Cleveland BioLabs says U.S. agency ends funding talks
(Reuters) - Cleveland BioLabs Inc (CBLI.O) said the U.S. Department of Health and Human Services has ended talks related to funding the development of its anti-radiation treatment, sending its shares down more than 20 percent in trading before the bell.
The company plans to pursue pre-Emergency Use Authorization for the treatment, which would make it available for procurement by federal agencies as a countermeasure against terrorist attacks even before regulatory approval.
Cleveland BioLabs' therapy, Entolimod, is being tested as a countermeasure following total body irradiation. There are no approved treatments for radiation poisoning, the company said.
Entolimod, the company's lead compound, is also being tested for use in advanced solid tumors.
Chief Executive Yakov Kogan said the company would continue developing its cancer drugs.
The Buffalo, New York-based company's shares fell to 90 cents in trading before the bell. They closed at $1.13 on the Nasdaq on Wednesday.
(Reporting by Natalie Grover in Bangalore; Editing by Don Sebastian)
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