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CEL-SCI Corporation (NYSEMKT:CVM) recently reported its fourth quarter financial result for the year ending on 30 September 2016. It also gave to its shareholders, an insight into corporate and clinical developments. CEL-SCI Corporation reportedly raised the $21.42 million net proceeds during the 2016 financial year.
Phase 3 head and neck cancer study holds much importance
The company, at present, is undertaking Phase 3 head and neck cancer study. It is important since on 26 September 2016, the U.S. Food and Drug Administration had put a partial hold on this study. Until then, CEL-SCI had already enrolled additional 365 patients in the study. The company said that to be able to ensure a release of the partial hold from FDA, CEL-SCI had to diligently work on it, as well as with FDA. Until 26 September 2016, the total number of patients enrolled in this study was 928.
According to the CEO, Geert Kersten, the company is largely focussed on release of this partial clinical hold on Phase 3 trial. This will probably push up company’s shareholders’ trust in the clinical trial that will probably move ahead in the positive direction after release.
The Multikine study
The company is also undertaking its Phase 1 study with Multikine, which is also of much importance due to the kind of disease it is focusing on. CEL-SCI’s Multikine study is directed toward HIV/HPV co-infected patients, which include both male as well as female. This study is done at University of California in San Francisco.
Given the aforementioned partial release, it is crucial for the company to focus on this study and ensure smoother formalities with the FDA.
The financial loss of company
Amidst all this, the company said that it suffered a net loss of $11.46 million in 2016 financial year, in comparison to $34.67 million in 2015. The operating loss was $25.55 million in 2016 fiscal year, in comparison to $34.30 million in 2015.