Cleveland BioLabs Receives Additional Funding for Radiation Project

Business of Biotech

Cleveland BioLabs, Inc. (NASDAQ: CBLI) today announced an additional $2.3 million in funding for a $13.3 million contract with the Biomedical Advanced Research and Development Authority (BARDA) of the Department of Health and Human Services (DHHS) for the development of Radiation Countermeasure Protectan CBLB502. In addition, BARDA increased the first milestone-based option from $4.0 million to $6.3 million, increasing the total contract value including all milestone-based options from $13.3 million to $15.6 million over the three-year period. The funds will be used for clinical studies, toxicology and manufacturing necessary for completion of a Biologic License Application for the FDA.

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