CEL-SCI (CVM) Announces NYSE Acceptance of Listing Compliance Plan
9/5/2013 10:24:47 AM
On September 3, 2013, CEL-SCI Corporation announced that the New York Stock Exchange (NYSE) accepted the company’s plan to regain compliance with the NYSE’s continued listing standards.
In July 2013 the company was notified by the NYSE that it was not in compliance with listing requirement section 1003(a)(iv) due to sustained substantial losses that jeopardized Cel-Sci’s ability to continue operations or meet maturing obligations. The company was required to submit a plan by August 19, 2013, advising the exchange of the actions the company had taken, or will take, that would bring it into compliance by September 30, 2013.
On August 30, 2013, the NYSE notified the company that it accepted the plan of compliance and granted Cel-Sci an extension until September 30, 2013 to regain compliance with the continued listing standards. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in Cel-Sci being delisted from the NYSE.
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CEL-SCI Corporation (NYSE: CVM), headquartered in Vienna, Virginia, is a development stage biopharmaceutical company focused on unique immunotherapies that address unmet needs in significant patient populations.
In recent years, the company’s R&D has centered on immunotherapy for head and neck cancer, which now absorbs practically all of its R&D spending. Product development includes work on LEAPS (Ligand Epitope Antigen Presentation System) technology treatments for a range of influenzas and a vaccine against rheumatoid arthritis.
The company’s lead drug candidate, Multikine®, is a synthesized combination, non-specific immunotherapy currently being evaluated in a phase III study as neoadjuvant therapy for advanced primary (untreated) head and neck cancer.
Multikine is under study in a 48-center, 800+ subject phase III clinical trial that aims to demonstrate that it can, in combination with follow-on surgery, radiation and chemotherapy, reduce mortality in advanced head and neck cancer cases by 10%. The therapy aims to reduce mortality by eradicating micro-metastases, microscopic tumors that survive the therapy, are difficult to detect, and are arguably the underlying cause of disease recurrence.
Multikine has orphan drug status in the US.
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