Attached files
file | filename |
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8-K - Statera Biopharma, Inc. | v206740_8k.htm |
EX-5.1 - Statera Biopharma, Inc. | v206740_ex5-1.htm |
EX-10.1 - Statera Biopharma, Inc. | v206740_ex10-1.htm |
EX-10.2 - Statera Biopharma, Inc. | v206740_ex10-2.htm |
EX-10.3 - Statera Biopharma, Inc. | v206740_ex10-3.htm |
EXHIBIT
99.1
FOR IMMEDIATE
RELEASE
CLEVELAND
BIOLABS TO RAISE APPROXIMATELY $8.39 MILLION IN
REGISTERED
DIRECT OFFERING WITH SINGLE INSTITUTIONAL
INVESTOR
Buffalo, NY — December 23, 2010 –
Cleveland BioLabs, Inc. (NASDAQ:CBLI) today announced that it has agreed
to sell 1,400,000 shares of its common stock at a price of $5.99 per share in a
registered direct offering to an accredited institutional
investor. The price per share was determined based on a 15 percent
discount to the average volume-weighted average price for the Company’s common
stock over the 10 trading day period ended December 22, 2010, the trading day
immediately preceding the pricing date. The offering is expected to close on
December 29, 2010.
The
estimated net proceeds to the Company from the offering are expected to be
approximately $7.73 million. The Company intends to use the net proceeds from
this offering for general corporate purposes, including, but not limited to, the
funding of the continued development of the Company’s existing drug portfolio
and general working capital. Pending application of such proceeds, the Company
expects to invest the proceeds in short-term, interest-bearing, investment-grade
marketable securities or money market obligations.
HFP
Capital Markets, LLC and Rodman & Renshaw, LLC, a wholly owned subsidiary of
Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM - News), served as the
co-placement agents for the offering.
This
announcement shall not constitute an offer to sell or the solicitation of an
offer to buy any securities of the Company, nor shall there be any sale of
securities in any state or jurisdiction in which such an offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Any offer will be made only
by means of a prospectus, including a prospectus supplement, forming a part of
the effective registration statement. Copies of the final prospectus supplement,
together with the accompanying prospectus, can be obtained at the SEC’s website
at http://www.sec.gov.
About
Cleveland BioLabs, Inc.
Cleveland
BioLabs, Inc. is 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. The Company has strategic partnerships with the Cleveland
Clinic, Roswell Park Cancer Institute, ChemBridge Corporation and the Armed
Forces Radiobiology Research Institute. To learn more about Cleveland
BioLabs, Inc., please visit the company's website at http://www.cbiolabs.com.
This
press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
reflect management’s current expectations, as of the date of this press release,
and involve certain risks and uncertainties. The Company’s actual results could
differ materially from those anticipated in these forward-looking statements as
a result of various factors.
These
factors include, among others, the Company’s history of operating losses and the
potential for future losses, which may lead the Company to not be able to
continue as a going concern; the adequacy of the Company’s cash balances to
support its operations for specified periods of time and the nature and level of
cash expenditures; the Company’s need for substantial additional financing to
meet its business objectives; the potential for the loss of funding from the
Company’s R&D grants and contracts; the risks inherent in the early stages
of drug development and in conducting clinical trials; the Company’s ability to
obtain regulatory approval in a timely manner or at all; the Company’s
collaborative relationships and the financial risks related thereto; the market
opportunities for the Company’s drug candidates as well as the Company’s ability
to take advantage of those opportunities and its ability to successfully and
timely develop, market and commercialize new products; the Company’s ability to
comply with its obligations under license agreements; the potential for
significant product liability claims; and the Company’s ability to comply with
various safety, environmental and other governmental regulations. Some of these
factors could cause future results to materially differ from the recent results
or those projected in forward-looking statements. See also the "Risk
Factors" and “Forward-Looking Statements” described in the Company’s periodic
filings with the Securities and Exchange Commission.
Company
Contact:
Rachel
Levine, Director Corporate Development & Communications
Cleveland
BioLabs, Inc.
T: (646)
284-9439
E:
rlevine@cbiolabs.com