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Cleveland BioLabs Reports Fourth Quarter And Fiscal 2012 Financial Results And Development Progress

Stocks in this article: CBLI

BUFFALO, N.Y., March 14, 2013 (GLOBE NEWSWIRE) -- Cleveland BioLabs, Inc. (Nasdaq:CBLI) today reported financial results and development progress for the fourth quarter and fiscal year ended December 31, 2012.

Cleveland BioLabs reported net income attributable to its common stockholders for the fourth quarter of 2012 of $3.1 million, or $0.07 per share of common stock, as compared to a net loss attributable to its common stockholders of $7.2 million, or $0.20 per share of common stock, for the fourth quarter of 2011. Cleveland BioLabs reported a net loss attributable to its common stockholders for fiscal 2012 of $18.2 million, or $0.49 per share of common stock, as compared to a net loss attributable to its common stockholders of $4.0 million, or $0.12 per share of common stock, for fiscal 2011. The variances in reported net income/loss are largely due to variances in the value of warrant liabilities which are required to be valued on a mark-to-market basis for each reportable period.

At December 31, 2012, the Company had $28.3 million in cash, cash equivalents and short-term investments, $18.0 million of which was available for general use and $10.3 million of which was restricted for the use of majority-owned subsidiaries.

Yakov Kogan, Ph.D., MBA, Chief Executive Officer, stated, "Over the course of 2012, we have brought Entolimodâ„¢ (previously known as CBLB502) into the pivotal stage of its development and moved several of our oncology programs forward in the clinic. With a broad pipeline of first-in-class oncology drugs being developed by us and our majority-owned subsidiaries, we are focused on delivering clinical results while achieving approval and sales for Entolimod as a radiation countermeasure."

"Our agreements and further guidance from the U.S. Food and Drug Administration (FDA) regarding the remaining development steps required to file a Biologic License Application (BLA) for Entolimod as a radiation countermeasure have yielded $2.3 million in additional and redirected awards from the Defense Threat Reduction Agency and Chemical Biological Medical Systems divisions of the Department of Defense (DoD) and enabled us to submit a development proposal to the Biomedical Advanced Research and Development Authority (BARDA) of the Department of Health and Human Services to fund remaining activities," commented Dr. Kogan.

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