CEL-SCI Corporation (NYSE AMEX: CVM) reported today financial results for its third fiscal quarter for the period ended June 30, 2010.
“neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck (SCCHN)”
CEL-SCI reported a net loss for the three months ended June 30, 2010 of ($0.6) million versus a loss of ($6.2) million during the same three months in fiscal year 2009. Net loss per basic share was ($0.00) for the three months ended June 30, 2010 versus a loss per basic share of ($0.05) during the same three months in fiscal year 2009. The loss during the quarter ended June 30, 2010 was reduced by a gain on derivative instruments of $2.75 million.
Net income for the nine months ended June 30, 2010 was $17.8 million, versus a loss of ($10.5) million during the same nine months in fiscal year 2009. Net income per basic share was $0.08 for the nine months ended June 30, 2010 versus a net loss per basic share of ($0.09) during the same nine months in fiscal year 2009. The gain on net income for the nine months ended June 30, 2010 was due to derivative accounting.
R&D expenses for the three months ended June 30, 2010 totaled $1.6 million versus R&D expenses of $1.2 million for the same period in fiscal year 2009. R&D expenses for the nine months ended June 30, 2010 totaled $7.7 million versus R&D expenses of $3.8 million for the same period in fiscal year 2009.
As of June 30, 2010, the Company had cash and cash equivalents of $30.5 million. CEL-SCI utilized approximately $3.4 million in operations during the quarter ended June 30, 2010.
Geert Kersten, Chief Executive Officer, said, "We have been diligently preparing to commence the pivotal Phase III trial of our cancer drug Multikine®. During the quarter, we invested significantly in personnel, our manufacturing facility and other areas related to supporting the production of the drug, which will be manufactured at our Facility located outside of Baltimore. We are very pleased to have the ability to self-fund our upcoming pivotal study, expected to be the largest head and neck cancer Phase III trial ever conducted, and are working closely with our partners Teva Pharmaceuticals and Orient Europharma towards a successful launch."
Air pollution linked to head and neck cancer risk