BUFFALO, N.Y., Oct. 16, 2013 (GLOBE NEWSWIRE) -- Cleveland BioLabs, Inc. (Nasdaq:CBLI) today announced that its wholly-owned Russian subsidiary, BioLab 612, LLC, has entered into a three-year contract valued at 149 million rubles, or approximately $4.6 million, with the Ministry of Industry and Trade of the Russian Federation for clinical development of Entolimod (CBLB502). The contract funds will be used to support the clinical safety and efficacy assessment of Entolimod in colorectal cancer. The contract requires that the contractor, BioLab 612, attract matching funds to the project. It is anticipated that this requirement will be primarily satisfied through the contribution by CBLI of certain patents issued by the Eurasian Patent Organization to BioLab 612.
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