Dow Jones 8277.15 +36.77 1:30 pm PST, April 4, 2003  NASDAQ 1383.51 -13.07 For info, visit access.smallcapnetwork.com S & P 500 878.85 +2.40 To be removed, please click here Russell 2000 373.28 -1.94 VOLUME 03: ISSUE 12  CEL-SCI --The Quest for Immunization against Bio-Terrorism Lots of exciting developments at biotech firm CEL-SCI Corp (CVM: AMEX), both in product development and research funding. CEL-SCI Corp's development of its CEL-1000 compound as a possible drug/vaccine against multiple bio-terrorism agents took a significant step forward with today's announcement of the receipt of a $1.1 million US. Government grant.  In an environment where it is extremely difficult to secure funds, this significant infusion recently awarded speaks to the importance and relevance of CEL-SCI's work. Shareholders--both new and potential --would be wise to take note of this impressive corporate funding achievement. CEL-SCI secured the grant with partner Northeastern Ohio Universities College of Medicine (NEOUCOM), after a peer review process, to further its pre-clinical work leading to toxicology studies on CEL-1000 as a treatment for viral encephalitis-a potentially lethal inflammation of the brain.  "Results from recent work in different infectious diseases suggest that CEL-1000 operates through the enhancement of the first line human immune defense mechanism (innate immunity) to prevent/fight disease.  These findings make CEL-1000 a prime candidate for bio-defense applications, both as a preventive vaccine and treatment," said Daniel Zimmerman, Senior Vice President of Research, Cellular Immunology of CEL-SCI, earlier this year. A Broad Spectrum Application for Investors CEL-SCI's work with CEL-1000 as a treatment for encephalitis also has application to a myriad of causes for the disease, which could prove timely given the national concern about the potential for bio-terrorism attacks. A list of these causes include the Herpes Simplex Virus (type 1 and 2) the West Nile virus, as well as three viruses identified by the Federal Government as having the second highest risk as biological weapons-specifically the Venezuelan, Eastern and Western Equine Encephalitis viruses.  CEL-1000 continues CEL-SCI's tradition of developing immune enhancing drug/therapies, such as its immune stimulant Multikine --which the company hopes to receive FDA approval later this year to begin Phase III trials. While Multikine is targeted at head and neck cancers, the company is confident that once the clinical data on the drug's efficacy is available from a Phase III trial, it will offer treatment for many types of this deadly affliction. Unlike big Pharma companies, CEL-SCI's mandate is to develop immune enhancing therapies and drugs for the early detection and treatment of disease. CEL-SCI CEO Geert Kersten states that the company will apply all grant funds to the development of bio-terrorism products as well as other non-Multikine projects. Further, CEL-SCI Officers, Directors and employees recently purchased nearly 800,000 shares, injecting funds into the company. This vote of confidence, as well as Mr. Kersten's belief that more government grants will follow, puts the company in an excellent position to continue its important work. The Right Direction The company's stock has moved up-touching 24 cents last week --since our last article in January when the shares were under 20 cents. Following a convincing bounce off the August 2002 low, the shares have been trading up nicely on decent volumes. Technically, a break above 28 cents would confirm a new up-trend. Volumes have also picked up recently, evidencing increasing interest in the shares and the company. CEL-SCI is a company that deserves investor attention. The CEO, Geert Kersten, supplements the standard corporate press releases with frequent updates from the executive suite in the form of corporate, goal-oriented Letters to Shareholders. Mr. Kersten and his team's focus and palpable excitement for CEL-SCI's work is infectious-no pun intended. Developing immune-based drugs and therapies is on the cutting edge of biotech research and few companies have made the commitment that CEL-SCI has to the discipline. For more than a decade the company has moved forward, overcoming significant obstacles including tough markets, a big pharma industry more interested in late-stage therapies, and the constant need to acquire funding.  CEL-SCI has flourished in this challenging environment and today's press release reveals yet another positive step that will further validate both the research and investors' patience.    Your emailed thoughts, as always are most welcome. Email us here: editor@smallcapnetwork.com and give us your thoughts, ideas and comments. Below is a copy of the press release in its entirety for your review: INVESTOR Relations Northeastern Ohio Universities College of Medicine: Lisa Lambert (330) 325-6675  Investor Relations Group: Lisa Lindberg (212) 825-3210 NORTHEASTERN OHIO UNIVERSITIES COLLEGE OF MEDICINE AND CEL-SCI SHARE $1.1 MILLION U.S. GOVERNMENT GRANT FOR DEVELOPMENT OF CEL-1000 AGAINST VIRAL ENCEPHALITIS VIENNA, VA, APRIL 4, 2003  -- NORTHEASTERN OHIO UNIVERSITIES COLLEGE OF MEDICINE (NEOUCOM) has been awarded a $1.1 million grant for collaborative studies with CEL-SCI CORPORATION (AMEX:  CVM) to support the research of Ken S. Rosenthal, Ph.D. and colleagues on the development of CEL-SCI's new compound, CEL-1000, as a possible treatment for viral encephalitis.  Viral encephalitis is a potentially lethal inflammation of the brain. More than 100 different types of viruses can cause acute encephalitis.  In the United States, the most frequently reported causes are herpes simplex virus type 1 (HSV-1) and type 2 (HSV-2) and viruses spread by insects.  These include:  The West Nile Virus and three viruses that the U.S. government has included in the second highest level immediate risk category for use as biological weapons - The Venezuelan Equine Encephalitis (VEE), the Eastern Equine Encephalitis (EEE) and Western Equine Encephalitis (WEE).  Antiviral drugs are available for the treatment of herpes simplex virus infections, but antiviral drugs are not available for other encephalitis causing viruses. Daniel Zimmerman, Senior Vice President of Research, Cellular Immunology of CEL-SCI commented, "We believe that there could be significant potential for CEL-1000 as a possible treatment for viral encephalitis.  Earlier studies in Dr. Rosenthal's lab with Dr. Neena Goel had shown high levels of protection in animal studies against Herpes Simplex Virus.  Other researchers have shown that CEL-1000 also protects against malaria and cancer in animal models.  These studies suggest that CEL-1000 modulates the immune system to more effectively fight different diseases." This grant was awarded following a peer review process and will fund pre-clinical studies leading up to toxicology studies. CEL-1000 is a modified version of a human immune-based protein known to bind to both human and mouse immune cells and appears to act by enhancing the host's immune protective immune response.  It is also expected to be active for humans. 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. 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 pledged 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. 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.