We present results of the international collaboration ``TEP'' aimed at monitoring photometrically the eclipsing binary CM Draconis in search for circumbinary planets. Planetary companions with more than ~2 earth radii should produce detectable occultations at the accuracy of our measurements. The observations started in spring 1994 and are still continuing with the participation of the following observatories: Haute Provence (France), Kouvovka (Russia), Lick (USA), La Palma (Spain), Rochester (USA), Skinakas (Greece), Taejon (Korea), Teide (Spain) and Wise (Israel). We have obtained a homogeneous dataset based on a common set of reference stars. So far, we have obtained some 1,000 hours of effective integration time on CM Dra. The analysis of the 1994-96 observations is complete, and list of about 20 events in the lightcurve has been obtained. These are being evaluated for their compatibility with possible planetary transits. Observations will be taken in 1997 again, to determine periodicities among these events.