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Cleveland BioLabs Reports Third Quarter 2013 Financial Results And Development Progress

Stocks in this article: CBLI

BUFFALO, N.Y., Nov. 6, 2013 (GLOBE NEWSWIRE) -- Cleveland BioLabs, Inc. (Nasdaq:CBLI) today reported financial results and development progress for the third quarter and nine-month periods ended September 30, 2013.

Cleveland BioLabs reported a net loss for the third quarter of 2013 of $4.1 million, or $0.09 per share, as compared to a net loss of $10.9 million, or $0.30 per share, for the third quarter of 2012. Cleveland BioLabs reported a net loss for the first nine months of 2013 of $16.9 million, or $0.38 per share, as compared to a net loss of $21.3 million, or $0.60 per share, for the same period in 2012.

At September 30, 2013, the company had $14.6 million in cash, cash equivalents and short-term investments, $10.8 million of which was available for general use and $3.8 million of which was restricted for the use of majority-owned subsidiaries. On September 30, 2013, the company entered into a loan and security agreement with Hercules Technology Growth Capital, Inc. (NYSE:HTGC) providing for a senior secured term loan of up to $10 million, $6 million of which was funded upon closing, with net proceeds of $5.8 million reflected in the $14.6 million figure above.

Yakov Kogan, Ph.D., MBA, Chief Executive Officer, stated, "2013 has been a dynamic year for CBLI. We have significantly restructured our organization enabling it to better promote the advancement and maturation of our pipeline. We are focused on delivering value-driving data through execution of oncology trials and registration-enabling studies for the Entolimod radiation countermeasure program."

Jean Viallet, MD, Chief Development Officer, commented, "Our clinical oncology strategy is centered on two key aspects of our pipeline: Immuno-stimulatory capabilities of Entolimod and the role of the molecular target of CBL0137 as an essential enabler of tumor transformation and survival for several aggressive oncogenes. Both of these directions are driven by recent insights regarding the mechanisms of action of these drug candidates and are aligned with exciting trends in oncology development. We are in the midst of drafting trial protocols to characterize these properties and exploring opportunities to partner with the National Cancer Institute and key clinical thought leaders."

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