Cleveland Biolabs Inc. Reports Second Quarter 2017 Financial Results And Development Progress
BUFFALO, NY--(Marketwired - Aug 14, 2017) - Cleveland BioLabs, Inc. (NASDAQ: CBLI) today reported financial results and development progress for the second quarter ended June 30, 2017.
Cleveland BioLabs reported a net loss of $(5.6) million, excluding minority interests, for the second quarter of 2017, or $(0.50) per share, compared to a net loss, excluding minority interests, of $(1.9) million, or $(0.17) per share, for the same period in 2016. The increase in net loss was primarily due to an increase in the non-cash adjustment to our warrant liabilities and decreased revenues and expenses due to the completion of our development contracts with the Russian Federation Ministry of Industry and Trade ("MPT"), which was partially offset by reduced operating costs aligned with our streamlined focus primarily on pursuing a pre Emergency Use Authorization with the U.S. Food and Drug Administration ("FDA") and a Marketing Authorization Application with the European Medicines Agency ("EMA") for entolimod as a medical radiation countermeasure.
Cleveland BioLabs reported a net loss of $(5.6) million, excluding minority interests, for the second quarter of 2017, or $(0.50) per share, compared to a net loss, excluding minority interests, of $(1.9) million, or $(0.17) per share, for the same period in 2016. The increase in net loss was primarily due to an increase in the non-cash adjustment to our warrant liabilities and decreased revenues and expenses due to the completion of our development contracts with the Russian Federation Ministry of Industry and Trade ("MPT"), which was partially offset by reduced operating costs aligned with our streamlined focus primarily on pursuing a pre Emergency Use Authorization with the U.S. Food and Drug Administration ("FDA") and a Marketing Authorization Application with the European Medicines Agency ("EMA") for entolimod as a medical radiation countermeasure.