Dew,
I used to own CVM. If ever there was a scam biotech, this company can lay claim to the title. They've been around for 25 years and never advanced a single drug to a Phase III as far as I know. They've changed their name at least once in that time. The CEO's father-in-law, aptly name Maximilian, lived (lives?), in Europe, Austria, I believe, and took down a million a year in salary for doing something, although no one could figure out what he did, yet he is listed as "President" and Chairman of the Board. They claim to have done trials in Eastern European countries, but no one could ever seem to verify the trial sites or the doctors involved.
Every so often, six months or so, Geert Kersten, the CEO, will send out a letter to shareholders telling them that the company is on the verge of something or other. You got to read his most recent letter in January. (It's on their website.) The letter even suggests a share price target, based on "biotech cycles" in the Market. It's a doozy. Besides curing cancer and HIV, CVM now has a drug, in animal testing, of course, that can cure the Avian flu virus, of course.
I wish Terry followed this company, because he would have alot to say about it. I don't know how the SEC ever lets all this go on.
The Max and Geert show somehow manages to continue, with the two boys still taking down close to $800,000/year in salaries, plus whatever they can eke out in other places. Truly amazing. Max is 76. It looks like he retired when he started the company. Not a bad retirement fund, I'd say. Someone ought to write a textbook on how these two have managed to keep this scheme alive for so long. It sure beats investing for a living, but the scheme may be nearing a close.
CEL-SCI Receives Notice From Amex Regarding Inability to File 10-Q
Friday February 17, 4:15 pm ET
VIENNA, Va., Feb. 17 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION (Amex: CVM - News) reports the following: On January 18, 2006 CEL-SCI announced that it would not be able to file its 10-K on time and that it had asked the American Stock Exchange (AMEX) for an extension to file its 10-K for the year ending September 30, 2005. The reasons for not being able to file the 10-K on time are described in the Company's press release dated January 18, 2006. The inability to file the 10-K on time is a violation of the AMEX rules, specifically Sections 134 and 1101 of the AMEX Company Guide. As expected, CEL-SCI received a letter from the AMEX stating that the Company will have to submit a plan by February 7, 2006 advising the AMEX of action CEL-SCI has taken, or will take, that would allow the Company to file the 10-K by no later than March 20, 2006. CEL-SCI submitted this plan to the AMEX on February 7, 2006. The plan indicated that it would file the 10-K by March 20, 2006. Since CEL-SCI does not have a completed 10-K, CEL-SCI was unable to file its quarterly report (10-Q) for the period ending December 31, 2005 in a timely manner either. This constitutes an additional deficiency under Section 134 and 1101 of the AMEX rules. CEL-SCI will now have to submit a plan to the AMEX by March 3, 2006 advising the AMEX of action CEL-SCI has taken, or will take, that would allow the Company to file the 10-Q by no later than April 6, 2006. If the AMEX accepts CEL-SCI's plans, CEL-SCI can maintain its AMEX listing during that time subject to the periodic determination by the AMEX that CEL-SCI is making progress consistent with the plan. If CEL-SCI's plan is not accepted, CEL-SCI will be subject to delisting proceedings.
Who wrote that this was a promising company?
What is dew's first rule of biotech investing?
Bladerunner
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