Dow Jones 9139.13 +29.77 9:50 am PST, June 25, 2003  NASDAQ 1627.43 +21.82 For info, visit access.smallcapnetwork.com S & P 500 989.98 +6.53 To be removed, please click here Russell 2000 445.06 +4.17 VOLUME 03: ISSUE 33  CEL-SCI: Of Patents and Partners CEL-SCI (AMEX: CVM) has had a wild week and it's only Wednesday. After dropping from north of $1 last week to a bottom of 67 cents Monday, the shares shot back to the mid-90-cent range that same day. Currently, the shares are trading around 95 cents, Wednesday, on growing volume. Technically, the shares have retraced 50 percent of this year's low and high perfectly and look to be gathering steam for another run-up on good volume. While risk tolerant investors should retain exposure, the swings are tradable with partial positions. I have had emails from readers who have sold enough stock on run-ups to now be holding zero cost based stock. An enviable way to trade this still speculative-albeit ever more interesting -- play. Renewed investor interest earlier in the week was likely due to the announcement, Monday, that the Army and NIH (National Institute of Health) were testing CEL-1000 for various maladies including SARS, West Nile et al.  Investors liked the announcement: the shares tagged on a quick 25-30 cents and volume rocketed to nearly 10 million shares, Monday. It appears that the buoyant biotech sector also helps as well as the company's frequent press releases. No doubt investors are waiting for Multikine peer review studies regarding head and neck cancer efficacy as well as news of CEL-SCI's progress with the FDA for Phase III approval. The pieces will, hopefully, fall into place over the next few weeks and months. Patience is a virtue. Nailing down Multikine Attached to this piece is a news release from CEL-SCI detailing the company's efforts to secure a patent for the use of of its flagship immunotherapy adjuvant, Multikine, against the SARS and West Nile viruses. Although relatively new afflictions, there is little doubt that viral diseases are on the rise, confounding both health practitioners and authorities, and will require novel treatments.  Demographics will be the driver of these types of treatments. Since the death rates from SARS and West Nile among the elderly or those who are immune-challenged can approach 50 percent, there is both a real need and a potentially huge market.  One thing society is making more of every minute of every day is more elderly folk. That won't peak until roughly 2020. CEL-SCI appears to be in the right area to lead or participate in the next generation of immune-based therapies. Hopefully, if and when Phase III trials begin, the true efficacy of Multikine will bear out the company's beliefs: Dr. Eyal Talor, Senior Vice President of Research and Manufacturing at CEL-SCI, said, "Multikine has been shown in humans to have both anti-viral as well as immune-boosting attributes.  We believe that early administration of Multikine, immediately following diagnosis of SARS, West Nile Virus and other infectious viral diseases, may help to boost the body's natural immune response, thereby increasing the infected individual's ability to fight off the disease." This is powerful stuff. We won't know the definitive scope of Multikine until data begins to flow from a Phase III trial and is assessed by third parties. Meanwhile, management has brought in both distribution and research partners-with attendant grants-and it looks as though major groups such as the US Army and the National Institute of Health will undertake a lot of the testing of CEL-SCI's Multikine for the company's benefit. Terms of the arrangement were not disclosed, but the deal's high profile adds further credibility to CVM's claims. It will be a bumpy ride The shares' volatility at this stage of CEL-SCI's development has left investors, both new and long-term, breathless. However, this phenomena is not peculiar to CEL-SCI. Any early stage biotech company, even one with the excellent prospects, tends to be highly sensitive to the market's vagaries now and the specter of the FDA's eventual influence.  As we have noted before, the new regime at the FDA is committed to fast tracking appropriate drugs and therapies. Again, demographics here are key. As the population ages rapidly, the demand for faster approvals increases exponentially. I would submit that the approval process two to five years from now will make the speed of current and past approval protocols look like molasses flowing in January. GLYCOGENESYS  Following on our Trading Alert Friday last regarding biotech GlycoGenesys (NASDAQ: GLGS), the company announced Tuesday that it had regained the necessary listing requirements to trade on the NASDAQ SmallCap market. Early action Wednesday saw the shares move up to $1.30 and trade well around that price. Our Alert price was $1.12. We feel that the shares could experience further strength following the company's presentation, Wednesday, at the BIO 2003 Conference in D.C. Refer to the trading alert link above for details. Make sure, if you are a high risk oriented investor, that you consider our trading strategy carefully. Volatility plays no favorites and takes no prisoners. Please send us your questions, comments and feedback here: editor@smallcapnetwork.com Below is a copy of Cel-Sci's press release today in its entirety:   CEL-SCI FILES PATENT APPLICATION FOR DRUG TO TARGET SARS AND WEST NILE VIRUS Application focuses on older people who have a significantly increased death rate from both diseases VIENNA, VA, JUNE 25, 2003  --  CEL-SCI CORPORATION (AMEX:  CVM) has filed a patent application covering the use of its immunotherapy product Multikine® for the treatment of severe acute respiratory syndrome (SARS) and West Nile Virus.  The application focuses on the use of Multikine in patients who are immuno-suppressed, such as the elderly.  The death rate in these patients is several times higher than the death rate in patients below 60 years of age.  The death rate of SARS patients sixty years and older is thought to be up to 50%.  The death rate from West Nile Virus infection is thought to be between 4 and 47% and is clustered among newly infected elderly patients.  In general, the human immune system weakens with age.  Individuals sixty years and older are known to have increased susceptibility to common cold viruses and pneumonia as well as fungal and bacterial infections and cancer.  When older individuals become infected with SARS or West Nile Virus, their immune system is less able to mount a robust immune response to keep the disease in check.  Dr. Eyal Talor, Senior Vice President of Research and Manufacturing at CEL-SCI, said, "Multikine has been shown in humans to have both anti-viral as well as immune-boosting attributes.  We believe that early administration of Multikine, immediately following diagnosis of SARS, West Nile Virus and other infectious viral diseases, may help to boost the body's natural immune response, thereby increasing the infected individual's ability to fight off the disease." 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. COMPANY CONTACT:                          INVESTOR RELATIONS: Gavin de Windt                                  Damian McIntosh CEL-SCI Corporation                         Investor Relations Group (703) 506-9460                                 (212) 825-3210 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.