VIENNA, Va., May 14 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION reports financial results for the three and six months ended March 31, 2007.
Geert Kersten, Chief Executive Officer of CEL-SCI Corporation said, "With $20 million in cash and cash equivalents we are able to move forward diligently to commence our Phase III clinical trial in head & neck cancer patients. We are the first biotech company ever to go for a first line standard of care indication in head & neck cancer, a market that promises blockbuster status to a successful drug."
The Company's net loss from operations for the quarter ended March 31, 2007 was $2,012,605 versus a net loss from operations of $1,341,247 during the same quarter in 2006. The Company's net loss from operations for the six months ended March 31, 2007 was $3,592,516 versus a net loss from operations of $2,363,115 during the same six months in 2006.
The net loss per common share for the quarter ended March 31, 2007 was $0.03 versus a net loss per common share of $0.02 during the same quarter in 2006. The Company's net loss per common share for the six months ended March 31, 2007 was $0.05 versus a net loss per common share of $0.03 during the same six month period in 2006.
During the three month period ended March 31, 2007, research and development charges were $678,865 compared to $426,857 during the same period in 2006. During the six month period ended March 31, 2007, research and development expenses were $1,185,023 compared to $861,746 during the same period in 2006.
During the three month period ended March 31, 2007, general and administrative expenses were $1,316,146 compared to $907,570 during the same period in 2006. During the six month period ended March 31, 2007, general and administrative expenses were $2,368,850 compared to $1,480,606 during the same period in 2006.
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, 2007 2006 REVENUE: Grant revenue $17,917 $36,815 Rent income 6,805 - Other income - - Total Revenue 24,722 36,815 EXPENSES: Research and development, excluding depreciation of $20,832 and $18,511 included below 678,865 426,857 Depreciation and amortization 42,316 43,635 General and administrative 1,316,146 907,570 Total Expenses 2,037,327 1,378,062 LOSS FROM OPERATIONS (2,012,605) (1,341,247) LOSS ON DERIVATIVE INSTRUMENTS (447,356) (1,822) INTEREST INCOME 77,114 11,998 INTEREST EXPENSE (341,038) - NET LOSS BEFORE INCOME TAXES (2,723,885) (1,331,071) INCOME TAX PROVISION - - NET LOSS $(2,723,885) $(1,331,071) NET LOSS PER COMMON SHARE (BASIC) $(0.03) $(0.02) NET LOSS PER COMMON SHARE (DILUTED) $(0.03) $(0.02) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 83,836,076 78,392,835 ------------------- CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS --------------------------------- (unaudited) Six Months Ended March 31, 2007 2006 REVENUE: Grant revenue $31,779 $66,662 Rent income 12,895 - Other income 841 - Total Revenue 45,515 66,662 EXPENSES: Research and development, excluding depreciation of $41,794 and $37,021 included below 1,185,023 861,746 Depreciation and amortization 84,158 87,425 General and administrative 2,368,850 1,480,606 Total Expenses 3,638,031 2,429,777 LOSS FROM OPERATIONS (3,592,516) (2,363,115) GAIN ON DERIVATIVE INSTRUMENTS 271,891 11,515 INTEREST INCOME 172,665 23,402 INTEREST EXPENSE (688,284) - NET LOSS BEFORE INCOME TAXES (3,836,244) (2,328,198) INCOME TAX PROVISION - - NET LOSS $(3,836,244) $(2,328,198) NET LOSS PER COMMON SHARE (BASIC) $(0.05) $(0.03) NET LOSS PER COMMON SHARE (DILUTED) $(0.05) $(0.03) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 83,377,267 76,677,015
CEL-SCI CorporationCONTACT: Gavin de Windt of CEL-SCI Corporation, +1-703-506-9460
Web site: http://www.cel-sci.com/
