Cleveland BioLabs (CBLI) Signs $4 Million Contract with Russian Ministry of Industry and Trade

Cleveland BioLabs, Inc. (Nasdaq: CBLI) has signed a contract valued at 139 million rubles, or approximately $4 million (based on current exchange rates), with the Ministry of Industry and Trade of the Russian Federation for development of CBLB612, a drug in development for stimulation of hematopoietic stem cell proliferation and mobilization. The contract, issued under Russia's "Pharma 2020" development initiative, provides funding over a period of approximately three years, which will be used to support completion of preclinical studies, filing of an IND and Phase I and II clinical studies.

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