On May 16, 2022 CEL-SCI Corporation (NYSE American: CVM) reported financial results for the quarter ended March 31, 2022, as well as key clinical and corporate developments (Press release, Cel-Sci, MAY 16, 2022, View Source [SID1234614676]).
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Clinical and Corporate Developments include:
The American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) has accepted two abstracts related to CEL-SCI’s pivotal Phase 3 Multikine (Leukocyte Interleukin, Injection)* head and neck cancer clinical trial for presentation at the 2022 ASCO (Free ASCO Whitepaper) Annual Meeting to be held June 3-7, 2022 in Chicago, Illinois. The abstract titles are:
"Novel algorithm for assigning risk/disease-directed treatment (DDT) choice in locally advanced primary squamous cell carcinoma of the head and neck (SCCHN): Using pretreatment data only."
"Leukocyte interleukin injection (LI) immunotherapy extends overall survival (OS) in treatment-naive low-risk (LR) locally advanced primary squamous cell carcinoma of the head and neck: The IT-MATTERS study."
Head and neck cancer patients who are scheduled to receive surgery and radiation as their first treatments have not seen a marked improvement in their treatment outcome in decades. CEL-SCI’s Phase 3 study showed great improvement in survival with no toxicity issues for these patients with a statistically significant, robust, and durable survival benefit of 14.1% at 5 years. This is clearly an unmet medical need for an estimated 211,000 people globally.
Additional results from the Phase 3 study of Multikine in advanced primary head and neck cancer have been submitted to the U.S. government clinical trial website www.clinicaltrials.gov. That data is expected to be released to the public in the near future.
CEL-SCI’s dedicated current Good Manufacturing Practice (cGMP) facility in which it manufactures Multikine is now undergoing validation following the completion of its commercial scale build out during the first quarter of 2022. The construction is designed to ensure the facility will be compliant with all U.S. Food and Drug Administration’s (FDA) and European cGMP regulations.
As of March 31, 2022, CEL-SCI had $34.3 million in cash and cash equivalents.
"ASCO’s annual meeting in June, with over 40,000 oncology professionals from over 100 countries expected, is one of the largest and most prominent oncology conferences. Our scientific team looks forward to presenting two abstracts there, and we expect a high level of interest based on Multikine’s results and the fact that outcomes have not improved for the head and neck cancer population in decades," stated CEL-SCI CEO, Geert Kersten. "The conference is well timed to inform oncologists from around the world about Multikine ahead of our planned regulatory filing for approval."
CEL-SCI reported an operating loss of $18.4 million for the six months ended March 31, 2022 versus an operating loss of $17.3 million for the six months ended March 31, 2021. CEL-SCI reported an operating loss of $9.6 million for the three months ended March 31, 2022 versus an operating loss of $8.5 million for the three months ended March 31, 2021. Net cash used in operating activities was $7.5 million for the six months ended March 31, 2022 which represents a decrease of $1.2 million compared to the six months ended March 31, 2021.