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CEL-SCI CORPORATION REPORTS
FIRST QUARTER FINANCIAL RESULTS
VIENNA, VA, FEBRUARY 14, 2008 - CEL-SCI CORPORATION (AMEX: CVM) reports financial results for the first quarter fiscal year 2008, ending December 31, 2007.
Highlights:
- Net loss for the three months ending December 31, 2007 was approximately $1.84 million compared with an operating loss of approximately $1.1 million during the quarter ending December 31, 2006.
- The net loss per common share was at $0.02 during the quarter ending December 31, 2007 compared with the net loss per common share of $0.01 for the quarter ending December 31, 2006.
- During the three-month period ended December 31, 2007, research and development expenses doubled compared to the three-month period ended December 31, 2006. This is due to the increase in work for preparation of the Phase III clinical study.
About CEL-SCI’s Phase III Cancer Drug Multikine:
In Phase II clinical trials Multikine was shown to be safe and well-tolerated, and to improve the patients' overall survival by 33% at a median of three and a half years following surgery. The U.S. Food and Drug Administration (FDA) gave the go-ahead for a Phase III clinical trial with Multikine in January 2007 and granted orphan drug status to Multikine in the neoadjuvant therapy of squamous cell carcinoma (cancer) of the head and neck in May 2007.
CEL-SCI is currently building a manufacturing facility for Multikine close to Baltimore, MD. Upon completion of the facility in the 3rd quarter of 2008, CEL-SCI will commence the Phase III clinical trial. Multikine appears to be the first non-toxic cancer drug.
Multikine, a patented defined mixture of naturally derived cytokines, is the first immunotherapeutic agent in a new class of drugs called "Immune SIMULATORS". Immune SIMULATORS simulate the way our natural immune system acts in defending us against cancer. As opposed to other immunotherapies which are designed to target a single or limited number of specific antigens or molecules, Immune SIMULATORS are multi-targeted; they simultaneously cause a direct and targeted killing of the specific tumor cells and they activate the immune system to produce a stronger anti-tumor attack on multiple fronts.
Multikine is also the first immunotherapeutic agent being developed as a first-line standard of care treatment for cancer. It is administered prior to any other cancer therapy because that is the period when the anti-tumor immune response can still be fully activated. Once the patient has advanced disease, or had surgery or has received radiation and/or chemotherapy, the immune system is severely weakened and is less able to mount an effective anti-tumor immune response. Other immunotherapies are administered after the patient has received chemotherapy and/or radiation therapy, which can limit their effectiveness.
The Company has operations in Vienna, Virginia and Baltimore, Maryland. CEL-SCI's other products, which are currently in pre-clinical stage, have shown protection against a number of diseases in animal tests and are being tested against diseases associated with bio-defense.
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CEL-SCI CORPORATION |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(unaudited) |
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Three Months Ended
December 31, |
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2007 |
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2006 |
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| REVENUE: |
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Grant revenue |
$ |
- |
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$ |
13,862 |
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Rent income |
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1,530 |
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6,090 |
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Other income |
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- |
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841 |
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Total Revenue |
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1,530 |
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20,793 |
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| EXPENSES: |
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Research and development, excluding depreciation of $30,463 and $20,493 included below |
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1,028,966 |
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506,158 |
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Depreciation and amortization |
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54,253 |
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41,842 |
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General and administrative |
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1,785,749 |
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1,052,704 |
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Total Expenses |
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2,868,968 |
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1,600,704 |
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LOSS FROM OPERATIONS |
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(2,867,438) |
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(1,579,911) |
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GAIN (LOSS) ON DERIVATIVE INSTRUMENTS |
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989,988 |
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719,247 |
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INTEREST INCOME |
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178,731 |
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95,551 |
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INTEREST EXPENSE |
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(144,016) |
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(347,246) |
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NET LOSS BEFORE INCOME TAXES |
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(1,842,735) |
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(1,112,359) |
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INCOME TAX PROVISION |
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- |
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NET LOSS |
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(1,842,735) |
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(1,112,359) |
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DIVIDENDS |
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(424,815) |
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- |
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NET LOSS |
$ |
(2,267,550) |
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$ |
(1,112,359) |
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NET LOSS PER COMMON SHARE (BASIC) |
$ |
(0.02) |
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$ |
(0.01) |
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NET LOSS PER COMMON SHARE (DILUTED) |
$ |
(0.02) |
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$ |
(0.01) |
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WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING, BASIC & DILUTED |
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115,708,186 |
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82,928,432 |
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