CLEVELAND, July 20 /PRNewswire-FirstCall/ -- Cleveland BioLabs, Inc. (NASDAQ:CBLI)(Boston Stock Exchange:CFB) (the Company) announced today that it has successfully completed its initial public offering of 1,700,000 shares of its common stock which was priced at $6.00 per share, all of which will be sold by the Company. Beginning July 21, 2006, the shares will be quoted on the Nasdaq Capital Market under the symbol "CBLI" and listed on the Boston Stock Exchange under the symbol "CFB." The underwriters have a 45-day option to purchase up to an additional 255,000 shares from the Company at the initial public offering price less the underwriting discount.

The Company expects to receive net proceeds of approximately $8.5 million from the offering and intends to use the net proceeds to continue the development of its radioprotectant and anti-cancer drug compounds and the research and development of new generations of drugs.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Sunrise Securities Corp. was the sole book-running manager for the offering and Sunrise Securities Corp. and Roth Capital Partners were the co-managing underwriters. Copies of the final prospectus related to this offering may be obtained from Sunrise Securities Corp.'s Prospectus Department, 641 Lexington Ave., 25th Floor, New York, NY 10022 (telephone 212-421-1616), or Roth Capital Partners' Prospectus Department, 24 Corporate Plaza Drive, Newport Beach, CA 92060 (telephone 800-678-9147).

About Cleveland BioLabs, Inc.

Cleveland BioLabs, Inc. is a drug discovery and development company with the goal to identify and develop new types of drugs for the protection of normal tissues from exposure to radiation and other stresses, such as toxic chemicals and for cancer treatment. Our development efforts are based on discoveries made in connection with the investigation of the cell-level process known as apoptosis. To learn more about Cleveland BioLabs Inc., please visit the company's website at .

This press release contains forward-looking statements that reflect our current view with respect to various aspects of the offering including, without limitation, the listing of the shares and expected use of proceeds. Actual results of the transaction could be significantly different. Factors that could affect results include those set forth in filings made by Cleveland BioLabs, Inc. with the Securities and Exchange Commission. These factors include, but are not limited to, those discussed in our Registration Statement on Form SB-2 under the caption "Risk Factors." We caution readers not to place undue reliance on these forward-looking statements. Although forward-looking statements help provide complete information about future prospects, readers should keep in mind that forward-looking statements are much less reliable than historical information.