CEL-SCI widens loss, boosts cash on hand
- January 14, 2010
Vienna-based biotechnology firm CEL-SCI Corp. reported a $41.4 million loss for its fiscal year as it moves its anticancer drug into final clinical trials.
CEL-SCI’s fiscal year loss, which ended in September, included a $28.5 million non-cash loss because of derivative accounting, mostly because of its dramatic increase in share price. The company said it expects to see positive increases in its derivative accounting during the quarter ended Dec. 31.
The company saw the price of its shares jump from 14 cents to over $2 per share last year after it announced that the U.S. Food and Drug Administration had approved researching its immunotherapy technology to treat the H1N1 virus.
Last year, the company reported a loss of $8.1 million.
CEL-SCI reported that it increased its research and development spending from $4.1 million last year to $6 million this year as it prepares for the Phase III clinical trial of its cancer drug Multikine for head and neck cancer.
The company reported that it had more than $33.5 million in cash, allowing it to fund Multikine’s clinical research.