CEL-SCI Corporation Pops after Optimistic Phase 3 Tests
Shares of CEL-SCI Corporation (NYSE: CVM) are seeing much strength in Monday's pre-market session after the company announced on Friday some optimistic data on its Phase 3 trial.
The company sent a letter to share holders, saying, "During 2011, we made great operational progress in bringing our investigational cancer drug Multikine® (Leukocyte Interleukin, Injection) closer to market. Our Phase III clinical trial for head and neck cancer, which is designed to prove to the most rigorous standards that Multikine works, was launched in dozens of hospitals located in eight countries on three continents. This trial is the largest head and neck cancer trial in the world. All of us at CEL-SCI are very proud of this major accomplishment. If we are successful in proving that the addition of Multikine to the current cancer therapies increases the patients' overall survival, we would then expect to submit the Multikine drug dossier to regulatory agencies around the world for approval."
The letter continued on to say, "I am constantly being asked how the study is going. As you may know, I am not allowed to discuss the study results at this early stage. However, that being said, our confidence may be best expressed by the decision made to expand the trial into four extra territories at additional expense and effort, with the help of our partner Teva in certain areas. We are doing so because we want to complete the study to prove Multikine's effectiveness as quickly as possible and hopefully receive marketing approval from the regulators."
Currently shares of CEL-SCI Corp are trading higher by about 15% at about $0.46; or up 38% on the year.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.