This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CEL-SCI Corporation Announces Fiscal 2011 Financial Results

CEL-SCI Corporation (NYSE AMEX: CVM) reported financial results today for the fiscal year ended September 30, 2011.

CEL-SCI’s net loss available to common shareholders for the fiscal year 2011 was ($26.8) million, or ($0.13) per share, versus an income of $8.9 million, or $0.04 per share for the fiscal 2010 year. CEL-SCI reported an operating loss of ($17,986,000) in fiscal year 2011 versus an operating loss of ($18,560,000) in fiscal year 2010. The change in net income available to common shareholders in fiscal year 2011 was primarily due to a reduction of the gain on derivative instruments of $24.4 million from 2010, and a $12 million one-time expense for the settlement of a lawsuit.

The operating loss included research and development (R&D) expenses of $11.7 million in fiscal 2011 compared to $11.9 million in fiscal 2010. R&D expenses remained constant due to the costs associated with the Company’s ongoing Phase III clinical trial of its investigational cancer therapy, Multikine ® (Leukocyte Interleukin, Injection)*. The report by the Company’s accountants also contained an explanatory paragraph referring to its recurring losses from operations and expressing substantial doubt in the Company’s ability to continue as a going concern. This means that based upon only the existing and committed amount of cash in CEL-SCI today, not taking into consideration management’s ability to raise additional capital, the accountants cannot be sure that CEL-SCI will have enough cash to continue its operations until December 2012. As is clearly explained in the Company’s annual report filing, CEL-SCI’s management is aware of this, expected to receive this and has plans in place. The last time CEL-SCI received this explanatory paragraph was in January 2009. During 2009 CEL-SCI raised in excess of $40 million in equity capital.

Geert Kersten, Chief Executive Officer said, “Our Phase III clinical trial for our investigational cancer drug Multikine is enrolling patients on 3 continents. We plan to further expand this study in 2012 since we are pleased with its progress so far.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,745.98 -5.41 -0.03%
S&P 500 2,108.63 +0.06 0.00%
NASDAQ 5,128.7850 +17.0520 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs