x
|
Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
|
¨
|
Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
1934
|
|
|
|
DELAWARE
|
|
20-0077155
|
(State
or other jurisdiction of incorporation or
organization)
|
|
(I.R.S.
Employer Identification
No.)
|
|
|
|
|
PAGE
|
PART
I - FINANCIAL INFORMATION
|
|
|
||
|
|
|
|
|
ITEM
1:
|
Financial
Statements
|
|
|
|
|
|
|
|
|
|
Balance
Sheets as of September 30, 2007 and December 31, 2006
|
|
3-4
|
|
|
|
|
|
|
|
Statements
of Operations For Three and Nine Months Ended September 30, 2007
and
2006
|
|
5
|
|
|
|
|
|
|
|
Statement
of Stockholders' Equity January 1, 2006 to December 31, 2006 and
to
September
30, 2007
|
|
6
|
|
|
|
|
|
|
|
Statements of Cash Flows For Nine Months Ended September 30, 2007 and 2006 |
|
9
|
|
|
|
|
|
|
|
Notes
to Financial Statements
|
|
10
|
|
|
|
|
|
|
ITEM
2:
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
|
20
|
|
|
|
|
|
|
ITEM
3:
|
Controls
and Procedures
|
|
33
|
|
|
|
|
|
|
PART
II - OTHER INFORMATION
|
|
|
||
|
|
|
|
|
ITEM
1:
|
Legal
Proceedings
|
|
34
|
|
|
|
|
|
|
ITEM
2:
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
|
34
|
|
|
|
|
|
|
ITEM
3:
|
Defaults
Upon Senior Securities
|
|
34
|
|
|
|
|
|
|
ITEM
4:
|
Submission
of Matters to a Vote of Securities Holders
|
34
|
||
|
|
|
|
|
ITEM
5:
|
Other
Information
|
|
34
|
|
|
|
|
|
|
ITEM
6:
|
Exhibits
|
|
34
|
|
|
|
|
|
|
Signatures
|
|
|
35
|
CLEVELAND
BIOLABS, INC.
|
|||||||
BALANCE
SHEETS
|
|||||||
September
30, 2007 (unaudited) and December 31, 2006
|
|||||||
September
30
|
December
31
|
||||||
2007
|
2006
|
||||||
ASSETS
|
(unaudited)
|
||||||
CURRENT
ASSETS
|
|||||||
Cash
and equivalents
|
$
|
20,278,556
|
$
|
3,061,993
|
|||
Short-term
investments
|
1,003,869
|
1,995,836
|
|||||
Accounts
receivable:
|
|||||||
Trade
|
644,539
|
159,750
|
|||||
Interest
|
44,179
|
42,479
|
|||||
Notes
receivable - Orbit Brands
|
-
|
50,171
|
|||||
Prepaid
expenses
|
266,769
|
434,675
|
|||||
Total
current assets
|
22,237,912
|
5,744,904
|
|||||
EQUIPMENT
|
|||||||
Computer
equipment
|
250,527
|
132,572
|
|||||
Lab
equipment
|
886,731
|
347,944
|
|||||
Furniture
|
91,885
|
65,087
|
|||||
1,229,143
|
545,603
|
||||||
Less
accumulated depreciation
|
252,990
|
142,011
|
|||||
Construction
in progress
|
147,889
|
-
|
|||||
1,124,042
|
403,592
|
||||||
OTHER
ASSETS
|
|||||||
Intellectual
property
|
406,395
|
252,978
|
|||||
Deposits
|
27,447
|
15,055
|
|||||
433,842
|
268,033
|
||||||
TOTAL
ASSETS
|
$
|
23,795,796
|
$
|
6,416,529
|
CLEVELAND
BIOLABS, INC.
|
|||||||
BALANCE
SHEETS
|
|||||||
September
30, 2007 (unaudited) and December 31, 2006
|
|||||||
September
30
|
December
31
|
||||||
2007
|
2006
|
||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
(unaudited)
|
||||||
CURRENT
LIABILITIES
|
|||||||
Accounts
payable
|
$
|
965,369
|
$
|
644,806
|
|||
Deferred
revenue
|
1,846,763
|
-
|
|||||
Accrued
expenses
|
397,991
|
128,569
|
|||||
Total
current liabilities
|
3,210,123
|
773,375
|
|||||
LONG-TERM
LIABILITIES
|
|||||||
Milestone
payable (long-term)
|
-
|
50,000
|
|||||
Total
long-term liabilities
|
-
|
50,000
|
|||||
STOCKHOLDERS'
EQUITY
|
|||||||
Series
B convertible preferred stock, $.005 par value
|
|||||||
Authorized
- 10,000,000 shares at September 30, 2007
|
|||||||
and
December 31, 2006
|
|||||||
Issued
and outstanding 4,579,010 and 0
|
|||||||
shares
at September 30, 2007 and December 31, 2006, respectively
|
22,895
|
-
|
|||||
Additional
paid-in capital
|
28,845,232
|
-
|
|||||
Common
stock, $.005 par value
|
|||||||
Authorized
- 40,000,000 shares at September 30, 2007
|
|||||||
and
December 31, 2006
|
|||||||
Issued
and outstanding 12,182,748 and 11,826,389
|
|||||||
shares
at September 30, 2007 and December 31, 2006, respectively
|
60,914
|
59,132
|
|||||
Additional
paid-in capital
|
22,949,868
|
18,314,097
|
|||||
Accumulated
other comprehensive income (loss)
|
-
|
(4,165
|
)
|
||||
Accumulated
deficit
|
(31,293,236
|
)
|
(12,775,910
|
)
|
|||
Total
stockholders' equity
|
20,585,673
|
5,593,154
|
|||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
23,795,796
|
$
|
6,416,529
|
CLEVELAND
BIOLABS, INC.
|
|||||||||||||
STATEMENT
OF OPERATIONS
|
|||||||||||||
Three
Months and Nine Months Ending September 30, 2007 and 2006
(unaudited)
|
|||||||||||||
|
|
|
|
|
|||||||||
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30
|
September
30
|
September
30
|
September
30
|
||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||
REVENUES
|
|||||||||||||
Grant
|
$
|
540,544
|
$
|
263,368
|
$
|
1,327,996
|
$
|
1,271,787
|
|||||
Service
|
120,000
|
60,000
|
290,000
|
205,000
|
|||||||||
660,544
|
323,368
|
1,617,996
|
1,476,787
|
||||||||||
OPERATING
EXPENSES
|
|||||||||||||
Research
and development
|
4,105,480
|
1,281,055
|
11,663,054
|
4,341,535
|
|||||||||
Selling,
general and administrative
|
1,442,669
|
708,776
|
6,968,565
|
1,367,457
|
|||||||||
Total
operating expenses
|
5,548,149
|
1,989,831
|
18,631,619
|
5,708,992
|
|||||||||
LOSS
FROM OPERATIONS
|
(4,887,605
|
)
|
(1,666,463
|
)
|
(17,013,623
|
)
|
(4,232,205
|
)
|
|||||
OTHER
INCOME
|
|||||||||||||
Interest
income
|
305,568
|
81,189
|
761,648
|
125,719
|
|||||||||
Sublease
revenue
|
1,771
|
-
|
1,771
|
-
|
|||||||||
OTHER
EXPENSE
|
|||||||||||||
Interest
expense
|
-
|
2,257
|
1,087
|
11,198
|
|||||||||
Corporate
relocation
|
901,964
|
1,152,643
|
|||||||||||
Loss
on investment
|
305,479
|
-
|
305,479
|
-
|
|||||||||
NET
LOSS
|
(5,787,709
|
)
|
(1,587,531
|
)
|
(17,709,413
|
)
|
(4,117,684
|
)
|
|||||
DIVIDENDS
ON CONVERTIBLE PREFERRED STOCK
|
(807,913
|
)
|
(22,035
|
)
|
(807,913
|
)
|
(215,933
|
)
|
|||||
NET
LOSS AVAILABLE TO COMMON STOCKHOLDERS
|
$
|
(6,595,622
|
)
|
$
|
(1,609,566
|
)
|
$
|
(18,517,326
|
)
|
$
|
(4,333,617
|
)
|
|
NET
LOSS AVAILABLE TO COMMON STOCKHOLDERS
|
|||||||||||||
PER
SHARE OF COMMON STOCK - BASIC AND
|
|||||||||||||
DILUTED
|
$
|
(0.54
|
)
|
$
|
(0.15
|
)
|
$
|
(1.54
|
)
|
$
|
(0.55
|
)
|
|
WEIGHTED
AVERAGE NUMBER OF SHARES USED
|
|||||||||||||
IN
CALCULATING NET LOSS PER SHARE,
BASIC
AND DILUTED
|
12,148,718
|
10,681,032
|
12,010,177
|
7,922,195
|
CLEVELAND
BIOLABS, INC.
|
|||||||||||||
STATEMENTS
OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE LOSS
|
|||||||||||||
Period
From January 1, 2006 to December 31, 2006 and to
|
|||||||||||||
September
30, 2007 (unaudited)
|
|||||||||||||
Stockholders'
Equity
|
|
|
|||||||||||
Common
Stock
|
|||||||||||||
Additional
|
|||||||||||||
Paid-in
|
Penalty
|
||||||||||||
Shares
|
Amount
|
Capital
|
Shares
|
||||||||||
Balance
at January 1, 2006
|
6,396,801.00
|
31,984
|
3,338,020
|
81,125
|
|||||||||
Issuance
of shares - previously accrued penalty shares
|
54,060
|
270
|
80,855
|
(81,125
|
)
|
||||||||
Issuance
of shares - stock dividend
|
184,183
|
922
|
367,445
|
-
|
|||||||||
Issuance
of penalty shares
|
15,295
|
76
|
(76
|
)
|
-
|
||||||||
Issuance
of shares - initial public offering
|
1,700,000
|
8,500
|
10,191,500
|
-
|
|||||||||
Fees
associated with initital public offering
|
-
|
-
|
(1,890,444
|
)
|
-
|
||||||||
Conversion
of preferred stock to common stock
|
3,351,219
|
16,756
|
5,291,385
|
-
|
|||||||||
Conversion
of notes payable to common stock
|
124,206
|
621
|
312,382
|
-
|
|||||||||
Issuance
of options
|
-
|
-
|
506,078
|
-
|
|||||||||
Exercise
of options
|
625
|
3
|
2,810
|
-
|
|||||||||
Issuance
of warrants
|
-
|
-
|
114,032
|
-
|
|||||||||
Proceeds
from sales of warrants
|
-
|
-
|
110
|
-
|
|||||||||
Net
loss
|
-
|
-
|
-
|
-
|
|||||||||
Other
comprehensive income
|
|||||||||||||
Unrealized
gains (losses) on short term investments
|
|||||||||||||
Changes
in unrealized holding gains (losses)
|
|||||||||||||
arising
during period
|
-
|
-
|
-
|
-
|
|||||||||
Less
reclassification adjustment for (gains) losses
|
|||||||||||||
included
in net loss
|
-
|
-
|
-
|
-
|
|||||||||
Comprehensive
loss
|
|||||||||||||
Balance
at December 31, 2006
|
11,826,389
|
$
|
59,132
|
$
|
18,314,097
|
$
|
-
|
||||||
Issuance
of options
|
-
|
-
|
2,745,287
|
-
|
|||||||||
Issuance
of Series B Preferred Shares
|
-
|
-
|
-
|
-
|
|||||||||
Fees
associated with Series B Preferred offering
|
-
|
-
|
-
|
-
|
|||||||||
Issuance
of restricted shares
|
190,000
|
950
|
1,699,500
|
-
|
|||||||||
Exercise
of options
|
118,296
|
591
|
100,709
|
-
|
|||||||||
Exercise
of warrants
|
48,063
|
240
|
90,275
|
-
|
|||||||||
Dividends
on Series B Preferred Shares
|
-
|
-
|
-
|
-
|
|||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
|||||||||
Other
comprehensive income
|
|||||||||||||
Unrealized
gains (losses) on short term investments
|
|||||||||||||
Changes
in unrealized holding gains (losses)
|
|||||||||||||
arising
during period
|
-
|
-
|
-
|
-
|
|||||||||
Less
reclassification adjustment for (gains) losses
|
|||||||||||||
included
in net loss
|
-
|
-
|
-
|
-
|
|||||||||
Comprehensive
loss
|
|||||||||||||
Balance
at September 30, 2007
|
12,182,748
|
$
|
60,914
|
$
|
22,949,868
|
$
|
-
|
CLEVELAND
BIOLABS, INC.
|
|||||||||||||
STATEMENTS
OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE LOSS
|
|||||||||||||
Period
From January 1, 2006 to December 31, 2006 and to
|
|||||||||||||
September
30, 2007 (unaudited)
|
|||||||||||||
Stockholders'
Equity
|
|
|
|||||||||||
Preferred
Stock
|
|||||||||||||
Additional
|
|||||||||||||
Paid-in
|
Penalty
|
||||||||||||
Shares
|
Amount
|
Capital
|
Shares
|
||||||||||
Balance
at January 1, 2006
|
3,051,219
|
15,256
|
4,932,885
|
360,000
|
|||||||||
Issuance
of shares - previously accrued penalty shares
|
240,000
|
1,200
|
358,800
|
(360,000
|
)
|
||||||||
Issuance
of shares - stock dividend
|
-
|
-
|
-
|
-
|
|||||||||
Issuance
of penalty shares
|
60,000
|
300
|
(300
|
)
|
-
|
||||||||
Issuance
of shares - initial public offering
|
-
|
-
|
-
|
-
|
|||||||||
Fees
associated with initital public offering
|
-
|
-
|
-
|
-
|
|||||||||
Conversion
of preferred stock to common stock
|
(3,351,219
|
)
|
(16,756
|
)
|
(5,291,385
|
)
|
-
|
||||||
Conversion
of notes payable to common stock
|
-
|
-
|
-
|
-
|
|||||||||
Issuance
of options
|
-
|
-
|
-
|
-
|
|||||||||
Exercise
of options
|
-
|
-
|
-
|
-
|
|||||||||
Issuance
of warrants
|
-
|
-
|
-
|
-
|
|||||||||
Proceeds
from sales of warrants
|
-
|
-
|
-
|
-
|
|||||||||
Net
loss
|
-
|
-
|
-
|
-
|
|||||||||
Other
comprehensive income
|
|||||||||||||
Unrealized
gains (losses) on short term investments
|
|||||||||||||
Changes
in unrealized holding gains (losses)
|
|||||||||||||
arising
during period
|
-
|
-
|
-
|
-
|
|||||||||
Less
reclassification adjustment for (gains) losses
|
|||||||||||||
included
in net loss
|
-
|
-
|
-
|
-
|
|||||||||
Comprehensive
loss
|
|||||||||||||
Balance
at December 31, 2006
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Issuance
of options
|
-
|
-
|
-
|
-
|
|||||||||
Issuance
of Series B Preferred Shares
|
4,288,712
|
21,444
|
29,999,540
|
-
|
|||||||||
Fees
associated with Series B Preferred offering
|
290,298
|
1,451
|
(1,154,308
|
)
|
-
|
||||||||
Issuance
of restricted shares
|
-
|
-
|
-
|
-
|
|||||||||
Exercise
of options
|
-
|
-
|
-
|
-
|
|||||||||
Exercise
of warrants
|
-
|
-
|
-
|
-
|
|||||||||
Dividends
on Series B Preferred Shares
|
-
|
-
|
-
|
-
|
|||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
|||||||||
Other
comprehensive income
|
|||||||||||||
Unrealized
gains (losses) on short term investments
|
|||||||||||||
Changes
in unrealized holding gains (losses)
|
|||||||||||||
arising
during period
|
-
|
-
|
-
|
-
|
|||||||||
Less
reclassification adjustment for (gains) losses
|
|||||||||||||
included
in net loss
|
-
|
-
|
-
|
-
|
|||||||||
Comprehensive
loss
|
|||||||||||||
Balance
at September 30, 2007
|
4,579,010
|
$
|
22,895
|
$
|
28,845,232
|
$
|
-
|
STATEMENTS
OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE LOSS
|
|||||||||||||
Period
From January 1, 2006 to December 31, 2006 and to
|
|||||||||||||
September
30, 2007 (unaudited)
|
|||||||||||||
Stockholders'
Equity
|
|||||||||||||
Other
|
Comprehensive
|
||||||||||||
Comprehensive
|
Accumulated
|
Income
|
|||||||||||
Income/(Loss)
|
Deficit
|
Total
|
(Loss)
|
||||||||||
Balance
at January 1, 2006
|
(17,810
|
)
|
(5,184,856
|
)
|
3,556,604
|
||||||||
Issuance
of shares - previously accrued penalty shares
|
-
|
-
|
-
|
||||||||||
Issuance
of shares - stock dividend
|
-
|
(368,410
|
)
|
(43
|
)
|
||||||||
Issuance
of penalty shares
|
-
|
-
|
-
|
||||||||||
Issuance
of shares - initial public offering
|
-
|
-
|
10,200,000
|
||||||||||
Fees
associated with initital public offering
|
-
|
-
|
(1,890,444
|
)
|
|||||||||
Conversion
of preferred stock to common stock
|
-
|
-
|
-
|
||||||||||
Conversion
of notes payable to common stock
|
-
|
-
|
313,003
|
||||||||||
Issuance
of options
|
-
|
-
|
506,078
|
||||||||||
Exercise
of options
|
-
|
-
|
2,813
|
||||||||||
Issuance
of warrants
|
-
|
-
|
114,032
|
||||||||||
Proceeds
from sales of warrants
|
-
|
-
|
110
|
||||||||||
Net
loss
|
-
|
(7,222,644
|
)
|
(7,222,644
|
)
|
(7,222,644
|
)
|
||||||
Other
comprehensive income
|
|||||||||||||
Unrealized
gains (losses) on short term investments
|
|||||||||||||
Changes
in unrealized holding gains (losses)
|
|||||||||||||
arising
during period
|
6,678
|
-
|
6,678
|
$
|
6,678
|
||||||||
Less
reclassification adjustment for (gains) losses
|
|||||||||||||
included
in net loss
|
6,967
|
-
|
6,967
|
$
|
6,967
|
||||||||
Comprehensive
loss
|
$
|
(7,208,999
|
)
|
||||||||||
Balance
at December 31, 2006
|
$
|
(4,165
|
)
|
$
|
(12,775,910
|
)
|
$
|
5,593,154
|
|||||
Issuance
of options
|
-
|
-
|
2,745,287
|
||||||||||
Issuance
of Series B Preferred Shares
|
-
|
-
|
30,020,984
|
||||||||||
Fees
associated with Series B Preferred offering
|
-
|
-
|
(1,152,857
|
)
|
|||||||||
Issuance
of restricted shares
|
-
|
-
|
1,700,450
|
||||||||||
Exercise
of options
|
-
|
-
|
101,300
|
||||||||||
Exercise
of warrants
|
-
|
-
|
90,515
|
||||||||||
Dividends
on Series B Preferred Shares
|
-
|
(807,913
|
)
|
(807,913
|
)
|
||||||||
Net
Loss
|
-
|
(17,709,413
|
)
|
(17,709,413
|
)
|
(17,709,413
|
)
|
||||||
Other
comprehensive income
|
|||||||||||||
Unrealized
gains (losses) on short term investments
|
|||||||||||||
Changes
in unrealized holding gains (losses)
|
|||||||||||||
arising
during period
|
-
|
-
|
-
|
$
|
-
|
||||||||
Less
reclassification adjustment for (gains) losses
|
|||||||||||||
included
in net loss
|
4,165
|
-
|
4,165
|
$
|
4,165
|
||||||||
Comprehensive
loss
|
$
|
(17,705,248
|
)
|
||||||||||
Balance
at September 30, 2007
|
$
|
-
|
$
|
(31,293,236
|
)
|
$
|
20,585,673
|
STATEMENTS
OF CASH FLOWS
|
|||||||
For
the Nine Months Ended September 30, 2007 and 2006
(unaudited)
|
|||||||
|
|
|
|||||
September
30
|
September
30
|
||||||
2007
|
2006
|
||||||
(unaudited)
|
(unaudited)
|
||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
|||||||
Net
loss
|
$
|
(17,709,413
|
)
|
$
|
(4,117,684
|
)
|
|
Adjustments
to reconcile net loss to net cash
|
|||||||
used
by operating activities:
|
|||||||
Depreciation
|
110,979
|
68,204
|
|||||
Noncash
interest expense
|
-
|
9,929
|
|||||
Noncash
salaries and consulting expense
|
4,445,737
|
439,684
|
|||||
Deferred
compensation
|
-
|
4,852
|
|||||
Loss
on investments
|
305,479
|
-
|
|||||
Changes
in operating assets and liabilities:
|
|||||||
Accounts
receivable - trade
|
(484,789
|
)
|
(76,644
|
)
|
|||
Accounts
receivable - interest
|
(7,008
|
)
|
(5,170
|
)
|
|||
Prepaid
expenses
|
167,907
|
(132,729
|
)
|
||||
Deposits
|
(12,392
|
)
|
(3,055
|
)
|
|||
Accounts
payable
|
320,563
|
308,797
|
|||||
Deferred
revenue
|
1,846,763
|
(100,293
|
)
|
||||
Accrued
expenses
|
269,424
|
15,596
|
|||||
Milestone
payments
|
(50,000
|
)
|
50,000
|
||||
Total
adjustments
|
6,912,663
|
579,172
|
|||||
Net
cash (used by) provided by operating
|
|||||||
activities
|
(10,796,750
|
)
|
(3,538,512
|
)
|
|||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
|||||||
Sale/(purchase)
of short-term investments
|
996,131
|
(500,000
|
)
|
||||
Issuance
of notes receivable
|
(250,000
|
)
|
-
|
||||
Purchase
of equipment
|
(831,430
|
)
|
(143,693
|
)
|
|||
Costs
of patents pending
|
(153,417
|
)
|
(106,059
|
)
|
|||
Net
cash (used in) provided by investing activities
|
(238,716
|
)
|
(749,752
|
)
|
|||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
|||||||
Issuance
of preferred stock
|
30,020,984
|
-
|
|||||
Financing
costs
|
(1,152,857
|
)
|
(1,679,456
|
)
|
|||
Dividends
|
(807,913
|
)
|
(43
|
)
|
|||
Issuance
of common stock
|
-
|
10,200,000
|
|||||
Exercise
of stock options
|
101,300
|
2,813
|
|||||
Exercise
of warrants
|
90,515
|
-
|
|||||
Issuance
of warrants
|
-
|
100
|
|||||
Net
cash (used in) provided by financing activities
|
28,252,029
|
8,523,413
|
|||||
INCREASE
(DECREASE) IN CASH AND EQUIVALENTS
|
17,216,563
|
4,235,149
|
|||||
CASH
AND EQUIVALENTS AT BEGINNING OF
|
3,061,993
|
1,206,462
|
|||||
PERIOD
|
|||||||
CASH
AND EQUIVALENTS AT END OF PERIOD
|
$
|
20,278,556
|
$
|
5,441,611
|
|||
Supplemental
disclosures of cash flow information:
|
|||||||
Cash
paid during the period for interest
|
$
|
1,087
|
$
|
1,269
|
|||
Cash
paid during the year for income taxes
|
$
|
-
|
|||||
Supplemental
schedule of noncash financing activities:
|
|||||||
Issuance
of stock options to employees, consultants, and independent board
members
|
$
|
2,745,287
|
$
|
439,684
|
|||
Issuance
of shares to consultants
|
$
|
1,700,450
|
$
|
-
|
|||
Issuance
of common stock dividend to preferred shareholders
|
$
|
-
|
$
|
368,366
|
|||
Conversion
of notes payable and accrued interest to common stock
|
$
|
-
|
$
|
313,003
|
|||
Conversion
of preferred stock to common stock
|
$
|
-
|
$
|
5,308,142
|
A.
|
Basis
of Presentation - The information at September 30, 2007 and September
30,
2006, and for the quarter and nine-month periods ended September
30, 2007
and September 30, 2006, is unaudited. In the opinion of management,
these
financial statements include all adjustments, consisting of normal
recurring adjustments, necessary for a fair presentation of the results
for the interim periods presented. Interim results are not necessarily
indicative of results for a full year. These financial statements
should
be read in conjunction with CBLI’s audited financial statements for the
year ended December 31, 2006, which were contained in the Company’s Annual
Report on Form 10-KSB filed with the U.S. Securities and Exchange
Commission.
|
B.
|
Cash
and Equivalents - The Company considers highly liquid investments
with a
maturity date of three months or less to be cash equivalents. In
addition,
the Company maintains cash and equivalents at financial institutions,
which may exceed federally insured amounts at times and which may,
at
times, significantly exceed balance sheet amounts due to outstanding
checks.
|
C.
|
Marketable
Securities and Short Term Investments - The Company considers investments
with a maturity date of more than three months to be short-term
investments and has classified these securities as available-for-sale.
Such investments are carried at fair value, with unrealized gains
and
losses included as accumulated other comprehensive income (loss)
in
stockholders' equity. The cost of available-for-sale securities
sold is
determined based on the specific identification
method.
|
D.
|
Accounts
Receivable - The Company extends unsecured credit to customers under
normal trade agreements, which generally require payment within 30
days.
Management estimates an allowance for doubtful accounts which is
based
upon management's review of delinquent accounts and an assessment
of the
Company's historical evidence of collections. There is no allowance
for
doubtful accounts as of September 30, 2007 and December 31,
2006.
|
E.
|
Notes
Receivable - On December 7, 2006, the Company entered into an agreement
with the Orbit Brands Corporation (Borrower) and its subsidiaries
whereby
the Company would lend up to $150,000 each on two promissory notes
to the
Borrower at a rate of 5% per annum with a maturity date of one year.
The
proceeds of the loans were to be used by the Borrower solely to cover
expenses associated with converting the notes into common stock and
preparing the lending motions for the bankruptcy case involving the
Borrower. The loans were convertible into common stock of the Borrower
and
its subsidiaries. At September 30, 2007, the Company wrote off the
balance
outstanding of $300,000 plus accrued interest of $5,479 due to the
fact
that the Securities and Exchange Commission has initiated proceedings
to
permanently suspend trading in the shares of Borrower and to revoke
its
registration under the Securities Exchange Act of 1934. In addition,
Borrower does not appear to have sufficient funds to emerge from
its
bankruptcy proceedings.
|
F.
|
Equipment
- Equipment is stated at cost and depreciated over the estimated
useful
lives of the assets (generally five years) using the straight-line
method.
Leasehold improvements are depreciated on the straight-line method
over
the shorter of the lease term or the estimated useful lives of the
assets.
Expenditures for maintenance and repairs are charged to expense as
incurred. Major expenditures for renewals and betterments are capitalized
and depreciated. Depreciation expense was $49,298, and $24,514 for
the
quarters ended September 30, 2007 and 2006, respectively. Depreciation
expense was $110,979 and $68,206 for the nine months ended September
30,
2007 and 2006, respectively.
|
G.
|
Impairment
of Long-Lived Assets - In accordance with Statements of Financial
Accounting Standards, or SFAS, No. 144, Accounting for the Impairment
or
Disposal of Long-Lived Assets, long-lived assets to be held and used,
including equipment and intangible assets subject to depreciation
and
amortization, are reviewed for impairment whenever events or changes
in
circumstances indicate that the carrying amounts of the assets or
related
asset group may not be recoverable. Determination of recoverability
is
based on an estimate of discounted future cash flows resulting from
the
use of the asset and its eventual disposition. In the event that
such cash
flows are not expected to be sufficient to recover the carrying amount
of
the asset or asset group, the carrying amount of the asset is written
down
to its estimated net realizable
value.
|
H.
|
Intellectual
Property - The Company capitalizes the costs associated with the
preparation, filing, and maintenance of certain intellectual property
rights. Capitalized intellectual property is reviewed annually for
impairment.
|
A
portion of this intellectual property is owned by the Cleveland Clinic
Foundation (“CCF”) and granted to the Company through an exclusive
licensing agreement. As part of the licensing agreement, CBLI agrees
to
bear the costs associated with the preparation, filing and maintenance
of
patent applications relating to this intellectual property. If the
patent
application is approved, the costs paid by the Company are amortized
on a
straight-line basis over the shorter of 17 years or the anticipated
useful
life of the patent. If the patent application is not approved, the
costs
associated with the preparation, filing and maintenance of the patent
application by the Company on behalf of CCF will be expensed as part
of
selling, general and administrative expenses. Gross capitalized patents
pending costs were $366,918 and $222,789 on behalf of CCF for 12
patent
applications as of September 30, 2007 and December 31, 2006, respectively.
All of the CCF patent applications are still pending
approval.
The
Company also has submitted three patent applications as a result
of
intellectual property exclusively developed and owned by the Company.
If
the patent applications are approved, costs paid by the Company associated
with the preparation, filing, and maintenance of the patents will
be
amortized on a straight-line basis over the shorter of 17 years or
the
anticipated useful life of the patent. If the patent application
is not
approved, the costs associated with the preparation, filing and
maintenance of the patent application will be expensed as part of
selling,
general and administrative expenses at that time. Gross capitalized
patents pending costs were $39,478 and $30,189 on behalf of the Company
for three patent applications as of September 30, 2007 and December
31,
2006, respectively. The patent applications are still pending
approval.
|
|
I.
|
Line
of Credit - The Company has a working capital line of credit that
is fully
secured by short-term investments. This fully-secured, working
capital
line of credit carries an interest rate of prime minus 1%, a borrowing
limit of $1,000,000, and expires on
September 25, 2008.
At September 30, 2007, there were no outstanding borrowings under
this
credit facility.
|
J.
|
Fair
Value of Financial Instruments - Financial instruments, including
cash and
equivalents, accounts receivable, notes receivable, accounts payable
and
accrued liabilities, are carried at net realizable value. The carrying
amounts of the convertible notes payable approximate their respective
fair
values as they bear terms that are comparable to those available
under
current market conditions.
|
K.
|
Use
of Estimates - The preparation of financial statements in conformity
with
accounting principles generally accepted in the U.S. requires management
to make estimates and assumptions that affect the reported amounts
of
assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts
of
revenues and expenses during the reporting period. The Company bases
its
estimates on historical experience and on various other assumptions
that
the Company believes to be reasonable under these circumstances.
Actual
results could differ from those
estimates.
|
L.
|
Revenue
Recognition - The Company recognizes revenue in accordance with Staff
Accounting Bulletin No. 104, “Revenue Recognition.” Revenue sources
consist of government grants, government contracts and commercial
development contracts.
|
Revenues
from government grants and contracts are for research and development
purposes and are recognized in accordance with the terms of the
award and
the government agency. Grant revenue is recognized in one of two
different
ways depending on the grant. Cost reimbursement grants require
us to
submit proof of costs incurred that are invoiced by us to the government
agency, which then pays the invoice. In this case, grant revenue
is
recognized at the time of submitting the invoice to the government
agency.
Fixed cost grants require no proof of costs and are paid as a request
for
payment is submitted for expenses. The grant revenue under these
fixed
costs grants is recognized using a percentage-of-completion method,
which
uses assumptions and estimates. These assumptions and estimates
are
developed in coordination with the principal investigator performing
the
work under the government fixed-cost grants to determine key milestones,
expenses incurred, and deliverables to perform a percentage-of-completion
analysis to ensure that revenue is appropriately recognized. Critical
estimates involved in this process include total costs incurred
and
anticipated to be incurred during the remaining life of the grant.
Government
contract revenue is recognized periodically upon delivery of an
invoice
for allowable R&D expenses according to the terms of the contract. The
Company has recognized grant revenue from the following agencies:
the U.S.
Army (DARPA), National Aeronautics and Space Administration (NASA),
the
National Institutes of Health (NIH) and the Department of Health
and Human
Services (HHS). The Company has also begun recognizing revenue
from a
sponsored research agreement with Roswell Park Cancer Institute.
This
agreement was funded by the State of New York as part of the incentive
for
the Company to relocate its corporate headquarters and research
facilities
to Buffalo, New York. Commercial development revenues are recognized
when
the service or development is
delivered.
|
M.
|
Deferred
Revenue - Deferred revenue results when payment is received in
advance of
revenue being earned. When cash is received, the Company makes
a
determination as to whether the revenue has been earned by applying
a
percentage-of-completion analysis to compute the need to recognize
deferred revenue. The percentage of completion method is based
upon (1)
the total income projected for the project at the time of completion
and
(2) the expenses incurred to date. The percentage-of-completion
can be
measured using the proportion of costs incurred versus the total
estimated
cost to complete the contract.
The
Company received $2,000,000 in funds from the Roswell Park Cancer
Institute during the second quarter of 2007 and is recognizing
this
revenue over the terms and conditions of the sponsored research
agreement.
For the quarter ended September 30, 2007, the Company recognized
$153,238
of this revenue resulting in a balance of deferred revenue of $1,846,763
at September 30, 2007. At September 30, 2006, the Company had no
deferred
revenue.
|
N.
|
Research
and Development - Research and development expenses consist primarily
of
costs associated with salaries
and related expenses for personnel, costs of materials used in
R&D,
costs of facilities and costs incurred in connection with third-party
collaboration efforts.
Expenditures relating to research and development are expensed
as
incurred.
|
O.
|
2006
Equity Incentive Plan - On May 26, 2006, the Company's Board of
Directors
adopted the 2006 Equity Incentive Plan (“Plan”) to attract and retain
persons eligible to participate in the Plan, motivate participants
to
achieve long-term Company goals, and further align participants'
interests
with those of the Company's other stockholders. The Plan expires
on May
26, 2016 and the
aggregate number of shares of stock which may be delivered under
the Plan
shall not exceed 2,000,000 shares.
On
February 14, 2007, these 2,000,000 shares were registered with
the SEC by
filing a Form S-8 registration statement. For the quarter ended
September
30, 2007, there were 18,000 options and 15,000 shares granted under
the
Plan, and as of September 30, 2007 there were 588,000 stock options
and
190,000 shares granted under the Plan totaling 778,000 equity instruments
awarded under the Plan.
|
P.
|
Stock-Based
Compensation - The FASB issued SFAS No. 123(R) (revised December
2004),
Share Based Payment, which is a revision of SFAS No. 123 Accounting
for
Stock-Based Compensation. SFAS 123(R) requires all share-based payments
to
employees, including grants of employee stock options, to be recognized
in
the statement of operations based on their fair values. The Company
values
employee stock based compensation under the provisions of SFAS 123(R)
and
related interpretations.
|
|
The
fair value of each stock option granted is estimated on the grant
date.
The Black Scholes model is used for standard stock options, but if
market
conditions are present within the stock options, the Company utilizes
Monte Carlo simulation to value the stock options. The assumptions
used to
calculate the fair value of options granted are evaluated and revised,
as
necessary, to reflect the Company's experience. The Company uses
a
risk-free rate published by the St. Louis Federal Reserve at the
time of
the option grant, assumes a forfeiture rate of zero, assumes an
expected dividend yield rate of zero based on the Company's intent
not to
issue a dividend in the foreseeable future, uses an expected life
based on
the safe harbor method, and computes an expected volatility based
on
similar high-growth, publicly-traded, biotechnology companies. The
Company
does not include the use of its own stock in the volatility calculation
at
this time because of the brief history of the stock as a publicly
traded
security on a listed exchange. The Company recognizes the fair value
of
share-based compensation in net income on a straight-line basis over
the
requisite service period.
|
During
the quarter ended September 30, 2007, the Company granted 18,000
additional stock options pursuant to a stock award agreement. The
Company
recognized a total of $395,129 in expense related to options for
the three
months ended September 30, 2007, and $2,745,287 for the nine months
ended
September 30, 2007.
The
weighted average, estimated grant date fair values of stock options
granted during the quarter ended September 30, 2007 was $4.95. The
weighted average, estimated grant date fair values of stock options
granted during the nine months ended September 30, 2007 was
$5.90.
The
following tables summarize the stock option activity for the nine
months
ended September 30, 2007 and September 30, 2006,
respectively.
|
|
Shares
|
Weighted
Average
Exercise
Price
per
Share
|
Weighted
Average
Remaining
Contractual
Term
(in
Years)
|
|||||||
Outstanding,
December 31, 2006
|
483,490
|
$
|
2.17
|
|||||||
Granted
|
543,000
|
$
|
9.82
|
|||||||
Exercised
|
124,000
|
$
|
1.35
|
|||||||
Forfeited,
Canceled
|
0
|
n/a
|
||||||||
Outstanding,
September 30, 2007
|
902,490
|
$
|
6.89
|
8.77
|
||||||
Exercisable,
September 30, 2007
|
599,930
|
$
|
6.58
|
8.78
|
|
Shares
|
Weighted
Average
Exercise
Price
per
Share
|
Weighted
Average
Remaining
Contractual
Term
(in
Years)
|
|||||||
Outstanding,
December 31, 2005
|
324,240
|
$
|
.82
|
|||||||
Granted
|
161,750
|
$
|
4.92
|
|||||||
Exercised
|
625
|
$
|
4.50
|
|||||||
Forfeited,
Canceled
|
1,875
|
$
|
4.50
|
|||||||
Outstanding,
September 30, 2006
|
483,490
|
$
|
2.17
|
9.02
|
||||||
Exercisable,
September 30, 2006
|
239,433
|
$
|
2.27
|
9.03
|
In
addition, the Company recognized $1,700,450 in expense for shares
issued
under the Plan to various consultants during the nine months ended
September 30, 2007. During the quarter ended September 30, 2007 the
Company recognized $159,150 in compensation expense for shares issued
to a
key consultant under the Plan. For the quarter and nine months ended
September 30, 2006 there was no compensation expense recognized for
share
issuance.
|
|
Q.
|
Other
Expense - The Company recognizes those expenses that cannot be traced
directly to operations as Other Expense in accordance with FASB
guidelines. The Company recognized Other Expense for the following
items:
For
the quarter ended September 30, 2007, the Company recognized $901,964
in
Other Expense due to the relocation of the corporate headquarters
and
research facilities to Buffalo, New York. For the nine months ended
September 30, 2007 the Company recognized $1,152,643 in Other Expense
due
to this relocation.
The
Company recognized $305,479 in Other Expense for the quarter and
nine
months ended September 30, 2007 for the loss on the investment in
Notes
Receivable from the Orbit Brands Corporation as described in Note
E above.
For
the quarters ended September 30, 2007 and 2006, the Company recognized
$0
and $2,257 in Other Expense due to interest charges, respectively.
For the
nine months ended September 30, 2007 and 2006, the Company recognized
$1,087 and $11,198 in Other Expense due to interest charges, respectively.
|
R.
|
Net
Loss Per Share - Basic and diluted net loss per share has been computed
using the weighted-average number of shares of common stock outstanding
during the period.
|
The
following table presents the calculation of basic and diluted net
loss per
share for the quarters and nine months ended September 30, 2007 and
2006:
|
|
Quarter
Ended
|
Quarter
Ended
|
Nine-Months
Ended
|
Nine-Months
Ended
|
|||||||||
|
Sept.
30, 2007
|
Sept.
30, 2006
|
Sept.
30, 2007
|
Sept.
30, 2006
|
|||||||||
|
|
|
|
|
|||||||||
Net
loss available to common shareholders
|
$
|
(6,595,622
|
)
|
$
|
(1,609,565
|
)
|
$
|
(18,517,326
|
)
|
$
|
(4,333,617
|
)
|
|
|
|||||||||||||
Net
loss per share, basic and diluted
|
$
|
(.54
|
)
|
$
|
(.15
|
)
|
$
|
(1.54
|
)
|
$
|
(.55
|
)
|
|
|
|||||||||||||
Weighted-average
shares used in computing
|
12,148,718
|
10,681,032
|
12,010,177
|
7,922,195
|
The Company has excluded all outstanding warrants and options from the calculation of diluted net loss per share because all such securities are antidilutive for all applicable periods presented. |
The
total number of shares excluded from the calculations of diluted
net loss
per share, prior to application of the treasury stock method for
warrants,
was 3,453,268 and 764,424 for the quarters and nine months ended
September
30, 2007 and 2006, respectively. Such securities, had they been dilutive,
would have been included in the computation of diluted earnings per
share.
The
total number of shares excluded from the calculations of diluted
net loss
per share, prior to the application of the treasury stock method
for options,
was 902,490 and 483,490 for the quarters and nine months ended September
30, 2007 and 2006, respectively. Such securities, had they been dilutive,
would have been included in the computation of diluted earnings per
share.
|
|
S.
|
Concentrations
of Risk - Grant revenue was comprised wholly from grants and contracts
issued by the federal government and accounted for 81.8% and 81.4%
of
total revenue for the quarter ended September 30, 2007 and 2006,
respectively. Grant revenue accounted for 82.1% and 86.1% for the
nine
months ended September 30, 2007 and 2006, respectively. Although
the
Company anticipates ongoing federal grant revenue, there is no guarantee
that this revenue stream will continue in the future.
|
Financial
instruments that potentially subject
us to a significant concentration of credit risk consist primarily
of cash
and cash equivalents and securities available-for-sale. The Company
maintains deposits in federally insured institutions in excess of
federally insured limits. The Company does not believe it is exposed
to
significant credit risk due to the financial position of the depository
institutions in which those deposits are held. Additionally, the
Company
has established guidelines regarding diversification of its investment
portfolio and maturities of investments, which are designed to meet
safety
and liquidity.
|
T.
|
Foreign
Currency Exchange Rate Risk - The Company has entered into a manufacturing
agreement with a foreign third party to produce one of its drug compounds
and is required to make payments in the foreign currency. As a result,
the
Company's financial results could be affected by changes in foreign
currency exchange rates. Currently, the Company's exposure primarily
exists with the Euro. As of September 30, 2007, the Company is obligated
to make payments under the agreement of 537,017 Euros. The Company
has
established means to purchase forward contracts to hedge against
this
risk. As of September 30, 2007, the Company has commitments for 197,847
Euros of hedging transactions.
|
U.
|
Comprehensive
Income/(Loss) - The Company applies Statement of Financial Accounting
Standards (SFAS) No. 130, “Reporting Comprehensive Income.” SFAS No. 130
requires disclosure of all components of comprehensive income on
an annual
and interim basis. Comprehensive income is defined as the change
in equity
of a business enterprise during a period from transactions and other
events and circumstances from non-owner sources.
|
|
|
Operating
Leases
|
|
|
2007
(from October 1, 2007 through December 31, 2007)
|
|
$
|
83,120
|
|
2008
|
|
|
332,995
|
|
2009
|
347,214
|
|
||
2010
|
339,155
|
|||
2011
|
307,300
|
|
||
2012
|
|
|
144,000
|
|
Total
|
|
$
|
1,636,904
|
|
|
|
Number of
Options
|
|
Weighted Average
Exercise
Price
|
|
||
Outstanding
at December 31, 2006
|
|
|
483,490
|
|
$
|
2.17
|
|
Granted
|
|
|
543,000
|
$
|
9.82
|
|
|
Exercised
|
|
|
124,000
|
|
$
|
1.35
|
|
Forfeited
|
|
|
0
|
|
n/a
|
|
|
Outstanding
at September 30, 2007
|
|
|
902,490
|
|
$
|
6.89
|
|
|
|
Number of
Options
|
|
Weighted Average
Exercise
Price
|
|
||
Outstanding
at December 31, 2005
|
|
|
324,240
|
|
$
|
.82
|
|
Granted
|
|
|
161,750
|
$
|
4.92
|
|
|
Exercised
|
|
|
625
|
$
|
4.50
|
|
|
Forfeited
|
|
|
1,875
|
$
|
4.50
|
|
|
Outstanding
at September 31, 2006
|
|
|
483,490
|
$
|
2.17
|
|
|
|
Number of
Warrants
|
|
Weighted Average
Exercise
Price
|
|
||
Outstanding
at December 31, 2006
|
|
|
814,424
|
|
$
|
3.36
|
|
Granted
|
|
|
2,687,602
|
|
$
|
10.40
|
|
Exercised
|
|
|
48,758
|
|
$
|
2.00
|
|
Forfeited
|
|
|
--
|
|
|
N/A
|
|
Outstanding
at September 30, 2007
|
|
|
3,453,268
|
|
$
|
8.86
|
|
|
|
Number of
Warrants
|
|
Weighted Average
Exercise
Price
|
|
||
Outstanding
at December 31, 2005
|
|
|
594,424
|
$
|
1.61
|
|
|
Granted
|
|
|
170,000
|
|
$
|
8.70
|
|
Exercised
|
|
|
--
|
|
|
N/A
|
|
Forfeited
|
|
|
--
|
|
|
N/A
|
|
Outstanding
at September 30, 2006
|
|
|
764,424
|
|
$
|
3.19
|
|
|
|
|
Quarter
|
|
|
Quarter
|
Nine
Months
|
Nine
Months
|
|||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Year
Ended
|
Year
Ended
|
||||||||||||||
September
30,
|
September
30,
|
September
30,
|
September
30,
|
December 31,
|
December 31,
|
||||||||||||||
2007
|
2006
|
2007
|
2006
|
2006
|
2005
|
||||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||||||
Revenues
|
$
|
660,544
|
$
|
323,368
|
$ | 1,617,996 | $ |
1,476,787
|
$
|
1,708,214
|
$
|
1,138,831
|
|||||||
Operating
expenses
|
5,548,149
|
1,989,831
|
18,631,619
|
5,708,992
|
9,126,315
|
3,626,664
|
|||||||||||||
Other
expense (income)
|
1,205,672
|
-
|
1,456,351
|
-
|
-
|
-
|
|||||||||||||
Net
interest expense (income)
|
(305,568
|
)
|
(78,933
|
)
|
(760,561
|
)
|
(114,521
|
)
|
(195,457
|
)
|
(101,378
|
)
|
|||||||
Net
income (loss)
|
$
|
(5,787,709
|
)
|
$
|
(1,587,530
|
)
|
$
|
(17,709,413
|
)
|
$
|
(4,117,684
|
)
|
$
|
(7,222,644
|
)
|
$
|
(2,386,455
|
)
|
Agency
|
|
Program
|
|
Amount
|
|
Period
of
Performance
|
|
Revenue
2007
(thru
September
30)
|
|
Revenue
2006
(thru
September
30)
|
|
Revenue
2006
|
|
||||||
|
|
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
||||||
NIH
|
|
|
BioShield
program (NIAID)
|
|
$
|
1,500,000
|
|
|
07/2005-01/2007
|
|
$
|
1,100,293
|
$
|
1,100,293
|
|
||||
NIH
|
|
|
Phase
I NIH SBIR program
|
|
$
|
100,000
|
|
|
08/2005-01/2006
|
|
$
|
33,334
|
$
|
33,334
|
|
||||
NASA
|
|
|
Phase
I NASA STTR program
|
|
$
|
100,000
|
|
|
01/2006-01/2007
|
|
$
|
33,196
|
$
|
33,197
|
$
|
66,393
|
|
||
NIH
|
|
|
Phase
II NIH SBIR program
|
|
$
|
750,000
|
|
|
07/2006-06/2008
|
|
$
|
280,461
|
$
|
88,320
|
$
|
212,713
|
|
||
NIH
|
|
|
NCI
Contract
|
|
$
|
750,000
|
|
|
09/2006-08/2008
|
|
$
|
394,780
|
$
|
16,643
|
$
|
90,481
|
|
||
DoD
|
DTRA
Contract
|
$
|
1,300,000
|
03/2007-02/2009
|
$
|
466,322
|
|||||||||||||
NY
State
|
RPCI
Research Agreement
|
$
|
$
|
3,000,000
|
03/2007-02/2012
|
$
|
153,238
|
||||||||||||
Totals
|
|
|
|
|
|
|
|
|
|
|
$
|
1,327,997
|
|
$
|
1271,787
|
|
$
|
1,503,214
|
|
File
IND application for Protectan CBLB502
|
|
$
|
50,000
|
|
Complete
Phase I studies for Protectan CBLB502
|
|
$
|
100,000
|
|
File
NDA application for Protectan CBLB502
|
|
$
|
350,000
|
|
Receive
regulatory approval to sell Protectan CBLB502
|
|
$
|
1,000,000
|
|
File
IND application for Curaxin CBLC102 (completed May 2006)
|
|
$
|
50,000
|
|
Commence
Phase II clinical trials for Curaxin CBLC102 (completed January
2007)
|
|
$
|
250,000
|
|
Commence
Phase III clinical trials for Curaxin CBLC102
|
|
$
|
700,000
|
|
File
NDA application for Curaxin CBLC102
|
|
$
|
1,500,000
|
|
Receive
regulatory approval to sell Curaxin CBLC102
|
|
$
|
4,000,000
|
|
Exhibit
Number
|
|
Description
of Document
|
|
|
|
|
|
31.1
|
|
Certification
of Michael Fonstein, Chief Executive Officer, pursuant to Section
302 of
the Sarbanes Oxley Act of 2002.
|
|
|
|
|
|
31.2
|
|
Certification
of John A. Marhofer, Jr., Chief Financial Officer, pursuant to Section
302
of the Sarbanes Oxley Act of 2002.
|
|
|
|
|
|
32.1
|
|
Certification
Pursuant To 18 U.S.C. Section 1350
|
|
|
|
|
CLEVELAND
BIOLABS, INC.
|
|
|
|
|
Dated:
November 14, 2007
|
By:
|
/s/ MICHAEL
FONSTEIN
|
|
Michael
Fonstein
Chief
Executive Officer
(Principal
Executive Officer)
|
|
|
CLEVELAND
BIOLABS, INC.
|
|
|
|
|
Dated:
November 14, 2007
|
By:
|
/s/ JOHN
A. MARHOFER, JR.
|
|
John
A. Marhofer, Jr.
Chief
Financial Officer
(Principal
Financial Officer)
|