Panacela Signs Contract for Approximately $4.6 Million With Russian Ministry of Industry and Trade for Development of Mobilan; Announces Appointment of Michael Fonstein as CEO and President
10/23/2013 9:30:31 AM
BUFFALO, N.Y., Oct. 23, 2013 (GLOBE NEWSWIRE) -- Cleveland BioLabs, Inc. (Nasdaq:CBLI) today announced that Panacela Labs, Inc., a majority-owned subsidiary of CBLI, has entered into a contract valued at approximately 149 million rubles, or approximately $4.6 million, with the Ministry of Industry and Trade of the Russian Federation for development of Mobilan, a cancer vaccine in preclinical development. Under the contract, the Russian Federation has agreed to match Panacela's funding of Mobilan over a period of approximately three years, for support of preclinical and clinical studies.
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