VIENNA, Va.--(BUSINESS WIRE)--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.
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.
STATEMENTS OF OPERATIONS
THREE MONTHS ENDED JUNE 30, 2017 AND 2016
|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|
|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||)||$||(0.78||)|
|WEIGHTED AVERAGE COMMON SHARES OUTSTANDING|
|BASIC AND DILUTED||8,405,790||4,965,300|
STATEMENTS OF OPERATIONS
NINE MONTHS ENDED JUNE 30, 2017 AND 2016
|GRANT INCOME AND OTHER||$||51,822||$||183,726|
|Research and development||14,737,073||14,636,197|
|General & administrative||4,347,830||3,987,011|
|Total operating expenses||19,084,903||18,623,208|
|GAIN ON DERIVATIVE INSTRUMENTS||9,669,977||8,037,974|
|INTEREST INCOME, NET||44,709||49,142|
|NET LOSS AVAILABLE TO COMMON SHAREHOLDERS||$||(9,318,395||)||$||(10,352,366||)|
|NET LOSS PER COMMON SHARE|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING