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Cel-Sci Corporation

CVM

Health Care

1

exclusion reason

1 theme

Animal Welfare (1)
CVM Health Care Current as of March 2026

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.

Animal Exploitation
Since Jan 3, 2022

Cel-Sci Corporation is a biotechnology company whose core research and development activities involve animal testing. The company’s primary clinical-stage asset, Multikine, is an immunotherapy for head and neck cancer, and its development has historically relied on animal models for preclinical research. This places the company’s operations within the scope of commercial animal exploitation.

In 2016, Cel-Sci’s contracted animal research facility, Santa Cruz Biotechnology, agreed to pay a record $3.5 million penalty to settle allegations of animal welfare violations from the U.S. Department of Agriculture. The settlement addressed charges that the facility had failed to provide adequate veterinary care and had caused unnecessary pain and distress to animals, including goats and rabbits. While Cel-Sci itself was not the direct subject of the enforcement action, its reliance on external facilities for animal research implicates its supply chain in systemic animal welfare failures.

The company’s public statements emphasize a commitment to animal welfare and the ethical use of animals in research. However, its ongoing engagement in animal-based research for drug development, without a publicly available policy committing to the replacement of animal models with non-animal alternatives, aligns its operations with the commercial exploitation of animals.

Research Sources 1 organization
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

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