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Cleveland BioLabs Announces Appointment Of Shareholder Representative To Board

BUFFALO, N.Y., May 8, 2013 (GLOBE NEWSWIRE) -- Cleveland BioLabs, Inc. (Nasdaq:CBLI) today announced that its board of directors has appointed a shareholder representative, Randy S. Saluck, J.D., MBA as an independent director.

Yakov Kogan, Ph.D., MBA, Chief Executive Officer, stated, "Randy has been a shareholder of CBLI since 2009 and brings more than 20 years of experience on Wall Street to our Board. We believe Randy's knowledge of the company and background, as a senior analyst or portfolio manager at several hedge funds with assets under management ranging from $50 million to over $3 billion, will provide us with critical shareholder perspective on our strategic decisions and help us safeguard shareholder value."

Mr. Saluck has been the Managing Member of Mortar Rock Capital Management, LLC and the Portfolio Manager of Mortar Rock Capital LP, a value-oriented investment fund, since 2005. From 2002 to 2005, he was a portfolio manager at the investment fund of Meisenbach Capital, LP and, from 2000 to 2002, Mr. Saluck was a senior analyst at Tyndall Partners, LLC, which invested in value-oriented equities and distressed debt. From 1999 to 2000, Mr. Saluck was an analyst at Highfields Capital Management, LLC, where he was responsible for special situations and risk arbitrage. 

Prior to his investment management experience, Mr. Saluck was an investment banker focused on mergers and acquisitions involving a variety of industries at Salomon Brothers Inc. Before becoming an investment banker, Mr. Saluck was a corporate and securities attorney, working at Cahill Gordon & Reindel LLP and then Tenzer Greenblatt LLP. As an attorney, Mr. Saluck worked with numerous small capitalization companies assisting them in the execution of their financing and strategic plans. He received a Bachelor's degree from the University of Pennsylvania, a Juris Doctor degree from the University of Virginia and an MBA from the Wharton School of the University of Pennsylvania with a concentration in finance and accounting. Mr. Saluck currently serves on the Board of Directors of the Connecticut Region of the Anti-Defamation League.

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