CEL-SCI Corporation (NYSE AMEX: CVM) reported today financial results for its third fiscal quarter for the period ended June 30, 2011.

CEL-SCI reported a net loss for the three months ended June 30, 2011 of ($3.1) million versus a loss of ($0.6) million during the same three months ended June 30, 2010. Net loss per basic share was ($0.01) for the three months ended June 30, 2011 versus a loss per basic share of ($0.00) during the same three months ended June 30, 2010.

Net loss for the nine months ended June 30, 2011 was ($23.4) million, versus a net income of $17.8 million during the same nine months ended June 30, 2010. Net loss per basic share was ($0.12) for the nine months ended June 30, 2011 versus a net income per basic share of $0.08 during the same nine months ended June 30, 2010.

R&D expenses for the three months ended June 30, 2011 totaled $2.9 million versus R&D expenses of $1.6 million for the same three months ended June 30, 2010. R&D expenses for the nine months ended June 30, 2011 totaled $9.2 million versus R&D expenses of $7.7 million for the same three months ended June 30, 2010.

Geert Kersten, Chief Executive Officer said, “Our Phase III clinical trial for head and neck cancer is proceeding well. So far, we have 22 centers that are enrolled in the study in eight countries. The centers are actively screening/enrolling patients. We have produced two clinical lots of Multikine ® from which patients are being treated.”

About CEL-SCI Corporation

CEL-SCI Corporation is developing products that empower immune defenses. Its lead product, Multikine is currently being tested in a global Phase III clinical trial that started in December 2010. In Phase II clinical trials Multikine was shown to be safe and well-tolerated and to improve the patients overall survival by 33 percent at a median of three and half years following surgery.

CEL-SCI is also developing an immunotherapy (LEAPS-H1N1-DC) to treat H1N1 hospitalized patients and a vaccine (CEL-2000) for Rheumatoid Arthritis using its LEAPS technology platform. The 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 creation of a new more virulent hybrid virus through the combination H1N1 and Avian Flu, or maybe Spanish Flu. The Company has operations in Vienna, Virginia, and in/near Baltimore, Maryland.

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

CEL-SCI CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 
 
      For the Three Months Ended

June 30,
2011       2010
REVENUE:
Rent income $ - $ 30,900
Grant and other income   77,403     -  
 
Total revenue 77,403 30,900
EXPENSES:

Research and development, excluding depreciation of $123,519 and $113,146 included below
2,924,771 1,587,520
Depreciation and amortization 148,148 134,574
General and administrative 1,862,328 1,702,865
Foreign exchange gain   (12,100 )   -  
 
Total expenses   4,923,147     3,424,959  
 
LOSS FROM OPERATIONS (4,845,744 ) (3,394,059 )
 
OTHER EXPENSES - -
 
GAIN ON DERIVATIVE INSTRUMENTS 1,763,311 2,754,512
 
INTEREST INCOME 34,416 79,825
 
INTEREST EXPENSE   (66,238 )   (41,402 )
 
NET LOSS BEFORE INCOME TAXES (3,114,255 ) (601,124 )
 
INCOME TAX PROVISION   -     -  
 
NET LOSS (3,114,255 ) (601,124 )
 
MODIFICATION OF WARRANTS   -     -  
 
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $ (3,114,255 ) $ (601,124 )
 
NET LOSS PER COMMON SHARE-BASIC $ (0.01 ) $

0.00
 
 
NET LOSS PER COMMON SHARE-DILUTED $ (0.02 ) $ (0.01 )
 

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC
  208,402,408     204,592,051  

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED
  241,110,822     231,827,525  
 
 
 

CEL-SCI CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 
 
For the Nine Months Ended

June 30,
2011 2010
REVENUE:
Rent income $ - $ 91,500
Grant and other income   784,036     -  
 
Total revenue 784,036 91,500
EXPENSES:

Research and development, excluding depreciation of $359,343 and $316,575 included below
9,231,296 7,733,544
Depreciation and amortization 434,436 377,458
General and administrative 5,407,782 4,947,764
Foreign exchange gain   (30,704 )   -  
 
Total expenses   15,042,810     13,058,766  
 
LOSS FROM OPERATIONS (14,258,774 ) (12,967,266 )
 
OTHER EXPENSES (12,000,000 ) -
 
GAIN ON DERIVATIVE INSTRUMENTS 2,879,003 30,614,451
 
INTEREST INCOME 134,002 287,613
 
INTEREST EXPENSE   (149,042 )   (120,924 )
 
NET (LOSS) INCOME BEFORE INCOME TAXES (23,394,811 ) 17,813,874
 
INCOME TAX PROVISION   -     -  
 
NET (LOSS) INCOME (23,394,811 ) 17,813,874
 
MODIFICATION OF WARRANTS   (1,068,369 )   (1,432,456 )
 
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS $ (24,463,180 ) $ 16,381,418  
 
NET (LOSS) INCOME PER COMMON SHARE-BASIC $ (0.12 ) $ 0.08  
 
NET (LOSS) INCOME PER COMMON SHARE-DILUTED $ (0.12 ) $ (0.02 )
 

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC
  206,860,979     201,208,121  

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED
  206,860,979     228,443,595  
 

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