CEL-SCI Corporation (NYSE American: CVM) today reported
financial results for the quarter ended June 30, 2017.
CEL-SCI's net loss available to common shareholders for the
quarter ended June 30, 2017 was ($4,445,708) or ($0.53) per basic
and diluted share, versus ($3,849,324) or ($0.78) per basic and
diluted share during the quarter ended June 30, 2016. The net loss
available to common shareholders for the nine months ended June 30,
2017 was ($9,318,395) or ($1.29) per basic and ($1.33) per diluted
share, versus ($10,352,366) or ($2.20) per basic and diluted share
during the same nine months ended June 30, 2016.
During the nine months ended June 30, 2017, the Company’s cash
decreased by approximately $1.7 million. Significant components of
this decrease include net cash used to fund the Company’s regular
operations, including its Phase 3 clinical trial, of approximately
$10.4 million offset by net proceeds from the sale of the Company’s
stock of approximately $7.2 million and proceeds from the issuance
of $1.5 million in notes payable.
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
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 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 JUNE 30, 2017 AND
2016
(unaudited)
2017 2016 OTHER INCOME $ 17,389 $ 129,975
OPERATING EXPENSES: Research and development 3,657,000
4,838,108 General & administrative 1,595,707
1,674,614 Total operating expenses
5,252,707 6,512,722 OPERATING LOSS
(5,235,318 ) (6,382,747 ) GAIN ON DERIVATIVE INSTRUMENTS
790,365 2,508,744 INTEREST (EXPENSE) INCOME, NET (755
) 24,679 NET LOSS AVAILABLE TO COMMON
SHAREHOLDERS $ (4,445,708 ) $ (3,849,324 ) NET LOSS
PER COMMON SHARE BASIC AND DILUTED $ (0.53 ) $ (0.78 )
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING BASIC AND DILUTED
8,405,790 4,965,300
CEL-SCI CORPORATION
STATEMENTS OF OPERATIONS
NINE MONTHS ENDED JUNE 30, 2017 AND
2016
(unaudited)
2017 2016 GRANT INCOME AND OTHER $ 51,822 $
183,726 OPERATING EXPENSES: Research and development
14,737,073 14,636,197 General & administrative 4,347,830
3,987,011 Total operating expenses
19,084,903 18,623,208 OPERATING
LOSS (19,033,081 ) (18,439,482 ) GAIN ON DERIVATIVE
INSTRUMENTS 9,669,977 8,037,974 INTEREST INCOME, NET
44,709 49,142 NET LOSS AVAILABLE TO
COMMON SHAREHOLDERS $ (9,318,395 ) $ (10,352,366 )
NET LOSS PER COMMON SHARE BASIC $ (1.29 ) $ (2.20 ) DILUTED $ (1.33
) $ (2.20 )
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
BASIC 7,235,140 4,696,498 DILUTED 7,292,715 4,696,498
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version on businesswire.com: http://www.businesswire.com/news/home/20170809005989/en/
CEL-SCI CorporationGavin de Windt,
703-506-9460www.cel-sci.com
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