Cleveland BioLabs gets $1.5M increase from DOD

AP News
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Posted: Jun 30, 2011 4:01 PM
Cleveland BioLabs gets $1.5M increase from DOD

Cleveland BioLabs Inc. said Thursday that it received a $1.5 million increase in its existing contract with U.S. Department of Defense to fund development of a medical radiation countermeasure.

Cleveland said there currently is no FDA-approved countermeasure for exposure to total body irradiation and it hopes that its CBLB502 may eventually be able to meet that need.

CBLB502 is designed to reduce injury from stresses, such as radiation and chemotherapy. It's being developed by Cleveland to reduce the risk of or prevent death following total body irradiation during, or after, a radiation disaster.

CBLB502 was granted fast track and orphan drug designations from the FDA. Fast track status is designed to help develop and expedite the review of new drugs for serious conditions or unmet medical needs, while the orphan drug program gives incentives to companies to develop products for rare diseases.

In afternoon trading, Cleveland shares fell 5 cents to $3.38.