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CEL-SCI Corporation Message Board

  • aspecul8tr aspecul8tr Aug 12, 2014 8:06 PM Flag

    New development in CVM's lawsuit against old CRO

    From the article in CBS Marketwatch:

    Also on Monday, shares of CEL-SCI Corporation (nysemkt:CVM) saw shares gap up slightly and close +3.77% higher after investors spotted a positive development reference to the firm's arbitration proceedings against inVentiv Health Clinical, LLC in the company's newly filed quarterly report.

    For the first time, investors are hearing that on June 24, 2014, the arbitrator in the case denied inVentiv's motion to dismiss the case.For the first time, investors are hearing that on June 24, 2014, the arbitrator in the case denied inVentiv's motion to dismiss the case.

    This is seen as a bullish development since inVentiv had moved to dismiss certain claims in December 20, 2013.

    In late October of 2013, CEL-SCI commenced arbitration proceedings against inVentiv, the Company's former clinical research organization, alleging breach of contract, fraud in the inducement, and common law fraud. They currently seeks at least $50 million in damages- a sum which could significantly impact the firm's market cap and share price.

    CEL-SCI says they filed the arbitration because, among other reasons, the number of patients enrolled and treated in the study fell below the level agreed to with inVentiv. In April 2013, CEL-SCI management fired Ventiv and replaced it with Aptiv Solutions, Inc. and Ergomed Clinical Research Ltd.

    Replacing inVentiv with the new CROs has undoubtedly resulted in faster enrollment. The company announced last month total patient enrollment of 232 people, more than one-quarter towards their goal of 880 by the end of next year.

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CVM
0.58-0.02(-2.67%)Nov 21 4:02 PMEST

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