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Cleveland BioLabs Plans Stock Sale

by Allissa Kline

Friday, June 17, 2011
 

 A Buffalo-based drug-developer announced Friday that it expects to earn $22 million in net proceeds as part of a common stock sale to institutional investors.

Cleveland BioLabs Inc. said it will sell 5.87 million shares of its common stock, plus 2.94 million shares as exercisable warrants, to institutional and accredited investors. The offering is expected to take place on or about June 22.

The company (NASDAQ: CBLI) plans to use the proceeds for “general corporate purposes” including working capital and funding of the company’s existing drug portfolio. Rodman & Renshaw LLC is the placement agent for the shares, while Wunderlich Securities Inc.   Wunderlich Securities Inc. Latest from The Business Journals Cleveland BioLabs raises MSynovus stock down on TARP newsSolar growth expected in 2012 Follow this company  is the company’s advisor.

Cleveland BioLabs was founded in 2003 and relocated to Buffalo in 2007. Last fall, it received FDA fast-track and orphan drug designations for its CBLB502 compound, a drug under development as a treatment to reduce the risk of death following total body irradiation during or after radiation disaster