CEL-SCI Corporation (NYSE MKT: CVM) reports financial results for the fiscal quarter ended December 31, 2012.
CEL-SCI reported that net loss available to shareholders for the quarter ended December 31, 2012 was ($2,310,246) versus ($4,156,833) during the same quarter ended December 31, 2011. Net loss per common share, (basic) was ($0.01) for the quarter ended December 31, 2012 versus ($0.02) during the same quarter ended December 31, 2011. The operating loss for the quarter ended December 31, 2012 was ($5,044,457) versus an operating loss of ($4,443,276) during the same quarter ended December 31, 2011.
R&D expenses for the quarter ended December 31, 2012 totaled $2,924,722 versus R&D expenses of $2,456,185 for the quarter ended December 31, 2011. R&D expenses increased because of the increased level of activity associated with conducting the Company's Phase III clinical study.
The Company ended the December quarter with approximately $10,736,000 in cash and cash equivalents. During the quarter, the Company completed a Registered Direct financing, generating net proceeds of $9,807,000.
Geert Kersten, Chief Executive Officer said, "We continue to make significant progress in our pivotal global Phase III clinical trial of Multikine (Leukocyte Interleukin, Injection). We believe that we are well positioned both financially and operationally to support ongoing clinical activities with the goal of making Multikine a very important new treatment for head and neck cancer."
Source: CEL-SCI Corporation