Dow Jones 9752.38 -12.00 8:45 am PST, October 14, 2003  NASDAQ 1930.48 -3.05 For info, visit access.smallcapnetwork.com S & P 500 1043.06 -2.29 To be removed, please click here Russell 2000 529.03 +1.46 VOLUME 03: ISSUE 63  What's driving CEL-SCI higher? Biotech company CEL-SCI (AMEX: CVM) closed at $1.36, Monday. When we mentioned, on September 5th, that the shares had likely bottomed, they were trading at 72 cents. The 52-week high is right here--$1.36. Technically, if that level is breached with conviction, the shares could rise to between $1.50 and $2. Recent information has been good, but as at September 5th, nothing new of real substance had been made That said, something is driving the volume and, by extension, the share price higher. On September 19th, we looked at CVM's progress against that of biotech Introgen (NASDAQ: INGN). As the bloom came off recent trial news at INGN, its shares have pulled back from $11 to below $9.00, Monday. Conversely, CEL-SCI has been powering ahead. CVM to the core... Although the shares are crossing the tape at their old high, CVM has shown itself to be a good trader. If you have profits of 50 cents a share or more, letting some go to lock in a profit would be prudent. That said, best to always keep a core CVM position. Given that the stock has moved from 70 cents to $1.36 in just over a month on little news, subsequent information concerning substantive developments can be expected to be viewed favorably by the market--with the share price acting accordingly. There are a few reasons for CVM's recent strength beyond simply the standard euphemism of more buyers than sellers. First, management is commencing a European road trip the week of October 13th and will be seeing major financial institutions, money managers and analysts in Scandinavia, Paris and London. You may recall management did a tour in July and has a policy of doing these trips every six months. Needless to say, the more people who hear CVM's maturing story and put the company on their radar screens, the more potential buyers. Some slight Insider buying. Second, there has been some decent insider buying recently. Confidence from within is always a positive development. There has been some insider selling too, but the insider purchases have been more broad based and number about 150,000 shares in October so far. Further, with the conversion of the convertible debentures by two financial institutions into common stock, there is no more convertible debt outstanding.  Third, and perhaps most exciting, is the company's discovery of a new efficacy for its flagship drug Multikine. According to CEO Geert Kersten in his September 25th letter to shareholders: We believe that we have just uncovered a new mechanism of action of Multikine® that may lead to a marked increase in the cancer patients' chance of survival. This new finding, due to be published in detail, indicates that our immunotherapy drug Multikine recruits to the tumor site immune cells that the tumor does not typically "see". As such, the tumor's defense mechanisms are rendered ineffective or less effective in shutting down the patient's own anti-tumor immune response. The recruitment of these cells to the tumor by Multikine leads to tumor destruction as was seen in a well-controlled pathology study. Multikine allows more types of immune cells to be effective in supercharging the body's natural anti-tumor response than was previously thought. Obviously, the more types and the greater the number of immune cells that can get to the tumor, the better the chance of success. And survival. While yet to be clinically proven, this is exciting stuff. Spec potential grows We've said it before: although still speculative and at a formative stage, CVM represents an opportunity to participate in a suite of therapies and drugs that could significantly affect the way cancer is treated. Further, with the company's CEL-1000 development for the treatment of smallpox, West Nile as well as various bio-terrorism agents, there is plenty of potential to go around. CEL-1000 has already shown itself effective against herpes simplex, malaria and cancer in animals. CVM's work in the treatment of HPV (Human papillomavirus), the world's leading sexually transmitted disease, as well as HPV/HIV co-infection which can lead to conditions such as cervical cancer--the second leading global killer of women-- one can see that the potential grows. CVM has made extraordinary strides in the past year as the company works hard to get the story out, secure financing and broaden the base of efficacy for its therapies.  The fact that the shares are acting well, I suspect, reflects those efforts. Got comments, questions or suggestions? Send 'em on over: Editor@smallcapnetwork.com 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. 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