VIENNA, Va., Aug. 14 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION reports financial results for the three and nine months ending June 30, 2006.
The Company's net loss for the quarter ending June 30, 2006 was $1,294,041 versus a net loss of $653,786 during the same quarter in 2005. The Company's net loss for the nine months ended June 30, 2006 was $3,622,239 versus a net loss of $3,032,669 during the same nine months in 2005. The losses reported in 2005 were affected by substantial gains on derivative instruments of $319,570 for the 3 month period and $211,715 for the 9 month period. In 2006 the corresponding periods had much smaller gains on derivative instruments of $1,615 and $13,130 respectively.
Total revenue for the three and nine months ended June 30, 2006 was $39,708 and $106,370, respectively, as compared to $38,103 and $223,395 for the same periods in 2005. Revenue consisted of grants and interest income on short term investments.
Total operating expenses for the three and nine months ended June 30, 2006 were $1,345,165 and $3,774,942, respectively, as compared to $1,022,474 and $3,511,088, respectively, for the three and nine months ended June 30, 2005. During the nine months ending June 30, 2006 the Company experienced substantial expenses related to a restatement of its financial statements. Also, since December 31, 2005 the Company takes charges for its employee stock options as required by SFAS 123R.
CEL-SCI Corporation is developing new immune system based treatments for cancer and infectious diseases. The Company has operations in Vienna, Virginia and Baltimore, Maryland. The Company's lead product Multikine is cleared to enter global Phase III clinical trials in advanced primary head and neck cancer patients. CEL-SCI's other products, which are currently in pre- clinical stage and are funded with U.S. government support, have shown protection against a number of diseases in animal tests and are being tested against diseases associated with bio-defense and avian flu.
CEL-SCI CORPORATION
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(unaudited)
Three Months Ended
June 30,
2006 2005
REVENUES:
Grant revenue and other $39,708 $38,103
EXPENSES:
Research and development, excluding
depreciation of $18,511 and $16,666
included below 429,097 538,053
Depreciation and amortization 42,718 39,822
General and administrative 873,350 444,599
Total Operating
Expenses 1,345,165 1,022,474
NET OPERATING LOSS (1,305,457) (984,371)
GAIN ON DERIVATIVE INSTRUMENTS 1,615 319,570
INTEREST INCOME 9,801 11,015
NET LOSS $(1,294,041) $(653,786)
NET LOSS PER COMMON SHARE (BASIC) $(0.02) $(0.01)
NET LOSS PER COMMON SHARE (DILUTED) $(0.02) $(0.01)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 80,874,687 72,484,497
CEL-SCI CORPORATION
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(unaudited)
Nine Months Ended
June 30,
2006 2005
REVENUES:
Grant revenue and other $106,370 $223,395
EXPENSES:
Research and development excluding
depreciation of $55,532 and $49,999
included below 1,290,843 1,824,044
Depreciation and amortization 130,143 149,590
General and administrative 2,353,956 1,537,454
Total Operating Expenses 3,774,942 3,511,088
NET OPERATING LOSS (3,668,572) (3,287,693)
GAIN ON DERIVATIVE INSTRUMENTS 13,130 211,715
INTEREST INCOME 33,203 43,309
NET LOSS $(3,622,239) $(3,032,669)
NET LOSS PER COMMON SHARE (BASIC) $(0.05) $(0.04)
NET LOSS PER COMMON SHARE (DILUTED) $(0.05) $(0.04)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 78,076,239 72,316,654
