Cleveland BioLabs Optimizes Operational Focus on Clinical Development
BUFFALO, N.Y., Oct. 18, 2013 (GLOBE NEWSWIRE) -- Cleveland BioLabs, Inc.
(Nasdaq:CBLI) announced today that because of maturation of its development
pipeline and a reduced need for certain services, it has transferred
laboratory and preclinical services personnel to Buffalo BioLabs, LLC, an
entity affiliated with one of the Company's co-founders, Andrei Gudkov, Ph.D.,
D. Sci. CBLI has executed a service agreement providing for continuedaccess
to this team on an as-needed basis. The service agreement terms will be filed
on Form 8-K later today.
"As we noted on our second quarter call, our maturing product pipeline
requires less laboratory and preclinical support. We believe this
restructuring allows us to sharpen our clinical development focus and preserve
financial resources, while maintaining priority access to existing laboratory
and preclinical services talent," noted Yakov Kogan, Ph.D., MBA, Chief
Executive Officer of Cleveland BioLabs. "Our forecasted cash runway into the
second quarter of 2014 includes estimated cost savings of approximately
$130,000 per month on average from this transfer in 2014 and increased savings
over time, as our need for these services decreases."
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, BioLabs
612, LLC and Panacela Labs, Inc., and strategic relationships with the
Cleveland Clinic, Roswell Park Cancer Institute, the Children's Cancer
Institute Australia for Medical Research 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;
estimated future cost savings; 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 ability to obtain laboratory and preclinical services from third
parties; 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.
Rachel Levine, Vice President, Investor Relations
Cleveland BioLabs, Inc.
T: (646) 284-9439
Cleveland BioLabs, Inc. Logo
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