Cleveland BioLabs, Inc. (CBLI) Lands $45 Million DOD Contract

QualityStocks would like to highlight Cleveland BioLabs, Inc. (NASDAQ: CBLI) a drug discovery and development company leveraging its proprietary discoveries around programmed cell death to develop treatments for cancer and protection of normal tissues from exposure to radiation and other stresses.

In the company’s news Friday,

Cleveland BioLabs announced that it has received a major DOD contract to develop and stockpile the company’s cell protection drug CBLB502, as a medical radiation countermeasure.

The contract, valued at $45 million (including options), calls for the DOD Chemical Biological and Medical Systems (CBMS) Medical Identification and Treatment Systems (MITS) to initiate funding through the point of FDA approval, in the amount of $14.8 million. Upon FDA licensure, the contract provides options for the purchase of $30 million worth of troop doses of CBLB502.

The DOD selected CBLB502 under a best value acquisition as part of an open and competitive solicitation with pre-specified criteria that included safety and efficacy data, manufacturing capacity, soundness of the development plan, and proposed schedule.

Cleveland BioLabs CEO, Michael Fonstein, Ph.D., stated “This contract reflects our successful collaboration with the CBMS-MITS over the past two years and their evaluation of CBLB502’s potential safety and efficacy as a radiation countermeasure suitable for the armed forces’ needs. We view this initial commitment as the first potential commercial validation of CBLB502 and the beginning of our shift from development to procurement. We continue to advance CBLB502 towards FDA licensure and believe that CBLB502 will play a significant role in domestic and global biodefense preparedness.”

The goal is to protect warfighters from the effects of lethal doses of total body irradiation following a radiation disaster, and decrease incapacitation from radiation in order to maintain military operations. CBLB502 was granted fast track status from the FDA in July. There is currently no FDA approved medical countermeasure to reduce the risk of death following a lethal dose of total body irradiation.

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