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Shares of Cel-Sci (CVM) are still trading for below forty cents, but even as interest in the stock is low right now, CVM could quickly turn into a mid to long term keeper should the ongoing global Phase III Multikine trial prove successful.

The trial started at the close of last year and has since spread to other locations, such as the New York metropolitan area, Europe, and Asia.

It's in Asia - Taiwan specifically - where Cel-Sci's partner Orient Europharma is expected to beging enrolling patients in the trial this month, and representatives of Orient were in Seoul, Korea last week presenting its Multikine development strategy to the World Orphan Drug Congress.

The presentation by Yao Ting Lin, the head of Orient's business development division, will be titled, “Developing orphan drugs in Asia: Successful collaborative effort between biotechs & policy makers,” and will include a case study of its strategy for developing Multikine (Leukocyte Interleukin, Injection) in Taiwan, according to a Cel-Sci press release issued last week.

Orient will conduct the trial at seven centers in Taiwan, while globally the trial is expected to enroll over 800 patients from about fifty locations.

The Israeli portion of the trial will be conducted by another big-named partner of Cel-Sci's, Teva. A June press release indicated that enrollment in that country was soon to begin.

Multikine is Cel-Sci's flagship product and is being tested for the treatment of head and neck cancer. As compared to Dendreon's (DNDN) Provenge, for example, Multikine could be a part of the follow-on generation of cancer immunotherapies since it is an 'off the shelf' vaccine; meaning that a patient sample is not necessary before administering treatment.

Most cancer immunotherapy stocks took a hit following Dendreon's surprise revision of Provenge sales guidance last month, with CVM being no exception, but should results from the ongoing Multikine trial start rolling in on an encouraging note, then a significant rebound would be in store.

Keep in mind, however, that results are still a ways away, and that could keep CVM trading below the radar for a while longer.

Although still a speculative accumulation play, don't forget about CVM and its long term potential, should Multikine prove to work as advertised.

Disclosure: Long CVM.

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