EXHIBIT 99
PRESS RELEASE
COMPANY CONTACT: INVESTOR RELATIONS:
Gavin de Windt, Lisa Lindberg
CEL-SCI Corporation Investor Relations Group
(703) 506-9460
(212) 825-3210
CEL-SCI CORPORATION REPORTS SECOND QUARTER 2003 FINANCIAL RESULTS
VIENNA, VA, MAY 21, 2003 -- CEL-SCI CORPORATION (AMEX: CVM) reports financial
results for the three months ending March 31, 2003.
"Grant revenue and other" for the second quarter ending March 31, 2003 was
$82,687 compared to $70,744 in the same quarter of last year. This revenue is
derived from monies received from various government grants.
The operating loss for the three months ending March 31, 2003 was $872,904
compared with the operating loss of $1.17 million during the same quarter of
last year. This represents a 25% reduction in the operating loss. The net loss
from operations was $1.03 million versus $1.94 million during the same quarter
in 2002.
Research and development (R&D) expenses during the quarter were $424,681
compared to $933,120 during the same time period of last year. General and
administrative expenses during the quarter were $482,403 compared to $252,642
during the same time period of last year. General and administrative expenses
during the quarter ending March 31, 2002 contained a partial reversal ($386,904)
of a fiscal year 2001 charge to general and administrative expense of $593,472
for variable options.
Geert Kersten, Chief Executive Officer of CEL-SCI Corporation said, "Not
reflected in these numbers are is the award of three government grants for
CEL-SCI's products totaling $1.4 million in April and May, 2003. I feel
comfortable that CEL-SCI is moving forward successfully and that CEL-SCI will
achieve major milestones this year. It is for this reason that I have taken six
months salary in restricted stock."
CEL-SCI Corporation is developing new immune system based treatments for cancer
and infectious diseases. The Company has operations in Vienna, Virginia and
Baltimore, Maryland.
CEL-SCI CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited)
Three Months Ended
March 31,
2003 2002
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REVENUES:
Grant Revenue and Other $ 82,687 $ 70,744
EXPENSES:
Research and development 424,681 933,120
Depreciation and amortization 48,507 56,332
General and administrative 482,403 252,642
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TOTAL OPERATING EXPENSES 955,591 1,242,094
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NET OPERATING LOSS 872,904 1,171,350
INTEREST INCOME (11,643) (22,306)
INTEREST EXPENSE 170,920 788,868
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NET LOSS (1,032,181) (1,937,912)
ACCRUED DIVIDENDS ON PREFERRED STOCK 2,004 62,023
ACCRETION OF BENEFICIAL CONVERSION FEATURE
ON PREFERRED STOCK 7,048 428,770
-------------- ------------
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $(1,041,233) $(1,428,705)
============ ============
LOSS PER COMMON SHARE (BASIC) $ 0.02 $ 0.10
LOSS PER COMMON SHARE (DILUTED) $ 0.02 $ 0.10
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 47,737,996 25,178,159