leadf
logo-loader
viewCleveland BioLabs

Cleveland BioLabs ups stake in Panacela Labs

The NASDAQ-listed firm has issued shares to clear Panacela's debt obligations with Russian investment firm Rusnano

rsz_shutterstock_210285550-(1).jpg
A Phase 1 study evaluating single injections of ascending doses of Mobilan administered directly into the prostate of patients

Cleveland BioLabs (NASDAQ:CBLI) has, in cooperation with Russian state-backed investment vehicle Rusnano, recapitalized Panacela Labs, its majority-owned joint venture.

Under a convertible loan arrangement, Panacela owed money to Rusnano, which was satisfied by the issue to Rusnano of 256,215 shares of Cleveland BioLabs, plus a combination of debt-to-equity conversions and cash injections.

As a result. Rusnano's stake in Panacela Labs remained unchanged and Cleveland's interest rose from 60.47% to 66.77%.

Panacela is developing Mobilan, a treatment for cancerous tumors.

A Phase 1 study evaluating single injections of ascending doses of Mobilan administered directly into the prostate of patients with prostate cancer is ongoing under an Investigational New Drug application in the Russian Federation. This study is being performed under a development contract with the Ministry of Industry and Trade of the Russian Federation, (MPT).

"With Panacela's debt settled, its team can focus their efforts on continued clinical development of Mobilan,” said Yakov Kogan, chief executive officer of Cleveland BioLabs.

Quick facts: Cleveland BioLabs

Price: 2.98 USD

NASDAQ:CBLI
Market: NASDAQ
Market Cap: $38.79 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

First Cobalt Corp takes step forward the Cobalt Camp with the start of...

First Cobalt Corp (CVE: FCC- OTCQX: FTSSF) Vice President of Exploration Frank Santaguida joined Steve Darling from Proactive to shares news the company is getting to work starting a geophysical survey to follow up on high-grade silver and cobalt intercepts in a historic mining area of the...

13 hours, 34 minutes ago

2 min read