STAT Plus: A cancer company has misled investors repeatedly about its drug. It’s time for some truth-telling
Last January, I explained why a Phase 3 clinical trial involving an immunotherapy for head and neck cancer owned by the tiny biotech Cel-Sci (CVM) was doomed to deliver a negative outcome. Since then, Cel-Sci shares have soared threefold. The $3 stock now trades above $9.
Was I wrong? Not at all. The Cel-Sci immunotherapy in question, called Multikine, is still destined to fail. (In fact, it already has.) My only error last January was not appreciating the extent to which Cel-Sci was willing to issue a steady flow of misleading and erroneous information about the Multikine Phase 3 clinical trial.
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