the same period in 2005. This increase in the loss is due to the costs for the restatement of prior year financials that CEL-SCI completed in April 2006. During the six month period ended March 31, 2006, general and administrative expenses increased by $387,751 compared to the same period in 2005.
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 March 31, 2006 2005 REVENUES: Grant revenue and other $36,815 $109,785 EXPENSES: Research and development, excluding depreciation of $18,511 and $29,447 included below 426,857 584,887 Depreciation and amortization 43,635 53,089 General and administrative 907,570 560,641 Total Operating Expenses 1,378,062 1,198,617 NET OPERATING LOSS (1,341,247) (1,088,832) GAIN (LOSS) ON DERIVATIVE INSTRUMENTS (1,822) (75,082) INTEREST INCOME 11,998 14,474 NET LOSS $(1,331,071) $(1,149,440) 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 78,392,835 72,287,847 CEL-SCI CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Six Months Ended March 31, 2006 2005 REVENUES: Grant revenue and other $66,662 $185,292 EXPENSES: Research and development excluding depreciation of $37,021 and $63,099 included below 861,746 1,285,991 Depreciation and amortization 87,425 109,768 General and administrative 1,480,606 1,092,855 Total Operating Expenses 2,429,777 2,488,614 NET OPERATING LOSS (2,363,115) (2,303,322) GAIN (LOSS) ON DERIVATIVE INSTRUMENTS 11,515 (107,855) INTEREST INCOME 23,402 32,294 NET LOSS $(2,328,198) $(2,378,883) NET LOSS PER COMMON SHARE (BASIC) $(0.03) $(0.03) NET LOSS PER COMMON SHARE (DILUTED) $(0.03) $(0.03) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 76,677,015 72,232,732
CEL-SCI CorporationCONTACT: Stockholders: Gavin de Windt of CEL-SCI Corporation,+1-703-506-9460; or Institutional Investors, Brokers & Analysts: MichaelLucci of Lucci Financial Group LLC, +1-248-723-3330, for CEL-SCICorporation
Web site: http://www.cel-sci.com/
