Canaccord Genuity Morning Coffee on Cleveland BioLabs (CBLI): Cleveland Rocks!
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Price: $3.17 --0%
Rating Summary:
2 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
2 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity Morning Coffee on Cleveland BioLabs (Nasdaq: CBLI): Cleveland rocks!
Canaccord analyst says, "Recent nuclear activity in Japan has shone a light on pharmaceutical company Cleveland Biolabs, who saw their shares get a significant pop for a second-straight day. Cleveland is developing an injectable protein that is designed to help prevent cell damage in cases where the patient has radiation exposure. The company says it has enough inventory to treat approximately 1,000 people and has advised government agencies that it has the drug, but is yet to hear a response. CEO Michael Finstein said, “There are no approved drugs in this area, and we definitely believe we have a very potent remedy.” The drug is currently in early developmental stages, but Seeking Alpha points out that there have been instances where unapproved drugs have been used in emergency situation. That being said, analysts are cautioning investors that there may not be an immediate benefit to the company. While the drug has proven effective in mice and monkeys, it does not have clinical test result, and it is difficult to see how it could currently be used in Japan. A Wedbush PacGrow analyst said that while the drug is still in the development stage, the crisis makes the company more prominent and that as the drug moves closer to approval, governments are likely to stockpile the drug. He expects the drug to be approved by the end of 2012 and provide Cleveland with annual revenues of around $300 million."
Canaccord analyst says, "Recent nuclear activity in Japan has shone a light on pharmaceutical company Cleveland Biolabs, who saw their shares get a significant pop for a second-straight day. Cleveland is developing an injectable protein that is designed to help prevent cell damage in cases where the patient has radiation exposure. The company says it has enough inventory to treat approximately 1,000 people and has advised government agencies that it has the drug, but is yet to hear a response. CEO Michael Finstein said, “There are no approved drugs in this area, and we definitely believe we have a very potent remedy.” The drug is currently in early developmental stages, but Seeking Alpha points out that there have been instances where unapproved drugs have been used in emergency situation. That being said, analysts are cautioning investors that there may not be an immediate benefit to the company. While the drug has proven effective in mice and monkeys, it does not have clinical test result, and it is difficult to see how it could currently be used in Japan. A Wedbush PacGrow analyst said that while the drug is still in the development stage, the crisis makes the company more prominent and that as the drug moves closer to approval, governments are likely to stockpile the drug. He expects the drug to be approved by the end of 2012 and provide Cleveland with annual revenues of around $300 million."
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