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CEL-SCI Corporation Reports Third Quarter 2013 Financial Results

CEL-SCI Corporation (NYSE MKT: CVM) announced today financial results for the fiscal quarter ended June 30, 2013.

CEL-SCI reported that net loss available to common shareholders for the quarter ended June 30, 2013 was ($4,507,004) versus ($835,446) during the same quarter ended June 30, 2012. The loss during the quarter ended June 30, 2013 was increased because of the decreased gain on derivative instruments and an overall increase in operating expenses versus the quarter ended June 30, 2012. Net loss per common share, (basic) was ($0.01) for the quarter ended June 30, 2013 versus ($0.00) during the same quarter ended June 30, 2012. The operating loss for the quarter ended June 30, 2013 was ($5,513,199) versus ($4,213,098) during the same quarter ended June 30, 2012. Net loss available to common shareholders for the nine months ended June 30, 2013 was ($7,530,621) versus ($15,079,238) during the same nine months ended June 30, 2012. Net loss per common share, (basic) was ($0.03) for the nine months ended June 30, 2013 versus ($0.06) during the same nine months ended June 30, 2012. The operating loss for the nine months ended June 30, 2013 was ($14,796,535) versus ($12,918,731) during the same nine months ended June 30, 2012.

R&D expenses for the quarter ended June 30, 2013 totaled $3,769,538 versus R&D expenses of $2,469,166 for the quarter ended June 30, 2012. R&D expenses for the nine months ended June 30, 2013 totaled $9,208,900 versus R&D expenses of $7,519,586 for the nine months ended June 30, 2012. R&D expenses related to the running of the Company’s Phase III clinical trial increased because in April 2013 the Company hired two new clinical research organizations to accelerate patient enrollment and expand the clinical trial to another 60-80 additional clinical sites.

Geert Kersten, Chief Executive Officer said, "During the past few months we have worked closely with our new CROs to accelerate enrollment in our Phase 3 head and neck cancer clinical trial. We believe the changes we have made will allow them to enroll patients much faster and more cost-effectively. We are making considerable progress in advancing the study, with the exception of India, where new medical legislation has impacted clinical trial enrollment for all pharmaceutical companies, including the NIH. There are proposals under consideration in the country to amend the law, which would allow CEL-SCI to resume enrollment of new patients there. In the interim, we have begun to develop plans in other Far Eastern countries, such as Thailand, Indonesia, Malaysia, Philippines; key investigators have already been identified in these countries in the event that India does not come on-line in a timely manner. We are also currently in the process of adding over 40 clinical centers around the world, more than doubling the number of clinical trial sites that will be able to enroll subjects in our study. By mid-August we will also have completely redesigned the electronic data software for the study to make it more user friendly to study personnel at the sites. Based on the foregoing we expect enrollment will accelerate beginning in September."

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