CEL-SCI Corporation (NYSE American: CVM) today reported
financial results for the quarter ended December 31, 2017. The
Company also reported key clinical and corporate developments
achieved during the quarter.
Clinical and Corporate Developments included:
- The Phase 3 head and neck cancer
study's Independent Data Monitoring Committee (IDMC) completed a
review of the data from all 928 patients enrolled in the study and
recommended continuing the study as constituted, as there was no
evidence of any significant safety questions.
- It was determined that CEL-SCI’s Phase
3 head and neck cancer study is fully enrolled. All 928 patients
are now being followed per the protocol. The primary endpoint of
the study, a 10% improvement in overall survival of the Multikine
treatment regimen plus Standard of Care (SOC) vs. Standard of Care
alone, will be determined after a total of 298 deaths have occurred
in these two main comparator arms of the study and have been
recorded in the study database. All that remains to be done in this
pivotal Phase 3 study is to continue to track patient survival
until the primary endpoint has been met.
- The testimony phase of the arbitration
concluded, and all that remained at the trial level as of early
November 2017 were closing statements and post-trial submissions in
CEL-SCI’s $50 million-plus arbitration suit against its former
clinical research organization (CRO).
- CEL-SCI fortified its patent portfolio
with three new patents for LEAPS and Multikine.
- CEL-SCI added a new member to its board
of directors, Robert Watson, who has over 35 years of experience in
the healthcare IT industry as a CEO, board member and advisor to
multiple companies.
“We are proud of having completed enrollment and treatment in
the world’s largest Phase 3 study in head and neck cancer. If the
study meets its primary endpoint, our investigational immunotherapy
Multikine could become the first FDA approved treatment for
advanced primary head and neck cancer in over 60 years,” said
CEL-SCI’s Chief Executive Officer, Geert Kersten.
“We are also pleased to advance our second product, our LEAPS
vaccine technology, through two new patents, one for the platform
technology itself, and another specifically for LEAPS’s treatment
indication in rheumatoid arthritis. During the first quarter, our
scientific team has been working on the preclinical studies funded
by a recently awarded $1.5 million grant from the National
Institutes of Health to advance our LEAPS rheumatoid arthritis
vaccine towards human studies,” Kersten concluded.
CEL-SCI reported an operating loss of ($4,911,430) for the
quarter ended December 31, 2017 versus an operating loss of
($4,938,008) for the quarter ended December 31, 2016. The research
and development expenses decreased by approximately $1.2 million
compared to the three months ended December 31, 2016 since the
Phase 3 study is fully enrolled. The general and administrative
expenses increased by approximately $1.3 million compared to the
three months ended December 31, 2016. This increase is primarily
due to an increase of approximately $1.1 million in equity based
compensation related to the Company’s shareholder approved 2014
Incentive Stock Bonus Plan related to meeting the milestone of full
enrollment of the Phase 3 trial, and an increase of approximately
$200,000 in accounting fees.
About CEL-SCI Corporation
CEL-SCI is a Phase 3 cancer immunotherapy company. The Phase 3
study is fully enrolled with 928 patients. When it comes to cancer
immunotherapy, CEL-SCI believes it is most logical to boost the
patient’s immune system while it is still intact in order to have
the greatest possible impact on survival. Therefore, CEL-SCI treats
patients who are newly diagnosed with head and neck cancer with its
lead investigational immunotherapy Multikine (Leukocyte
Interleukin, Injection), BEFORE they have received surgery,
radiation and/or chemotherapy. This approach is unique. Most other
cancer immunotherapies are used only after conventional therapies
have been tried and/or failed. Head and neck cancer represents
about 6% of all cancers. Multikine has received Orphan Drug
designation from the FDA for the treatment of head and neck cancer
patients with advanced squamous cell carcinoma.
The Company’s LEAPS technology is being developed as a
therapeutic vaccine for rheumatoid arthritis and is supported by
grants from the National Institutes of Health. 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 for the year
ended September 30, 2017. 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.
CEL-SCI CORPORATION
STATEMENTS OF OPERATIONS
THREE MONTHS ENDED DECEMBER 31, 2017 AND
2016
(UNAUDITED)
2017 2016 Grant and other
income
$
113,897
$
17,258
Operating Expenses: Research and development 2,326,014
3,548,257 General & administrative 2,699,313
1,407,009 Total operating expenses
5,025,327 4,955,266 Operating Loss
(4,911,430 ) (4,938,008 ) (Loss) Gain on derivative
instruments (958,230 ) 8,928,312 Interest expense, net
(318,170 ) (469,151 ) Net (Loss) Income
available to common shareholders
$
(6,187,830
)
$
3,521,153
NET (LOSS) INCOME PER COMMON SHARE BASIC
$
(0.53
)
$
0.59
DILUTED
$
(0.53
)
$
0.32
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
BASIC 11,636,730 5,994,431 DILUTED 11,636,730 6,084,708
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CEL-SCI CorporationGavin de Windt, 703-506-9460
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