BUFFALO, N.Y., June 14, 2012 (GLOBE NEWSWIRE) -- Cleveland BioLabs, Inc. (Nasdaq:CBLI) today announced that the Company's Board of Directors appointed Yakov Kogan, Ph.D., MBA, as CBLI's Chief Executive Officer. Dr. Kogan had served as interim Chief Executive Officer since January 2012.

Dr. Kogan, stated, "I am truly honored to serve Cleveland BioLabs in this capacity. As a co-founder and fellow shareholder, I am committed to our vision of developing innovative therapies. I believe that our groundbreaking science and world-class team provide a strong foundation to achieve our goals."

During the annual stockholders' meeting, management announced funding of approximately $6 million by its joint venture partner, BioProcess Capital Ventures, into its majority-owned subsidiary, Incuron, LLC. Management also updated its financial forecast, noting that current cash resources are anticipated to last into the third quarter of 2013. Management also indicated that a variety of non-dilutive financing opportunities are actively being pursued by both the Company and its majority-owned subsidiaries.

Updates regarding CBLI's scientific research, clinical development and global business development were reviewed during the Company's investor's day.

Archived webcasts and presentations from the annual stockholders' meeting and investor's day are available on the investor page of the Cleveland BioLabs website at www.cbiolabs.com.

About Cleveland BioLabs, Inc.

Cleveland BioLabs, Inc. is a clinical-stage biotechnology company leveraging deep mechanistic understanding of the cell death process, apoptosis, 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 direct acting anticancer agent. The Company has two operating subsidiaries, Incuron, LLC, and Panacela Labs, Inc., and strategic relationships with the Cleveland Clinic, Roswell Park Cancer Institute, the Children's Cancer Institute of Australia and the Armed Forces Radiobiology Research Institute. To learn more about Cleveland BioLabs, Inc., please visit the Company's website athttp://www.cbiolabs.com.

The Cleveland BioLabs, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11668

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors.

These factors include, among others, 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; the Company's need for substantial additional financing to meet its business objectives; the potential for the loss of funding from the Company's R&D grants and contracts and its ability to win additional funding under such grants and contracts; the Company's failure to successfully and timely develop new products; the risks inherent in the early stages of drug development and in conducting clinical trials; the Company's inability to obtain regulatory approval in a timely manner or at all; the Company's collaborative relationships and the financial risks related thereto; the Company's ability to comply with its obligations under license agreements; the potential for significant product liability claims; and the Company's ability to comply with various safety, environmental and other governmental regulations. 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.

Rachel Levine, Director Investor Relations & Communications
Cleveland BioLabs, Inc.
E: rlevine@cbiolabs.com