CEL-SCI Corporation (NYSE MKT: CVM) reported on a communication from staff of its current listing exchange that it considered the company to be noncompliant with certain listing requirements based on its quarterly report for the period ended March 31, 2013. The Company was given an opportunity to maintain its listing by submitting a plan of compliance by August 19, 2013. The Company intends to submit such a plan by August 19, 2013.
Based on the company's quarterly report on Form 10-Q for the period ended March 31, 2013, noncompliance was noted with respect to the requirement of Section 1003(a)(iv) of the Company Guide for NYSE MKT. The exchange indicated that in order to maintain its NYSE MKT listing, a plan should be submitted by August 19, 2013 addressing regaining compliance with Section 1003(a)(iv) of the exchange's Company Guide by September 30, 2013. Additional information and provisions regarding the NYSE MKT requirements are found in Part 10 of its Company Guide.
The communication and compliance plan has no current effect on the listing of the company's shares on the exchange. If the plan is not acceptable or the company does not make sufficient progress under the plan or reestablish compliance by September 30, 2013, then staff of the exchange may initiate proceedings for delisting from the NYSE MKT. The company may then appeal a staff determination to initiate such proceedings in accordance with the exchange's Company Guide.
About CEL-SCI CorporationCEL-SCI is dedicated to research and development directed at improving the treatment of cancer and other diseases by utilizing the immune system, the body's natural defense system. Its lead investigational therapy is Multikine (Leukocyte Interleukin, Injection), currently being studied in a pivotal global Phase III clinical trial. CEL-SCI is also investigating an immunotherapy (LEAPS-H1N1-DC) as a possible treatment for H1N1 hospitalized patients and as a vaccine (CEL-2000) for Rheumatoid Arthritis (currently in preclinical testing) using its LEAPS technology platform. The investigational immunotherapy LEAPS-H1N1-DC treatment involves non-changing regions of H1N1 Pandemic Flu, Avian Flu (H5N1), and the Spanish Flu, as CEL-SCI scientists are very concerned about the possible emergence of a new more virulent hybrid virus through the combination of H1N1 and Avian Flu, or maybe Spanish Flu. The Company has operations in Vienna, Virginia, and in/near Baltimore, Maryland.