CEL-SCI Corporation (NYSE MKT: CVM) announced today financial results for the fiscal quarter ended June 30, 2012.
CEL-SCI reported that net loss available to common shareholders for the quarter ended June 30, 2012 was $(835,446) versus $(3,114,255) during the same quarter ended June 30, 2011. The loss during the quarter ended June 30, 2012 was reduced because of the increased gain on derivative instruments and an overall reduction in operating expenses versus the quarter ended June 30, 2011. Net loss per common share, (basic) was $(0.00) for the quarter ended June 30, 2012 versus $(0.01) during the same quarter ended June 30, 2011. The operating loss for the quarter ended June 30, 2012 was $(4,213,098) versus $(4,845,744) during the same quarter ended June 30, 2011. Net loss available to common shareholders for the nine months ended June 30, 2012 was $(15,079,238) versus $(24,463,180) during the same nine months ended June 30, 2011. Net loss per common share, (basic) was $(0.06) for the nine months ended June 30, 2012 versus $($0.12) during the same nine months ended June 30, 2011. The operating loss for the nine months ended June 30, 2012 was $(12,918,731) versus $(14,258,774) during the same nine months ended June 30, 2011.
R&D expenses for the quarter ended June 30, 2012 totaled $2,469,166 versus R&D expenses of $2,924,771 for the quarter ended June 30, 2011. R&D expenses for the nine months ended June 30, 2012 totaled $7,519,586 versus R&D expenses of $9,231,296 for the nine months ended June 30, 2011. R&D expenses related to the running of the Company’s Phase III clinical trial declined because of lower Multikine manufacturing expenditures and the reduction in site initiation expenses since most clinical sites were already initiated prior to the quarter ending June 30, 2012.
"Our Phase III study is continuing to enroll patients on a continuous basis on three continents around the world. We recently presented CEL-SCI and the Multikine head and neck cancer Phase III study at the 8 th International Head and Neck Cancer conference in Toronto, Canada and interest was high among clinical investigators in joining our study. We continue to believe that adding our Multikine immunotherapy to the existing head and neck cancer treatments will create a new paradigm for the treatment of head and neck cancer," said Geert Kersten, CEO of CEL-SCI Corporation.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 using its LEAPS technology platform. The LEAPS drug candidates are currently in preclinical testing. 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.
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