CELSCISci Corp (CVM) filed Quarterly Report for the period ended 2012-12-31.
Cel-sci Corporation has a market cap of $75.3249 million; its shares were traded at around $0.28 with and P/S ratio of 270.27. Cel-sci Corporation had an annual average earning growth of 8.7% over the past 10 years.
Highlight of Business Operations:During the three months ended December 31, 2012, the Company s cash increased by approximately $6,800,000. Significant components of this increase include net proceeds from the sale of the Company s stock of approximately $9,807,000 offset by net cash used to fund the Company s regular operations including its on-going Phase III clinical trial of approximately $2,995,000. This compares to approximately $2,612,000 used in operations during the three months ended December 31, 2011. For the three months ended December 31, 2012 and 2011, net cash provided by financing activities totaled approximately $9,806,000 and $1,830,000, respectively. The increase in cash provided by financing activities is due to proceeds of the December 2012 financing, which were approximately $10,500,000, less expenses of approximately $693,000. Cash used by investing activities was approximately $16,000 and $17,000, for the three months ended December 31, 2012 and 2011, respectively. The use of cash in investing activities consisted primarily of purchases of equipment and legal costs incurred in patent applications.
In October 2011, the Company sold 13,333,334 shares of its common stock to private investors for $4,000,000, or $0.30 per share. The investors also received 12,000,000 Series F warrants. Each Series F warrant entitles the holder to purchase one share of the Company s common stock at a price of $0.40 per share at any time prior to October 6, 2014. The Company paid the placement agent for this offering a commission consisting of $140,000 in cash and 666,667 Series G warrants. Each Series G warrant entitles the holder to purchase one share of the Company s common stock at a price of $0.40 per share at any time prior to August 12, 2014.
Under the terms of the Settlement Agreement and its related agreements, the plaintiffs and the Company terminated the pending litigation and released each other from all claims each may have against the other, with certain customary exceptions. The Company agreed to make a $3 million cash payment and issue $9 million of securities to the plaintiffs. These securities consist of senior secured convertible promissory notes with an aggregate principal amount of $4.95 million and 4,050 shares of redeemable Series A Convertible Preferred Stock with an aggregate stated value of $4.05 million. The $3 million cash payment was made at the closing under the Settlement Agreement. The preferred shares were fully redeemed during the year ended September 30, 2012. All convertible notes had been paid as of March 1, 2012.
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