Dow Jones 9278.05 +158.46 8:00 am PST, July 14, 2003  NASDAQ 1775.71 +41.78 For info, visit access.smallcapnetwork.com S & P 500 1015.41 +17.27 To be removed, please click here Russell 2000 481.02 +7.25 VOLUME 03: ISSUE 37  CEL-SCI: Of Patents, Peer reviews and Milestones met. At the beginning of 2003, CEL-SCI (AMEX: CVM) CEO Geert Kersten outlined a series of corporate milestones for the year. Goal: Attract $1 million in grants. Result: $1.4 million attracted year-to-date as well as an extensive collaborative research initiative with the National Institute of Health and the US Army to test CEL-1000 as a treatment for SARS, West Nile and other diseases, at virtually no cost to CVM. Goal: Publication of peer-reviewed studies. Result: Two articles on applications and data for CEL-SCIís Herpes vaccine, and cancer immunotherapy Multikine, have been accepted by leading journalsópublication pending. Goal: Gain approval from the FDA for Phase III Multikine trials. Result: Application process continuing for approval--hopefully, later this year. Goal: Deals with distribution partners. Result: One eastern European partner announced. Discussions with others ongoing. Spreading the word in Europe CEO Kersten and his team have just finished up a week-long European road trip during which they detailed the companyís story and product potential to more than 20 major investment institutions. With the recent announcement of the acceptance of the third party, peer-reviewed article regarding Multikine in a leading oncology journal, the institutions can begin a due diligence process-- which could well result in major share purchase decisions. Further, CVM has announced two more patent applications that will protect both the company and its shareholders once Multikineís efficacy is borne out. Patents pending give the company a 20-year exclusive on its key therapies as the application process moves towards, hopefully, full approval. The press release for the latest Multikine patent application is included below for your perusal. CEL-SCIís shares have sold off recently following their meteoric rise from 20 cents to $1.40 in May. Currently at 75 cents, the trading activity seems to have settled at this level after retracing 50 percent of that rise. No doubt, investors are waiting for Phase III approval, but in the interim the company has demonstrated it can meet goals and get its story out. The recently announced $10 million share shelf registration added some potential dilution to the stock and that has likely muted the share price in the short term. As the timeline for the sale of those shares--the net proceeds of which will be used for research and development-- is indeterminate, investors should focus instead on the bigger picture which, while still speculative, is gaining credibility with each passing month.  Risk tolerant investors might establish and/or maintain positions at this level and plan to buy on dips should they occur. Rallies, short of substantive news, can be used for trading opportunities, but a core position should be maintained. Timing for the publication peer-reviewed articles is unknown, but once these pieces appear, the shares may move higher as the investment and biotech communities review the data. Imclone Versus CEL-SCI In the past, we have compared CVM to an early stage Imclone (NASDAQ: IMCL). The latteróstill losing money and primarily banking almost solely on its cancer drug Erbituxóhas a market cap of $2.6 billion. Its shares trade for $35 a share. CVM also makes no money as yet, but has a selection of potentially broad-ranging, novel cancer/viral disease therapiesóany of which could be blockbusters down the road. With a market cap of $34 million, IMCL shares trade for 75-80 cents. One glitch with Erbitux--as has happened before-- and IMCL tanks. Given the stage at which each company finds itself, I leave it to you do decide which makes more sense to the speculative investor. And which has more potential.  Imclone is on virtually every investorís radar screen. CVM isnít--as yet. However, CEL-SCI's management is working effectively to increase the companyís visibility to investors, the biotech community and potential partners. I would submit that while that process has only begun, its profile has already improved significantly evidenced by recent trading volumes and focused corporate initiatives.  Multikine represents a revolutionary therapy that may lead to improving cancer treatment without any severe side effects. In essence, Multikine supercharges the patientís immune system to effectively fight the targeted disease. Early data has shown, according to the company: ìthat the use of CEL-SCIís immunotherapy drug Multikine during a two-week period prior to surgical intervention affected the tumor such that the residual tumor cells became more susceptible to follow-on treatment with radiation, and possibly chemotherapy.î The findings will be further refined and expanded once Phase III trial approval is wonópotentially, later this year.  For those who want a piece of this vision and potential, waiting to purchase CEL-SCI shares at year-end may well be too late. Due to the nature of the biotech business, youíll likely not receive enough warning before the train leaves the station.  Best to be on it, get comfortable and wait for the ëall aboardí. Got questions or comments? Send 'em here: editor@smallcapnetwork.com     Press Release CEL-SCI Files Patent Application for Multikine(R) Drug to Enhance Radiation and Chemotherapy Monday July 14, 9:01 am ET VIENNA, Va., July 14 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION (Amex: CVM - News) has filed a patent application covering the use of its immunotherapy product Multikine for the enhancement of the response to and success of radiation and chemotherapy. The supporting data was derived from a clinical trial with Multikine in head & neck cancer patients. That data has recently been accepted for publication by a leading peer-reviewed oncology journal. Data from this trial indicated that the use of CEL-SCI's immunotherapy drug Multikine during a two-week period prior to surgical intervention affected the tumor such that the residual tumor cells became more susceptible to follow-on treatment with radiation, and possibly chemotherapy. This is a very important new finding which may lead to a better and more effective treatment for many forms of cancer. Geert Kersten, Chief Executive Officer of CEL-SCI, said, "This patent should protect one of the largest applications for Multikine, namely its use to increase the success of radiation, and possibly chemotherapy, for a long time." Multikine, a natural mixture of human cytokines, has to date been tested in over 190 cancer, HIV and HIV/HPV infected patients with no severe adverse events related to Multikine administration. It is under clinical investigation for the treatment of head & neck cancer and for the treatment of cervical dysplasia caused by the Human Papilloma Virus (HPV). Multikine is an immune adjuvant with direct anti-viral and anti-cancer activities, assisting in host immune response reconstitution. CEL-SCI Corporation is developing new immune system based treatments for cancer and infectious diseases. The Company has operations in Vienna, Virginia and Baltimore, Maryland. When used in this report, the words "intends," "believes," "anticipated" and "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include, an inability to duplicate the clinical results demonstrated in clinical studies, timely development of any potential products that can be shown to be safe and effective, receiving necessary regulatory approvals, difficulties in manufacturing any of the Company's potential products, inability to raise the necessary capital and the risk factors set forth from time to time in CEL-SCI Corporation's SEC filings, including but not limited to its report on Form 10- K for the year ended September 30, 2002. The Company undertakes no obligation to publicly release the result of any revision to these forward-looking statements which may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Source: CEL-SCI Corporation Unsubscribe Here D I S C L A I M E R : The SmallCap Digest is an independent electronic publication committed to providing our readers with factual information on selected  publicly traded companies. SmallCap Digest is not a registered investment advisor or broker-dealer. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward  maximizing the upside potential for investors while minimizing the downside risk, whenever possible.  Moreover, as detailed below, this publication accepts compensation from third party consultants and/or companies which it features for the publication and circulation of the SmallCap Digest or representation on SmallCapNetwork.net.  Likewise, this newsletter is owned by TGR, LLC.  To the degrees enumerated herein,  this newsletter should not be regarded as an independent publication. Click Here to view our compensation on every company we have ever covered, or visit the following web address:  http://access.smallcapnetwork.com/compensation_disclosure.html for our full compensation disclosure and http://access.smallcapnetwork.com/short_term_alerts.html for Trading Alerts compensation and disclosure. TGR Group, LLC has been paid a fee of $25,000 and 250,000 shares of newly issued restricted stock of Cel-Sci for coverage of the company for a period of one year. All statements and expressions are the sole  opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities  mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. The editor, members of the editor's family, and/or entities with  which the editor is affiliated, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication unless specifically disclosed in the newsletter. The profiles, critiques, and other editorial content of the SmallCap Digest and SmallCapNetwork.net may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein. THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN  SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN  CONSENT OF THE EDITORS OF SMALLCAPNETWORK.NET. We encourage our readers to invest carefully and read the investor information available at the web sites of  the Securities and Exchange Commission ("SEC") at http://www.sec.gov and/or the National Association of Securities Dealers ("NASD") at http://www.nasd.com. We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at  http://www.sec.gov/consumer/cyberfr.htm . Readers can review all public filings by companies at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site.