SOURCE: Cleveland BioLabs, Inc.

April 29, 2008 10:00 ET

Cleveland BioLabs Management Reviews 2008 Highlights and Milestones at Annual Meeting

BUFFALO, NY--(Marketwire - April 29, 2008) - Cleveland BioLabs, Inc. (NASDAQ: CBLI) today announced that Chief Executive Officer and President, Michael Fonstein, Ph.D. and Chief Scientific Officer, Andrei Gudkov, Ph.D, D. Sci. shared 2008 highlights and milestones at the Company's annual meeting today.

Dr. Fonstein reviewed several of the Company's recent achievements including:

--  Publication of a pivotal paper on Protectan CBLB502 in Science
    Magazine;
--  Receipt of a $8.9 million development contract from the Department of
    Defense (DoD) for CBLB502;
--  Demonstration of CBLB502's potential to reduce the side effects of a
    commonly used chemotherapeutic drug, Cisplatinum;
--  Extension of CBLB502's ability to mitigate hematopoietic damage from
    75% lethal doses of radiation, up to 48 hours post exposure; and
--  Submission of a proposal to BARDA/HHS for a development contract
    potentially worth up to $13.5 million.
    

In particular, Dr. Fonstein emphasized a statement from the DoD regarding Protectan CBLB502's suitability for both battlefield and hospital use, as well as the accelerated rate of funding in the Company's DoD contract compared to the original DoD program. He cited significant potential buyers for defense applications of CBLB502 such as the DoD, BARDA/HHS and Israel, which would be accessible to the Company upon FDA approval of CBLB502. Dr. Fonstein also provided an estimated timeline for CBLB502's approval for biodefense uses in 2010, should development continue to progress in line with expectations.

Dr. Gudkov explained the increasing significance and visibility of the Company's research, reflected by the national and international acclaim received by a recent publication in Science. He stated that the paper's description of CBLB502's potential benefit and safety in cancer radiotherapy and radiation emergency scenarios was the first such publication in Science in more than three decades and remarked that it was defined as a breakthrough by a top expert from Memorial Sloan-Kettering Cancer Institute in New York in an editorial Science wrote to accompany the paper.

Dr. Gudkov shared various projected medical applications for Protectan CBLB502 in cancer treatment and recent development advances with Protectan CBLB612, a stimulator and mobilizer of hematopoietic stem cells to peripheral blood. He also updated attendees on the current status of the Company's Phase II trial for its lead anti-cancer compound, Curaxin CBLC102 in hormone refractory prostate cancer, as well as progress with the second generation of proprietary Curaxin molecules.

Dr. Fonstein concluded the session with a summary of upcoming 2008 milestones including:

--  Starting a Phase I trial in healthy volunteers for Protectan CBLB502
    in ARS;
--  Starting a Phase I/II trial for Protectan CBLB502 in head and neck
    cancer treatment side effects;
--  Reporting Phase II results for Curaxin CBLC102 in hormone refractory
    prostate cancer; and
--  Conducting manufacturing and pre-clinical safety for Protectan CBLB612
    and the next generation of Curaxins.
    

About Cleveland BioLabs, Inc.

Cleveland BioLabs, Inc. is a drug discovery and development company leveraging its proprietary discoveries about programmed cell death to treat cancer and protect normal tissues from exposure to radiation and other stresses. The Company has strategic partnerships with the Cleveland Clinic, Roswell Park Cancer Institute, ChemBridge Corporation and the Armed Forces Radiobiology Research Institute. To learn more about Cleveland BioLabs, Inc., please visit the company's website at http://www.cbiolabs.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Some of the factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the "Risk Factors" described in the Company's periodic filings with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Rachel Levine
    Director Corporate Development & Communications
    Cleveland BioLabs, Inc.
    T: (646) 284-9439
    E: rlevine@cbiolabs.com