Dutton Associates Announces Investment Opinion: CEL-SCI Speculative Buy Rating in Update Coverage by Dutton Associates

EL DORADO HILLS, Calif.--(BUSINESS WIRE)--Dutton Associates updates coverage of CEL-SCI (AMEX: CVM) maintaining a speculative buy rating and a $.90 target price. The 12-page report by Dutton senior analyst Wayne M. Lottinville, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.

CEL-SCI is preparing for a multi-country, multi-center, 800 patient, pivotal Phase 3 trial with Multikine®, which is the Company’s unique, proprietary product intended as adjunctive, first-line therapy for squamous cell carcinoma of the head and neck (SCCHN). SCCHN is a disease whose recurrence rate is common and prognosis remains poor despite the addition of both radiation and chemotherapy to surgery as treatments. We believe the results of this study will dictate the success or failure of the Company as an investment. The clinical use of Multikine in over 200 patients to date suggests that the product is safe and potentially efficacious. We believe Multikine is possibly a first in a class of drug that acts on both the cancer and the host’s anticancer immune response. We believe Multikine could eventually take its rightful place as part of the armamentarium for the treatment of SCCHN. We are continuing to assign an investment rating of Speculative Buy. Based on our analysis, a target price — which in this case is distinct from the Company’s much higher “fair value” — could include a wide range of valuations well above the Company’s current share price. Our experience leads us to believe that an approved drug would participate in a multiple-billion dollar market for the treatment of SCCHN, and — provided that Multikine proves successful in its upcoming clinical trial — we believe the value of the common stock of the Company could be multiples of its current market capitalization of $69 million.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts, primarily CFAs, have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 10/24/2006. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst’s personal views about the subject securities or issuer. Neither the analyst’s compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.