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SEC Comment Letter for CEL SCI CORP (CVM) (CIK 0000725363) (CVM) — Oct 7, 2009

CEL SCI CORP (CVM) (CIK 0000725363)
Date: Oct. 7, 2009 · CIK: 0000725363 · Accession: 0000000000-09-056806

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File numbers found in text: 333-161504

Date
October 7, 2009
Author
Not clearly detected
Form
UPLOAD
Company
CEL SCI CORP (CVM) (CIK 0000725363)

Letter

Mail Stop 4720 October 7, 2009 Mr. Geert Kersten Director, Principal Fi nancial and Accounting Officer and Chief Executive Officer Cel-Sci Corporation 8229 Boone Blvd. #802 Vienna, Virginia 22182 Re: Cel-Sci Corporation Amendment No. 1 to Registrati on Statement on Form S-3/A Filed September 25, 2009 File No. 333-161504 Dear Mr. Kersten: We have limited our review of your filing to those issues we have addressed in our comments. Where indicated, we think you should revise your document in response to these comments. If you disagree, we w ill consider your explanation as to why our comment is inapplicable or a revision is unneces sary. Please be as detailed as necessary in your explanation. Please understand that the purpose of our re view process is to assist you in your compliance with the applicable disclosure requirements and to enhance the overall disclosure in your filing. We look forward to working with you in these respects. We welcome any questions you may have about our comments or any other aspect of our review. Feel free to call us at the telephone numbers listed at the end of this letter.

Amendment No. 1 to Form S-3/A

Risk Factors

1. Please include a risk factor discussion di sclosing the consequences if the Iriquois issue is not resolved in your favor. Your disclosure should be quantified as to the number of additional shares issuable to Iriquois and all other holders of Series K warrants, potential penalties and the reduced proceeds if the warrants are exercised.

Mr. Geert Kersten Cel-Sci Corporation October 7, 2009 Page 2 “Shares issuable upon the conve rsion of notes, or the exer cise of outstanding warrants and options, or as a result of sales made in connection with the e quity line of credit may substantially increase the numb er of shares available for sa le in the public market and may depress the price of Cel-Sci’s common stock,” page 16

2. Please expand the paragraph added on page 17 to state that the shares issued pursuant to the equity line agreement w ill be issued at a 9% discount to the market price at the time of the put an d that the discount may result in an additional decrease in the market price. Additionally, specifically disclose that the number of shares issuable pursuant to the agreement will increase if the market price decreases.

* * * * *

As appropriate, please amend your regist ration statement in response to these comments. You may wish to provide us with marked copies of the amendment to expedite our review. Please furnish a cove r letter with your amendment that keys your responses to our comments and provides any requested information. Detailed cover letters greatly facilitate our review. Please understand that we may have additional comments after reviewing your amendmen t and responses to our comments. We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes all in formation required under the Securities Act of 1933 and that they have provided all information investors require for an informed investment decision. Since the company and its management are in possession of all facts relating to a company’ s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made. Notwithstanding our comments, in the even t the company requests acceleration of the effective date of the pending registration statement, it should furnish a letter, at the time of such request, acknowledging that: ‚ should the Commission or the staff, acting purs uant to delegated authority, declare the filing effective, it does not foreclose th e Commission from taking any action with respect to the filing; ‚ the action of the Commission or the staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the company from its full responsibility for the adequacy and accuracy of the disclosure in the filing; and ‚ the company may not assert staff comments a nd the declaration of effectiveness as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

Mr. Geert Kersten Cel-Sci Corporation October 7, 2009 Page 3 In addition, please be advi sed that the Division of En forcement has access to all information you provide to the staff of the Di vision of Corporation Finance in connection with our review of your filing or in response to our comments on your filing.

We will consider a written request for acceleration of the effective date of the registration statement as conf irmation of the fact that t hose requesting acceleration are aware of their respective re sponsibilities under the S ecurities Act of 1933 and the Securities Exchange Act of 1934 as they rela te to the proposed public offering of the securities specified in the above registration statement. We will act on the request and, pursuant to delegated authority, grant acce leration of the effective date.

We direct your attention to Rules 46 0 and 461 regarding requesting acceleration of a registration statement. Please allow ad equate time after the filing of any amendment for further review before submitting a request for acceleration. Please provide this request at least two business days in a dvance of the requested effective date. Please contact Rose Zukin at (202) 551-3239, Suzanne Hayes at (202) 551-3675 or me at (202) 551-3715 with any questions. S i n c e r e l y , J e f f r e y P . R i e d l e r A s s i s t a n t D i r e c t o r cc: William T. Hart, Esq. Hart & Trinen 1624 Washington Street Denver, CO 80203

Show Raw Text
Mail Stop 4720          October 7, 2009  Mr. Geert Kersten Director, Principal Fi nancial and Accounting
Officer and Chief Executive Officer Cel-Sci Corporation 8229 Boone Blvd. #802 Vienna, Virginia 22182
 Re: Cel-Sci Corporation
  Amendment No. 1 to Registrati on Statement on Form S-3/A
  Filed September 25, 2009
  File No. 333-161504
 Dear Mr. Kersten:
We have limited our review of your filing to those issues we have addressed in
our comments.  Where indicated, we think you should revise your document in response
to these comments.  If you disagree, we w ill consider your explanation as to why our
comment is inapplicable or a revision is unneces sary.  Please be as detailed as necessary
in your explanation.
Please understand that the purpose of our re view process is to assist you in your
compliance with the applicable disclosure  requirements and to  enhance the overall
disclosure in your filing.  We look forward to  working with you in these respects.  We
welcome any questions you may have about our comments or any other aspect of our review.  Feel free to call us at the telephone numbers listed at the end of this letter.

Amendment No. 1 to Form S-3/A

Risk Factors

1. Please include a risk factor discussion di sclosing the consequences if the Iriquois
issue is not resolved in your favor.  Your  disclosure should be quantified as to the
number of additional shares issuable to Iriquois and all other holders of Series K
warrants, potential penalties and the reduced proceeds if the warrants are
exercised.

Mr. Geert Kersten
Cel-Sci Corporation October 7, 2009 Page 2
“Shares issuable upon the conve rsion of notes, or the exer cise of outstanding warrants
and options, or as a result of sales made in  connection with the e quity line of credit may
substantially increase the numb er of shares available for sa le in the public market and
may depress the price of Cel-Sci’s common stock,” page 16

2. Please expand the paragraph added on page 17 to state that the shares issued
pursuant to the equity line agreement w ill be issued at a 9% discount to the
market price at the time of the put an d that the discount may result in an
additional decrease in the market price.  Additionally, specifically disclose that
the number of shares issuable pursuant to the agreement will increase if the market price decreases.

* * * * *

As appropriate, please amend your regist ration statement in response to these
comments.  You may wish to provide us with marked copies of the amendment to expedite our review.  Please furnish a cove r letter with your amendment that keys your
responses to our comments and provides any requested information.  Detailed cover
letters greatly facilitate our review.  Please understand that we may have additional comments after reviewing your amendmen t and responses to our comments.
We urge all persons who are responsible for the accuracy and adequacy of the
disclosure in the filing to be certain that the filing includes all in formation required under
the Securities Act of 1933 and that they have  provided all information investors require
for an informed investment decision.  Since the company and its management are in possession of all facts relating to a company’ s disclosure, they are responsible for the
accuracy and adequacy of the disclosures they have made.
Notwithstanding our comments, in the even t the company requests acceleration of
the effective date of the pending registration statement, it should furnish a letter, at the time of such request, acknowledging that:   ‚ should the Commission or the staff, acting purs uant to delegated authority, declare the
filing effective, it does not foreclose th e Commission from taking any action with
respect to the filing;
 ‚ the action of the Commission or the staff, acting pursuant to delegated authority, in
declaring the filing effective,  does not relieve the company from its full responsibility
for the adequacy and accuracy of the disclosure in the filing; and
 ‚ the company may not assert staff comments a nd the declaration of effectiveness as a
defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

Mr. Geert Kersten
Cel-Sci Corporation October 7, 2009 Page 3
 In addition, please be advi sed that the Division of En forcement has access to all
information you provide to the staff of the Di vision of Corporation Finance in connection
with our review of your filing or in response to our comments on your filing.

We will consider a written request for acceleration of the effective date of the
registration statement as conf irmation of the fact that t hose requesting acceleration are
aware of their respective re sponsibilities under the S ecurities Act of 1933 and the
Securities Exchange Act of 1934 as they rela te to the proposed public offering of the
securities specified in the above registration statement.  We will act  on the request and,
pursuant to delegated authority, grant acce leration of the effective date.

We direct your attention to Rules 46 0 and 461 regarding requesting acceleration
of a registration statement.  Please allow ad equate time after the filing of any amendment
for further review before submitting a request for acceleration.  Please provide this request at least two business days in a dvance of the requested effective date.
 Please contact Rose Zukin at (202) 551-3239, Suzanne Hayes at (202) 551-3675
or me at (202) 551-3715 with any questions.          S i n c e r e l y ,               J e f f r e y  P .  R i e d l e r
        A s s i s t a n t  D i r e c t o r
 cc: William T. Hart, Esq.             Hart & Trinen             1624 Washington Street             Denver, CO 80203