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BUFFALO, N.Y., May 9, 2013 (GLOBE NEWSWIRE) --
Cleveland BioLabs, Inc. (Nasdaq:CBLI) today reported financial results and development progress for the first quarter ended March 31, 2013.
Cleveland BioLabs reported a net loss attributable to its common stockholders for the first quarter of 2013 of $9.8 million, or $0.22 per share of common stock, as compared to a net loss attributable to its common stockholders of $5.4 million, or $0.15 per share of common stock, for the first quarter of 2012.
At March 31, 2013, the Company had $21.1 million in cash, cash equivalents and short-term investments, $13.4 million of which was available for general use and $7.7 million of which was restricted for the use of majority-owned subsidiaries.
Yakov Kogan, Ph.D., MBA, Chief Executive Officer, stated, "We recently took some significant steps forward in aligning our organization to support our evolution into a more clinically-oriented company. We announced the addition of three new directors to our board. Julia Brown and Anthony Principi, J.D. both have long histories of leadership roles in the pharmaceutical industry, and in Anthony's case, the Federal government, as well. We believe their first-hand experience and understanding of the challenges we face as a young drug development company and a government contractor will help us better navigate the road ahead. Randy Saluck, J.D., MBA has been a shareholder of CBLI since 2009 and adds the perspective of more than 20 years of fund management and investment banking on Wall Street.
"In addition, we have intensified our focus on regulatory affairs and clinical development, which was reflected by our addition of Jean Viallet, M.D. as Chief Development Officer, along with Gillian Miller, Ph.D., as Senior Director of Regulatory Affairs and Judith Schnyder, MBA as Director of Clinical Operations. We believe these enhancements to our operational leadership will be invaluable as we advance our oncology clinical trials and pursue approval of Entolimod as a radiation countermeasure."