Cleveland Biolabs Potential $45 Million Contract

From Associated Press (September 17, 2010)


NEW YORK -- Drug developer Cleveland BioLabs Inc. said Friday it won a contract worth up to $45 million from the U.S. Department of Defense to develop and stockpile a drug candidate as a medical radiation countermeasure.

Under the deal, the Defense Department will initiate funding for development of CBLB502 through Food and Drug Administration approval in the amount of $14.8 million. Upon FDA approval, the contract provides options for the purchase of $30 million worth of CBLB502 doses.

Shares of Cleveland BioLabs rose 35 cents, or 7.2 percent, to $5.22 in afternoon trading. The stock has traded between $2.80 and $5.74 over the last 52 weeks.
 

Posted: September 2010


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