Market Buys Into CEL SCI (CVM) CEO’s Nonsense
CEL-SCI Corporation’s CEO, Geert Kersten, said his company just received FDA approval to proceed with a clinical trial of its H1N1 flu drug candidate, testing its effect on white blood cells of patients who are hospitalized. The biotech firm said it is working on the next phase of the study and is preparing the drug’s follow-up regulatory application.
The company also filed with the SEC saying it is offering to sell up to 22,000,000 shares of its common stock to investors exercising warrants previously issued by CEL-SCI.
CVM is up on heavy volume to $2.06, a 3.6% gain for the day. There is not news from the company that should cause it to trade above $1.11 where it was five days ago.
Douglas A. McIntyre
