VIENNA, Va.--(BUSINESS WIRE)--CEL-SCI Corporation (NYSE MKT: CVM) today reported financial results for the quarter ended March 31, 2017.
CEL-SCI's net loss available to common shareholders for the quarter ended March 31, 2017 was ($8,409,489) or ($0.05) per basic and diluted share, versus ($8,844,855) or ($0.07) per basic and diluted share during the quarter ended March 31, 2016. The net loss available to common shareholders for the six months ended March 31, 2017 was ($4,872,687) or ($0.03) per basic and diluted share, versus ($6,503,042) or ($0.06) per basic and diluted share during the same six months ended March 31, 2016.
During the six months ended March 31, 2017, the Company’s cash decreased by approximately $1.4 million. Significant components of this decrease include net proceeds from the sale of the Company’s stock of approximately $5.8 million offset by net cash used to fund the Company’s regular operations, including its Phase 3 clinical trial, of approximately $7.2 million.
About CEL-SCI Corporation
CEL-SCI's work is focused on finding the best way to activate the immune system to fight cancer and infectious diseases. Its lead investigational immunotherapy, Multikine* (Leukocyte Interleukin, Injection), is currently being studied in a pivotal Phase 3 clinical trial as a potential neoadjuvant treatment for patients with squamous cell carcinoma of the head and neck. Subject to the partial clinical hold, the study was designed with the objective that, if the study endpoint, which is an improvement in overall survival of the subjects treated with the Multikine treatment regimen plus the current standard of care (SOC) as compared to subjects treated with the current SOC only, is satisfied, the study results will be used to support applications that the Company plans to submit to regulatory agencies in order to seek commercial marketing approvals for Multikine in major markets around the world. CEL-SCI has patents on Multikine from the US, Europe, China, and Japan.
CEL-SCI is also developing its pre-clinical L.E.A.P.S. (Ligand Epitope Antigen Presentation System) technology for the potential treatment of pandemic influenza in hospitalized patients and as a potential vaccine for the treatment of rheumatoid arthritis.
The Company has operations in Vienna, Virginia, and in/near Baltimore, Maryland.
