CEL-SCI net loss decreases to $17.6 million for fiscal year 2012
Published on December 14, 2012 at 11:31 PM
CEL-SCI Corporation (NYSE MKT: CVM) reported financial results today for the fiscal year ended September 30, 2012.
CEL-SCI's net loss available to common shareholders for the fiscal year 2012 was ($17.6) million, or ($0.07) per share, versus a loss of ($26.8) million, or ($0.13) per share for the fiscal 2011 year. CEL-SCI reported an operating loss of ($17,243,000) in fiscal year 2012 versus an operating loss of ($17,986,000) in fiscal year 2011. The change in net loss available to common shareholders in fiscal year 2012 was primarily due to a $12 million one-time expense for the settlement of a lawsuit from 2011. Subsequent to the end of its fiscal year, CEL-SCI completed a Registered Direct Offering, where it sold its common stock and warrants, raising gross proceeds of $10.5 million.
The operating loss included research and development (R&D) expenses of $10.4 million in fiscal 2012 compared to $11.7 million in fiscal 2011. The operating loss also included the general and administrative (G&A) expenses of $6.6 million in fiscal 2012 compared to $6.7 million in fiscal 2011.
Geert Kersten, Chief Executive Officer said, "We made good progress in our very large Phase III head and neck cancer clinical trial this year. In the fall of 2012 we were able to announce the first positive safety review by the Data Safety Monitoring Board, composed of independent leading experts in the head and neck cancer space, letting the global Phase III clinical continue to enroll patients. We feel good about what are seeing and are expanding the study further to include more US and European clinical sites."