Cel-Sci reports $8.2 million loss on revenue of $438,145 in fiscal '97

January 01, 1998|By Mark Guidera | Mark Guidera,SUN STAFF

Cel-Sci Corp. reported yesterday that it lost $8.2 million on revenue of $438,145 for its 1997 fiscal year, which ended Sept. 30.

In 1996, the publicly held company reported a $6.3 million loss on revenue of $322,370.

Revenue for the Alexandria-based biotechnology company, which has research headquarters at the Seton Business Park in Baltimore, is largely derived from interest on investments.

The company said the increased loss in 1997 was primarily the result of Cel-Sci acquiring the rights to two vaccine technologies.

Without those expenses, the company said, its fiscal 1997 loss would have been $5.8 million. Research and development expenses also rose in 1997 to $6 million, up from $3.5 million in 1996, the company said.

The company is attempting to develop vaccines to bolster the immune system against acquired immune deficiency syndrome, cancer, herpes and a number of other infectious diseases.

Cel-Sci's leading product in development is called Multikine. It contains a natural mixture of substances called cytokines, which play a key role in regulating the human immune system, which is attacked by HIV.

Cel-Sci has clinical trials under way to test Multikine on people with AIDS, head and neck cancer, and prostate cancer.

Pub Date: 1/01/98

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