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CEL-SCI Corporation Announces Fiscal 2012 Financial Results

For more information, please visit www.cel-sci.com.

* Multikine is the trademark that CEL-SCI has registered for this investigational therapy, and this proprietary name is subject to FDA review in connection with our future anticipated regulatory submission for approval. Multikine has not been licensed or approved for sale, barter or exchange by the FDA or any other regulatory agency. Similarly, its safety or efficacy has not been established for any use. Moreover, no definitive conclusions can be drawn from the early-phase, clinical-trials data involving the investigational therapy Multikine (Leukocyte Interleukin, Injection). Further research is required, and early-phase clinical trial results must be confirmed in the well-controlled, Phase III clinical trial of this investigational therapy that is currently in progress.

When used in this report, the words "intends," "believes," "anticipated", “plans” and "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include, an inability to duplicate the clinical results demonstrated in clinical studies, timely development of any potential products that can be shown to be safe and effective, receiving necessary regulatory approvals, difficulties in manufacturing any of the Company's potential products, inability to raise the necessary capital and the risk factors set forth from time to time in CEL-SCI Corporation's SEC filings, including but not limited to its report on Form 10- K for the year ended September 30, 2012. The Company undertakes no obligation to publicly release the result of any revision to these forward-looking statements which may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

     

CEL-SCI CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

YEARS ENDED SEPTEMBER 30, 2012 and 2011

 
 
2012 2011
 
GRANT INCOME AND OTHER $ 254,610 $ 956,154
 
OPERATING EXPENSES:

Research and development (excluding R&D depreciation of $445,710, $438,738 and $434,030 respectively, included below)

10,368,695 11,745,629
Depreciation and amortization 533,468 531,316
General & administrative   6,595,287     6,664,883  
 
Total operating expenses   17,497,450     18,941,828  
 
OPERATING LOSS (17,242,840 ) (17,985,674 )
 
OTHER EXPENSES - (12,000,000 )
 
GAIN ON DERIVATIVE INSTRUMENTS 1,911,683 4,432,148
 
INTEREST INCOME 116,061 164,163
 
INTEREST EXPENSE   (262,214 )   (322,980 )
 
NET (LOSS) INCOME (15,477,310 ) (25,712,343 )
 
ISSUANCE OF ADDITIONAL SHARES DUE TO RESET PROVISIONS (250,000 ) -
MODIFICATIONS OF WARRANTS (325,620 ) (1,068,369 )
INDUCEMENT WARRANTS   (1,593,000 )  
 
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS $ (17,645,930 ) $ (26,780,712 )
 
NET (LOSS) INCOME PER COMMON SHARE
BASIC $ (0.07 ) $ (0.13 )
 
DILUTED $ (0.07 ) $ (0.15 )
 

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

BASIC 251,836,540 208,488,987
 
DILUTED 251,836,540 208,488,987
 




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