Cleveland BioLabs Loses Out On Defense Contract
A Defense Department rejection left Cleveland BioLabs (CBLI) stock in the dust on Friday.
Shares plummeted nearly 60% after the Buffalo, N.Y., company's proposed treatment for the gastrointestinal effects of radiation sickness, Protectan CBLB502, wasn't chosen for a lucrative DoD contract award.
Protectan, which has yet to undergo clinical human testing, is the company's lead candidate for acute radiation syndrome. Had it been selected by the DoD, the compound's development would have gotten funding through approval at the Food and Drug Administration, according to the company's latest quarterly filing.
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