Cleveland Biolabs Inc. (CBLI) Signs Contract for Approximately $4 Million With Russian Ministry of Industry and Trade for Development of CBLB612
7/30/2012 9:43:22 AM
BUFFALO, N.Y., July 30, 2012 (GLOBE NEWSWIRE) -- Cleveland BioLabs, Inc. (Nasdaq:CBLI) today announced that, through a wholly-owned Russian subsidiary, it has signed a contract valued at 139 million rubles, or approximately $4 million (based on current exchange rates), with the Ministry of Industry and Trade of the Russian Federation for development of CBLB612, a drug in development for stimulation of hematopoietic stem cell proliferation and mobilization. The contract, issued under Russia's "Pharma 2020" development initiative, provides funding over a period of approximately three years, which will be used to support completion of preclinical studies, filing of an IND and Phase I and II clinical studies.
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