Cleveland BioLabs Inc. (CBLI) filed Quarterly Report for the period ended 2009-09-30.
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. The Company's proprietary technology platform is based on the ability to suppress or stimulate programmed cell death (apoptosis). CBLI's drugs can switch apoptosis on and off by affecting key regulators of cell response to stresses, such as radiation or ischemia. CBLI is pursuing three key areas of research: Biodefense for Acute Radiation Syndrome, Cancer Treatment, and Tissue Protection. Cleveland Biolabs Inc. has a market cap of $65.3 million; its shares were traded at around $4.03 with and P/S ratio of 13.9.
Highlight of Business Operations:
For the three months ended September 30, 2009 and 2008, we spent $3,268,615 and $2,295,574, respectively on R&D for protectans. For the nine months ended September 30, 2009 and 2008, we spent $10,028,839 and $6,064,505, respectively. We spent $8,995,500 overall in the fiscal year ended December 31, 2008 and from our inception to September 30, 2009, we spent $36,537,338 on R&D for protectans.
For the three months ended September 30, 2009 and 2008, we spent $3,267,201 and $2,007,124, respectively on R&D for Protectan CBLB502. For the nine months ended September 30, 2009 and 2008, we spent $10,022,272 and $5,189,400, respectively. We spent $8,021,040 in the fiscal year ended December 31, 2008 and from our inception to September 30, 2009, we spent $33,400,397 on R&D for Protectan CBLB502.
In September 2008, the Biomedical Advanced Research and Development Authority (“BARDA”) of the Department of Health and Human Services (“HHS”) awarded us a contract under the BAA titled, "Therapies for Hematopoietic Syndrome, Bone Marrow Stromal Cell Loss, and Vascular Injury Resulting from Acute Exposure to Ionizing Radiation," for selected tasks in the advanced development of Protectan CBLB502. The total contract value including all milestone-based options started at $13.3 million over a three-year period, with the first year's award of $3.4 million. In September 2009, BARDA increased the total contract value by $2.3 million to $15.6 million and awarded the first milestone option of $6.3 million. BARDA seeks to acquire developed medical countermeasures that will be clinically useful in a civilian medical emergency situation that results from or involves exposure of a large population to the effects of a nuclear detonation, a radiologic dispersive device (such as a dirty bomb), or exposure to radioactive material with or without combined injury or trauma.
For the three months ended September 30, 2009 and 2008, we spent $3,267,201 and $1,846,094, respectively on R&D for non-medical applications of Protectan CBLB502. For the nine months ended September 30, 2009 and 2008, we spent $9,966,145 and $4,638,905, respectively. We spent $7,264,813 in the fiscal year ended December 31, 2008 and from our inception to September 30, 2009, we spent $31,567,341 on R&D for the non-medical applications of Protectan CBLB502.
For the three months ended September 30, 2009 and 2008, we spent $0 and $161,030, respectively on R&D for the medical applications of Protectan CBLB502. For the nine months ended September 30, 2009 and 2008, we spent $56,127 and $550,495, respectively. We spent $756,227 in the fiscal year ended December 31, 2008 and from our inception to September 30, 2009, we spent $1,833,056 on R&D for the medical applications of Protectan CBLB502.
For the three months ended September 30, 2009 and 2008, we spent $1,414 and $288,450, respectively on R&D for Protectan CBLB612. For the nine months ended September 30, 2009 and 2008, we spent $6,567 and $875,105, respectively. We spent $974,459 in the fiscal year ended December 31, 2008 and from our inception to September 30, 2009, we spent $3,136,941 on R&D for Protecta
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