CEL-SCI Corporation (NYSE AMEX: CVM) reports financial results for the fiscal quarter ended December 31, 2011.
CEL-SCI reported that net loss available to shareholders for the quarter ended December 31, 2011 was ($4,156,833) versus ($6,250,952) during the same quarter ended December 31, 2010. Net loss per common share, (basic) was ($0.02) for the quarter ended December 31, 2011 versus ($0.03) during the same quarter ended December 31, 2010. The operating loss for the quarter ended December 31, 2011 was ($4,443,276) versus an operating loss of ($4,316,034) during the same quarter ended December 31, 2010.
R&D expenses for the quarter ended December 31, 2011 totaled $2,456,185 versus R&D expenses of $3,264,428 for the quarter ended December 31, 2010. R&D expenses related to the running of the Company’s Phase III clinical trial which declined because of lower Multikine manufacturing expenditures and the fact that the set-up of the clinical sites had mostly been accomplished.
Geert Kersten, Chief Executive Officer said, “During this past quarter we were still making monthly payments towards the May 2011 settlement of a lawsuit. By March 1, 2012 the remaining amount, $134,163, will be paid off completely, at which point the Company’s resources will be completely focused on our global Phase III clinical trial. Our Phase III trial is currently being expanded to include further countries in order to efficiently and cost-effectively accelerate enrollment.”About CEL-SCI Corporation CEL-SCI is dedicated to research and development directed at improving the treatment of cancer and other diseases by utilizing the immune system, the body's natural defense system. Its lead investigational therapy is Multikine (Leukocyte Interleukin, Injection), currently being studied in a pivotal global Phase III clinical trial. CEL-SCI is also developing (and investigating) an immunotherapy (LEAPS-H1N1-DC) as a possible treatment for H1N1 hospitalized patients and as a vaccine (CEL-2000) for Rheumatoid Arthritis (currently in preclinical testing) using its LEAPS technology platform. The investigational immunotherapy LEAPS-H1N1-DC treatment involves non-changing regions of H1N1 Pandemic Flu, Avian Flu (H5N1), and the Spanish Flu, as CEL-SCI scientists are very concerned about the possible emergence of a new more virulent hybrid virus through the combination of H1N1 and Avian Flu, or maybe Spanish Flu. The Company has operations in Vienna, Virginia, and in/near Baltimore, Maryland.