Dow Jones 10331.70 +2.07 10:47 am PST, March 30, 2004  NASDAQ 1986.19 -6.38 For info, visit access.smallcapnetwork.com S & P 500 1121.95 -0.52 To be removed, please click here Russell 2000 585.74 +2.35 VOLUME 04: ISSUE 23  Feature: Cel-Sci - Got shares? Upon release of an extensive research report, Monday, the shares of biotech company Cel-Sci (AMEX: CVM) moved up almost 20 percent. The report by Midas Research, an independent German Research company, is available for free download (in English) at www.midasresearch.de. We have also included the applicable corporate press release, below. We would strongly suggest that readers read the detailed report. Some interesting facts delineated within its pages: In June, Cel-Sci will publish further findings and data by way of a scientific abstract in the proceedings of the prestigious 40th American Society of Clinical Oncology (ASCO) conference regarding its flagship immuno-therapy Multikine. A focus of the company to commit significant resources to Phase III trials in the US and Asia in the foreseeable future. A projected share valuation, backstopped with a Strong Speculative Buy rating, of $2.78 for the sales of Multikine within a head and neck cancer-only scenario. Significantly higher share price potential when pre-radiation and applications to other cancers are factored in. Corporate plans to employ an Investment Bank to provide access to funds and increase institutional ownership For new investors or those who may need a refresher, the report has an exhaustive discussion regarding the efficacy and potential for Cel-Sci's immuno-therapy Multikine as well as its peptide product Cel-1000. As recently as February 13th, SmallCap observed that CVM shares were stuck in a trading range of between $1.05 and $1.40. We advised that while trading the shares was encouraged, a core position should be held for news and developments. We sincerely hope that heeded our directive. We reiterate our call to strategically trade the shares.  We also strongly suggest that risk-oriented investors continue to accumulate on dips with a view to at least hold a core position based on developments to come. While CVM shares broke below $1.00 for a couple of days last week, buyers quickly moved the shares back up over that threshold and, with the release of the report and the renewed interest in CVM, the share volume spiked and took the shares to the current level of $1.25. It has become apparent that accumulation and trading on dips has been extremely profitable. That said, while small purchases may be made at these somewhat exuberant levels,  we believe that larger accumulations should be made on a pullback to the $1.05-$1.10 level. The points made in the Midas Research report should give investors events, milestones and potential news to key on over the coming months. Investors would also make a mistake discounting the importance of the inclusion of Cel-Sci's scientific abstract in the published proceedings of the ASCO conference in New Orleans from June 5th-8th 2004. This conference is the Holy Grail of cancer research and will give Cel-Sci extremely wide exposure within the oncology and pharmaceutical communities. As long time readers know, SmallCap has been a strong proponent of accumulating Cel-Sci shares since the shares traded " by appointment" at 20 cents in 2002. We noted in February that the company was at a watershed point in its development.  We believe that the quiet period for the shares that investors experienced over the last few months is over and, with recent developments as noted above, 2004 could well stack up as the most exciting year in the last 20 for the company.   Press Release Source: CEL-SCI Corporation Midas Research Initiates Coverage of CEL-SCI Monday March 29, 9:20 am ET VIENNA, Va., March 29 /PRNewswire-FirstCall/ -- Midas Research of Germany has published a research report on the biotechnology company CEL-SCI Corporation (Amex: CVM; Germany: LSR.FSE) with a 12 month target of $2.80 and a strong speculative buy recommendation. A copy of the report is available in both German and English at www.midasresearch.de. Midas Research is an independent stock research company led by Michael Drepper, formerly one of the first internationally ranked German analysts. He was both the Deputy Head of European Research of Dresdner Kleinwort as well as the Head of Research and Director of Consors Capital Bank AG, a subsidiary of a leading German internet broker. As judged by its track record since the company's inception in 2002, Midas Research has been particularly successful in its recommendations in the biotechnology field (e.g., Immtech, Response Biomedical and Morphosys). The views and opinions in this report are solely those of the author of the report. 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.   Source: CEL-SCI Corporation   We Value Your Feedback Got comments, questions or suggestions? Send 'em on over: Editor@smallcapnetwork.com If you wish to send a written request or inquiry, please send it to our physical address: TGR Group, LLC 3525 Del Mar Heights Rd #334 San Diego, CA 92130 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. Additionally, Some of the companies featured in the SmallCap Digest Newsletter pay an ESP (Electronic Service Provider) fee to an affiliated Technology Company for electronic delivery of this newsletter and other web related technology services. Fees range from $3,000 to $5,000 per month. 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.