Cel Sci Corporation (CVM)

[sab63090]

@george

Not sure about that, since the data has not been verified yet and the time to endpoint is still somewhat uncertain. The fact that we are continuing is a positive, but the time to endpoint is not which creates the FUD that we are left with. There is some question remaining about dropouts, etc. We all read about "96% complete" coming and deleted from the Ergomed slides, but that might have just been an error.

My "suspicion" is some holders of stock wrote covered calls and were right in that the premiums were way TOO HIGH and now there is no news expected near term, hence we saw the sharp drop in premiums. so it's possible that some of the above were warrant holders who did exchange for stock and wrote calls. We wont know for some time about how much warrants were exercised....we've got some mysterious time to wait, so either the IDMC stops the trial or they continue on for the #298.....when? Don't know, but we do have our stat guys to rely on.