Cel-Sci Corp. announced last week that it had entered a sales, marketing and distribution agreement for Multikine in Venezuela and Argentina. Multikine is the company's Phase III immunotherapeutic treatment for head and neck cancer and the deal was signed with IDC-GP Pharm LLC, a joint venture between GP Pharm of Spain and former employees of an un-named "large pharmaceutical company," according to the company's press release last week.

As per the terms of the agreement, IDC-GP will be responsible for regulatory approval in those countries, as well as for marketing and distribution, while Cel-Sci will retain the responsibility of manufacturing the product.

Cel-Sci has also partnered with Teva in Israel and Orient Europharma in Taiwan.

The CVM share price was unmoved with the announcement of the new partnership. All attention at this point is being paid to the global Phase III trial, which the company claims is the largest ever for head and neck cancer.

After announcing the start of the trial during the last week of 2010, the company has amplified that announcement with various updates from around the world of trial starts in other countries where Cel-Sci also hopes to win regulatory approval.

Given the recent market turmoil, some speculative money has left the markets and might have left CVM trading below the radar. Still highly speculative, as all cancer immunotherapy stocks are, should Multikine show the positive results demonstrated by earlier studies, then a swift move upwards would be in order; but keep in mind, most of the trials from around the globe have only just begun, and there's still a long way between here and market approval.

The fact that CVM is again trading at the forty cent level could be an indication that investors are waiting for the trial to play out - in terms of either interim or final results - before jumping in whole-heartedly, but at the same time, with so much speculative money bailed from the market, and with Dendreon's recent crash stealing the show, many feel cancer immunotherapy as a semi-sector is a dangerous place to be altogether right now.

Situations such as those described above is what can have a stock like CVM trading under the radar.

Maybe too risky for some, but the potential rewards will be there for the taking should Multikine make it through Phase III.

Any relevant news could also provide a spike higher, although judging from the lack of movement on the new partnership news, investors hardly consider the most recent news as entirely relevant right now.

Again, all eyes are on trial progression.

Disclosure: Long CVM.

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