Boston, MA 02/12/2014 (wallstreetpr) – CEL-SCI Corporation (NYSEMKT:CVM) announced its first quarter financial results for the period ending December 31, 2013 today.
Q1 Results Review
For the first quarter, CEL-SCI Corporation (NYSEMKT:CVM) posted an operating loss of $5.93 million, higher than the operating loss of -$5.04 million reported in the same quarter inthe previous year. The company cited escalated research and development costs as the factor contributing to a higher operating loss in the reported quarter than the previous year’s first quarter. The R&D outlaysincurred in activities relating to clinical study of head and neck cancer drove the expenses higher to 37% from $2.92 million in the same quarter year earlier to $4.02 million in the reported quarter. The earnings per share remained at negative $0.11 per share for the reported quarter as against negative $0.08 in the first quarter of the fiscal year 2013.
Positive Takeaways
A series of significant achievements marked the first quarter of the company. Firstly, the company entered into a Cooperative Research and Development Agreement (CRADA) with the U.S. Naval Medical Center in San Diego aimed at seeking its approval to undertake Phase I study of its global immunotherapy drug Multikine (Leukocyte Interleukin, Injection) to treat HPV/HIV co-infected men and women with peri-anal warts, and it received Navy’s approval to initiate Phase I study in January.
Secondly, it entered into two separate co-development agreements with Ergomed, under which, Ergomed will take responsibilityof up to $3 million in costs towards regulatory and clinical expenditure for Multikine, while allowing the company todevelop site approval as well a patient enrollment for their Phase III head and neck cancer study.
Moreover, company’s CEO Geert Kersten mentioned that the gross proceeds of nearly $21,100,000 raised through two common stock offerings helped the company to improve its balance sheet. He added that going forward in the year 2014, the company is expected to providestrongclinical development.
Recent Development With Multikine
Multikineis counted as the potential drug aimed at treatment of advanced head and neck cancer and is currently underway a global Phase III clinical trial. If the therapy gets approval than it can create a distinct position for itself in treating cancer. CEL-SCI Corporation (NYSEMKT:CVM) is targeting to spread the study to nearly 100 clinical centers across 20 nations and willfinish enrollments of subjects towards the end of 2015.
