CEL-SCI Corporation (NYSE MKT: CVM) today reported
financial results for the quarter ended March 31, 2017.
CEL-SCI's net loss available to common shareholders for the
quarter ended March 31, 2017 was ($8,409,489) or ($0.05) per basic
and diluted share, versus ($8,844,855) or ($0.07) per basic and
diluted share during the quarter ended March 31, 2016. The net loss
available to common shareholders for the six months ended March 31,
2017 was ($4,872,687) or ($0.03) per basic and diluted share,
versus ($6,503,042) or ($0.06) per basic and diluted share during
the same six months ended March 31, 2016.
During the six months ended March 31, 2017, the Company’s cash
decreased by approximately $1.4 million. Significant components of
this decrease include net proceeds from the sale of the Company’s
stock of approximately $5.8 million offset by net cash used to fund
the Company’s regular operations, including its Phase 3 clinical
trial, of approximately $7.2 million.
About CEL-SCI Corporation
CEL-SCI's work is focused on finding the best way to activate
the immune system to fight cancer and infectious diseases. Its lead
investigational immunotherapy, Multikine* (Leukocyte Interleukin,
Injection), is currently being studied in a pivotal Phase 3
clinical trial as a potential neoadjuvant treatment for patients
with squamous cell carcinoma of the head and neck. Subject to the
partial clinical hold, the study was designed with the objective
that, if the study endpoint, which is an improvement in overall
survival of the subjects treated with the Multikine treatment
regimen plus the current standard of care (SOC) as compared to
subjects treated with the current SOC only, is satisfied, the study
results will be used to support applications that the Company plans
to submit to regulatory agencies in order to seek commercial
marketing approvals for Multikine in major markets around the
world. CEL-SCI has patents on Multikine from the US, Europe, China,
and Japan.
CEL-SCI is also developing its pre-clinical L.E.A.P.S. (Ligand
Epitope Antigen Presentation System) technology for the potential
treatment of pandemic influenza in hospitalized patients and as a
potential vaccine for the treatment of rheumatoid arthritis.
The Company has operations in Vienna, Virginia, and in/near
Baltimore, Maryland.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. When used in this press release, 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 that 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’s filings with the Securities and Exchange Commission,
including but not limited to its report on Form 10-K and 10-K/A for
the year ended September 30, 2016. 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.
* Multikine (Leukocyte Interleukin, Injection) is the trademark
that CEL-SCI has registered for this investigational therapy, and
this proprietary name is subject to FDA review in connection with
the Company's 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. Further research is required, and early-phase
clinical trial results must be confirmed in the Phase 3 clinical
trial of this investigational therapy that is in progress and that
is currently subject to a clinical hold on enrollment of additional
new patients.
CEL-SCI CORPORATION
STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2017 AND
2016
(unaudited)
2017 2016 OTHER INCOME $
17,175 $ 32,775 OPERATING EXPENSES: Research and development
7,055,217 4,628,582 General & administrative 1,345,114
1,677,796 Total operating expenses
8,400,331 6,306,378 OPERATING
LOSS (8,383,156 ) (6,273,603 ) LOSS ON DERIVATIVE
INSTRUMENTS (48,700 ) (2,593,730 ) INTEREST INCOME, NET
22,367 22,478 NET LOSS AVAILABLE
TO COMMON SHAREHOLDERS $ (8,409,489 ) $ (8,844,855 )
NET LOSS PER COMMON SHARE BASIC AND DILUTED $ (0.05 ) $ (0.07 )
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING BASIC AND DILUTED
182,994,027 118,420,327
CEL-SCI CORPORATION
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 2017 AND
2016
(unaudited)
2017 2016 GRANT INCOME
AND OTHER $ 34,433 $ 53,751 OPERATING EXPENSES: Research and
development 11,080,073 9,798,089 General & administrative
2,752,123 2,312,397 Total
operating expenses 13,832,196 12,110,486
OPERATING LOSS (13,797,763 ) (12,056,735 )
GAIN ON DERIVATIVE INSTRUMENTS 8,879,612 5,529,230 INTEREST
INCOME, NET 45,464 24,463 NET
LOSS AVAILABLE TO COMMON SHAREHOLDERS $ (4,872,687 ) $ (6,503,042 )
NET LOSS PER COMMON SHARE BASIC $ (0.03 ) $ (0.06 )
DILUTED $ (0.03 ) $ (0.06 ) WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING BASIC 166,245,352 114,070,776 DILUTED 167,064,795
114,070,776
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version on businesswire.com: http://www.businesswire.com/news/home/20170510006190/en/
CEL-SCI CorporationGavin de Windt,
703-506-9460www.cel-sci.com
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