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The failure of Cel-Sci’s immunotherapy treatment called Multikine to prolong the survival of patients with head and neck cancer has pushed the tiny biotech to the precipice of insolvency. The only remaining uncertainty is how long Cel-Sci’s management team can delay the inevitable shutdown.

That might be years if biotech history — and the company’s penchant for misleading investors about Multikine — is any guide. The company’s already-plunging share price, however, isn’t likely to prove so durable.


Cel-Sci disclosed the failure of the Multikine Phase 3 study last Monday, although predictably, the company tried to cushion the blow with a post-hoc analysis that ginned up a false “survival benefit” for a subgroup of patients. I’ll explain why the company’s salvage effort is scientifically invalid below, but first, let’s consider what happens next.

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