BUFFALO, NY--(Marketwire - September 19, 2011) - Cleveland BioLabs, Inc. (NASDAQ: CBLI) and Incuron, LLC today announced that Incuron has been awarded a $5 million grant through the Russian Federation Government initiative "Skolkovo" to support research and clinical development efforts related to Curaxins. This government initiative aims to encourage breakthrough science and innovation in biotechnology and other sectors of the Russian economy.
Andrei Leonov, Ph.D., Chief Executive Officer of Incuron, stated, "This prestigious Skolkovo grant significantly raises the profile of our work with Curaxins in oncology. Moreover, it may enable us to explore additional potential applications of this novel class of therapeutic agents. Scientific and medical innovation is a high priority for the country and we are proud to be developing such a promising platform of compounds."
Curaxins are synthetic small molecules designed to simultaneously target major cell stress response pathways that are frequently deregulated in cancer. Additional insights into the mechanism of action of Curaxins were recently published in Science Translational Medicine (Gasparian, et al., Science Translational Medicine, 3:95ra74; August 10, 2011).
About Cleveland BioLabs, Inc.
Cleveland BioLabs, Inc. is a drug discovery and development company leveraging its proprietary discoveries around programmed cell death to develop treatments for cancer and protection of normal tissues from exposure to radiation and other stresses. The Company has strategic relationships with the Cleveland Clinic, Roswell Park Cancer Institute, ChemBridge Corporation and the Armed Forces Radiobiology Research Institute. To learn more about Cleveland BioLabs, Inc., please visit the company's website at www.cbiolabs.com.
About Incuron, LLC
Incuron, LLC is a Russian Federation based joint venture between Russian Closed Mutual Venture Fund "Bioprocess Capital Ventures," and Cleveland BioLabs, Inc. Bioprocess Capital Ventures is a Russian Federation Venture Capital Fund managed by "Bioprocess Capital Partners, LLC," which was founded by several Russian investors including "Russian Venture Company," JSC and a state corporation VneshEconomBank (VEB). The Fund focuses on investments in innovative projects in the pharmaceutical, biotechnology, and fine chemistry sectors of the economy in the Russian Federation. Incuron's strategy includes preclinical and clinical development of breakthrough biotechnologies discovered by CBLI with the subsequent introduction of brand new anticancer drugs with novel mechanism of action ("Curaxins") to both Russian and American markets. To learn more about Incuron, LLC, please visit the company's website at http://eng.incuron.ru/.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors.
These factors include, among others, 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; the Company's need for substantial additional financing to meet its business objectives; the potential for the loss of funding from the Company's R&D grants and contracts and its ability to win additional funding under such grants and contracts; the Company's failure to successfully and timely develop new products; the risks inherent in the early stages of drug development and in conducting clinical trials; the Company's inability to obtain regulatory approval in a timely manner or at all; the Company's collaborative relationships and the financial risks related thereto; the Company's ability to comply with its obligations under license agreements; the potential for significant product liability claims; and the Company's ability to comply with various safety, environmental and other governmental regulations. 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.