– USA, NY – Cleveland BioLabs, Inc. (Nasdaq:CBLI) today announced that Panacela Labs, Inc., a majority-owned subsidiary of CBLI, has entered into a contract valued at approximately 149 million rubles, or approximately $4.6 million, with the Ministry of Industry and Trade of the Russian Federation for development of Mobilan, a cancer vaccine in preclinical development. Under the contract, the Russian Federation has agreed to match Panacela’s funding of Mobilan over a period of approximately three years, for support of preclinical and clinical studies.
Mobilan is a recombinant adenovirus which expresses both toll-like receptor 5 (TLR5) and its agonistic ligand. Administration of Mobilan in animal models leads to constitutive autocrine stimulation of TLR5 signaling causing strong induction of the innate immune system with subsequent development of adaptive anti-tumor immune responses.
Panacela also announced the appointment of Michael Fonstein, Ph.D. as Chief Executive Officer and President replacing, Dmitry Tyomkin, who was recently appointed Chief Executive Officer of Buffalo BioLabs, LLC, a laboratory and preclinical services company.
“This is Panacela’s second development contract with the Russian Ministry of Industry and Trade,” noted Dr. Fonstein. “Our goal is to advance two of our product candidates into the clinic in the coming year. We are honored to partner with the Ministry to support a substantial part of our clinical development program.”
About Panacela Labs
Panacela Labs is a biotechnology startup company developing a portfolio of novel treatments in the fields of oncology and infectious diseases. Panacela Labs, Inc. was founded in 2011 as a joint venture between Cleveland BioLabs, Inc. and Open Joint Stock Company “RUSNANO”, a Russian investment company, in collaboration with Roswell Park Cancer Institute, Children’s Cancer Institute of Australia and Cleveland Clinic Foundation. Panacela Labs is 54.6% owned by Cleveland BioLabs.
About Cleveland BioLabs
Cleveland BioLabs, Inc. is a clinical-stage biotechnology company leveraging deep understanding of molecular and cellular mechanisms of biological stress responses to develop a robust pipeline of compounds primarily focused on oncology applications and mitigation of radiation injury. The company’s lead compound is being developed as both a radiation countermeasure and a cancer treatment. The Company has three operating subsidiaries, Incuron, LLC, BioLabs 612, LLC and Panacela Labs, Inc., and strategic relationships with the Cleveland Clinic, Roswell Park Cancer Institute, the Children’s Cancer Institute Australia for Medical Research and the Armed Forces Radiobiology Research Institute.
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