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Geert Kersten, the CEO of drugmaker Cel-Sci, stopped communicating publicly soon after the company’s cancer drug failed to prolong the survival of patients in a large clinical trial last June. Privately, Kersten is talking to select investors. And what he’s telling them could land him and Cel-Sci in trouble with federal regulators.

During a conference call last Wednesday, Kersten tipped off an invitation-only group of investors and brokers about Cel-Sci’s plan to issue a “major press release” later this week, possibly on Thursday, related to its cancer drug, called Multikine. The press release was to be issued simultaneously with a posting of Multikine clinical trial data on the government’s ClinicalTrials.gov website, Kersten said.

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