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Cleveland BioLabs Reports Second Quarter 2013 Financial Results And Development Progress

Stocks in this article: CBLI

BUFFALO, N.Y., Aug. 13, 2013 (GLOBE NEWSWIRE) -- Cleveland BioLabs, Inc. (Nasdaq:CBLI) today reported financial results and development progress for the second quarter and six-month periods ended June 30, 2013.

Cleveland BioLabs reported a net loss attributable to its common stockholders for the second quarter of 2013 of $3.0 million, or $0.07 per share of common stock, as compared to a net loss attributable to its common stockholders of $5.1 million, or $0.14 per share of common stock, for the second quarter of 2012. Cleveland BioLabs reported a net loss attributable to its common stockholders for the first six months of 2013 of $12.8 million, or $0.29 per share of common stock, as compared to a net loss attributable to its common stockholders of $10.5 million, or $0.29 per share of common stock, for the same period in 2012.

At June 30, 2013, the Company had $13.6 million in cash, cash equivalents and short-term investments, $8.8 million of which was available for general use and $4.8 million of which was restricted for the use of majority-owned subsidiaries.

Yakov Kogan, Ph.D., MBA, Chief Executive Officer, stated, "We remain focused on advancing our pipeline. We continue to execute studies under our ongoing Department of Defense contracts for the Entolimod radiation countermeasure program, while we await definitive feedback on our development proposal to the Biomedical Advanced Research and Development Authority (BARDA) of the Department of Health and Human Services. We are actively engaged with the U.S. Food and Drug Administration and are making steady progress towards finalizing remaining requirements for a Biologics License Application and pre-Emergency Use Authorization submission for this indication."

"Our development team is also moving forward with oncology studies," added Dr. Kogan. "We recently announced treatment of the first patient in a multi-center, Phase 1 trial evaluating intravenous administration of CBL0137 in patients with metastatic or unresectable advanced solid cancers and lymphomas in the U.S. We are very excited to have this study underway and to further explore our findings related to Facilitates Chromatin Transcription (FACT), the molecular target of CBL0137."

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