BUFFALO, N.Y., Oct. 16, 2013 (GLOBE NEWSWIRE) -- Cleveland BioLabs, Inc. (Nasdaq:CBLI) today announced that its wholly-owned Russian subsidiary, BioLab 612, LLC, has entered into a three-year contract valued at 149 million rubles, or approximately $4.6 million, with the Ministry of Industry and Trade of the Russian Federation for clinical development of Entolimod (CBLB502). The contract funds will be used to support the clinical safety and efficacy assessment of Entolimod in colorectal cancer. The contract requires that the contractor, BioLab 612, attract matching funds to the project. It is anticipated that this requirement will be primarily satisfied through the contribution by CBLI of certain patents issued by the Eurasian Patent Organization to BioLab 612.
Jean Viallet, MD, Chief Development Officer, stated, "We have recently discovered that Entolimod induces a strong stimulation of naturally occurring immune mechanisms that are localized in specific tissues, including the liver, that express high levels of Entolimod's target receptor. Preclinical studies using animal models have shown that this immune response occurs immediately and is sufficiently robust to reduce the incidence of liver metastases from colon cancer and certain other types of cancer and to extend the survival of the treated animals. These observations suggest that Entolimod might be applicable for adjuvant treatment of tumors such as colon cancer that show a propensity to metastasize to the liver. We look forward to exploring the clinical potential of this novel and intriguing immunotherapeutic approach."
Yakov Kogan, Ph.D., MBA, Chief Executive Officer, added, "We are pleased to secure further funding from a government agency for development of our pipeline. Over the past five years, we have secured approximately $100 million in non-dilutive grant and contract awards from the US and foreign governments."
About Cleveland BioLabs, Inc.
Cleveland BioLabs, Inc. is a clinical-stage biotechnology company leveraging deep understanding of molecular and cellular mechanisms of biological stress responses to develop a robust pipeline of compounds primarily focused on oncology applications and mitigation of radiation injury. The company's lead compound is being developed as both a radiation countermeasure and a cancer treatment. The Company has three operating subsidiaries, Incuron, LLC, BioLab 612, LLC and Panacela Labs, Inc., and strategic relationships with the Cleveland Clinic, Roswell Park Cancer Institute, the Children's Cancer Institute Australia and the Armed Forces Radiobiology Research Institute. To learn more about Cleveland BioLabs, Inc., please visit the Company's website at http://www.cbiolabs.com.
This press release contains certain forward-looking information about Cleveland BioLabs that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding the likelihood of receiving funding; our ability to successfully develop and commercialize our therapeutic products; the conduct and results of our various clinical trials; and future performance. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.
These factors include, among others, the decisions of third parties regarding whether or not to fund the Company through grants; the Company's failure to successfully and timely develop existing and new products; the Company's collaborative relationships and the financial risks related thereto; the Company's inability to obtain regulatory approval in a timely manner or at all; the risks inherent in the early stages of drug development and in conducting clinical trials; the Company's ability to comply with its obligations under license agreements; the Company's history of operating losses and the potential for future losses, which may lead the Company to not be able to continue as a going concern. Some of these factors could cause future results to materially differ from the recent results or those projected in forward-looking statements. See also the "Risk Factors" and "Forward-Looking Statements" described in the Company's periodic filings with the Securities and Exchange Commission.
Contact:
Rachel Levine, Vice President, Investor Relations
Cleveland BioLabs, Inc.
T: (646) 284-9439
E: rlevine@cbiolabs.com
