Cleveland BioLabs Announces $7 Million At-The-Market Registered Direct Offering

BUFFALO, N.Y., Jan. 14, 2014 (GLOBE NEWSWIRE) -- Cleveland BioLabs, Inc. (Nasdaq:CBLI) today announced that it has entered into definitive agreements with two institutional investors to purchase an aggregate of $7 million of its common stock in an at-the-market registered direct offering at $1.22 per share. Additionally, for each share of common stock purchased, investors will receive a Series A Warrant to purchase one-half of a share of our common stock at an exercise price of $1.22 per share, which shall be initially exercisable six months following issuance and expire five years from the date of issuance, and a Series B Warrant to purchase one-half of a share of our common stock at an exercise price of $1.22 per share, which shall be initially exercisable six months following issuance and expire 18 months from the date of issuance. The closing of the offering is expected to take place on or about January 16, 2014, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co., LLC acted as exclusive placement agent in connection with the offering. Cantor Fitzgerald & Co. acted as the financial advisor in connection with the offering.

A shelf registration statement (File No. 333-192755) relating to the shares issued in the offering has been filed with and declared effective by the Securities and Exchange Commission (the "SEC"). A prospectus supplement relating to the offering will be filed by Cleveland BioLabs with the SEC. When available, copies of the prospectus supplement, together with the accompanying prospectus, can be obtained at the SEC's website at http://www.sec.gov, from request at H.C. Wainwright & Co., LLC by e-mailing placements@hcwco.com, or from Cleveland BioLabs, by emailing rlevine@cbiolabs.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Cleveland BioLabs in this offering. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

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