  A lightcurve of the eclipsing binary CM Draconis has been analyzed for the
presence of transits of planets of size >= 2.5 Earth-radii (Re), with periods
of 60 days or less, and in co-planar orbits around the binary system. About 400
million model lightcurves, representing transits from planets with periods
ranging from 7 to 60 days, have been matched/correlated against these data.
This process we call the "transit detection algorithm" or TDA. The resulting
`transit-statistics' for each planet candidate allow the quantification of
detection probabilities, and of false alarm rates.
  Our current lightcurve of CM Dra has a coverage of 1014 hours with 26,043
individual points, at a photometric precision between 0.2% and 0.7%. Planets
significantly larger then 3Re would constitute a `supra-noise' detection, and
for periods of 60 days or less, they would have been detected with a
probability of 90%. `Subnoise' detections of smaller planets are more
constrained. For example, 2.5 Re planets with 10-day periods or less would have
been detected with an 80% probability. The necessity for predicted observations
is illustrated with the nine top planet candidates that emerged from our TDA
analysis. They are the planet candidates with the highest transit-statistics
from the 1994-1998 observing seasons and, for them, transits for the 1999
observing season were predicted. Of the seven candidates that were then
observationally tested in 1999, all were ruled out except one, which needs
further observational confirmation. We conclude that the photometric transit
method is a viable way to search for relatively small, inner extrasolar planets
with moderate-sized telescopes using CCD photometry with a matching-filter
analysis.
