CEL-SCI Research Update Released

Published: Aug 14, 2013

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New York, NY - On August 12, 2013, Taglich Brothers released an updated research report on CEL-SCI Corporation (CVM) and reiterated a Speculative Buy rating with a 12-month price target of $0.70. The report noted the following key investment considerations:

- Multikine could potentially grow into a $700 million product by 2020. Multikine is a unique cancer immunotherapy that aims to significantly improve survival rates in advanced head and neck cancer cases.

- There are approximately 90,000 new cases of head and neck cancer diagnosed yearly in the US and Western Europe, of which an estimated 60,000 would qualify for Mulltikine immunotherapy.

- Multikine US orphan drug status and a significant unmet need in advanced head and neck cancer patients underlie the potential for more rapid regulatory review and stronger pricing flexibility when the product is launched.

- A large scale Multikine phase III trial now underway in the US and a number of overseas centers is being expanded by 60 to 80 sites under the management of new contract research organizations. As of April 13, 2013 (latest disclosed) the phase III trial had enrolled 177 subjects at 39 centers in eight countries.

- R&D will weigh heavily on costs through FY14 as the Multikine study expands. We project losses of ($0.06) per share in both FY13 and FY14.

- In 3Q12, CVM lost ($0.02) per share on grant revenue of $114,000, largely in line with our estimates. In 3Q12 the company broke even on a per share basis.

- Near-term financing needs will be substantial. The Multikine phase III study will cost the company an estimated $37 million, of which only $8.2 million had been paid as of June 30, 2013.

The full report can be viewed at http://www.taglichbrothers.com/equityuniverse/companies/celsci/celsci.aspx.

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Company Description:

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.

Taglich Brothers:

Taglich Brothers, Inc. is full-service broker dealer focused exclusively on microcap companies. The Company defines the microcap segment of the equity market as companies with less than $250 million in market capitalization. Taglich Brothers currently offers institutional and retail brokerage services, investment banking and comprehensive research coverage to the investment community.

The Taglich Brothers' Equity Research department is dedicated to providing research reports that are informative, insightful and illuminating. Reports are designed to distill volumes of investment information into a concise, straightforward format so that busy professional investors can make informed investment decisions.


The information and statistical data contained herein have been obtained from sources, which we believe to be reliable but in no way are warranted by us as to accuracy or completeness. We do not undertake to advise you as to changes in figures or our views. This is not a solicitation of any order to buy or sell. Taglich Brothers, Inc. is fully disclosed with its clearing firm, Pershing, LLC, is not a market maker and does not sell to or buy from customers on a principal basis. The above statements are the opinion of Taglich Brothers, Inc. and are not a guarantee that the target price for the stock will be met or that predicted business results for the company will occur. There may be instances when fundamental, technical and quantitative opinions contained in the reports are not in concert. We, our affiliates, any officer, director or stockholder or any member of their families may from time to time purchase or sell any of the above-mentioned or related securities. Analysts and members of the Research Department are prohibited from buying or selling securities issued by the companies that Taglich Brothers, Inc. has a research relationship with, except if ownership of such securities was prior to the start of such relationship, then an Analyst or member of the Research Department may sell such securities after obtaining expressed written permission from Compliance. All research issued by Taglich Brothers, Inc. is based on public information. Taglich Brothers, Inc. does not currently have an Investment Banking relationship with the company mentioned and was not a manager or co-manager of any offering for the company within the last three years. In January 2013 the company paid an initial monetary engagement fee of US$4,500 to Taglich Brothers, Inc. representing payment for the first three months of creation and dissemination of research reports, after which the company will pay Taglich Brothers, Inc. a monetary fee of US$1,500 per month for a minimum of three more months for such services.


Richard Oh

Email: press@taglichbrothers.com

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