CEL-SCI reports net income of $10.48M for fiscal 2010 vs. $40.9M loss for fiscal 2009

CEL-SCI CorporationDec 13 2010

CEL-SCI Corporation (NYSE AMEX: CVM) reported financial results today for the fiscal year ended September 30, 2010.

CEL-SCI's net income for the fiscal year 2010 was $10.48 million, or $0.04 per share, versus a loss of ($40.9) million, or ($0.31) per share for the fiscal 2009 year. CEL-SCI reported an operating loss for the fiscal 2010 year of ($18,560,000) versus an operating loss of ($12,020,000) in fiscal year 2009. The improvement in net income in fiscal year 2010 was primarily due to a derivative gain of $28.8 million, versus a derivative loss of ($28.5) million for 2009.

The operating loss included research and development (R&D) expenses of $11.9 million in fiscal 2010 compared to $6.0 million in fiscal 2009. R&D expenses increased due to higher costs associated with preparing for the Company's upcoming Phase III clinical trial of its cancer drug Multikine^®. As of September 30, 2010, CEL-SCI had cash and cash equivalents of $26.5 million.

Geert Kersten, Chief Executive Officer said, "We have spent the whole year preparing for the global Phase III trial which we expect to commence shortly. For this trial we have pursued important initiatives related to trial design, manufacturing and enrollment to enhance the chances of success. We feel that CEL-SCI is in a unique position in that it was able to build a dedicated manufacturing facility where it could control the production of its cancer drug Multikine and has the money to support broad enrollment in its clinical trial."