Cleveland Biolabs, Inc. (CBLI) is down another 5% in pre-market trading on Thursday after losing 5.9% in the regular trading session on Wednesday. The declines came after the company announced publication of the next Generation Deimmunized TLR5 Agonist, GP532.
About Cleveland Biolabs Inc.
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Cleveland Biolabs Inc. was founded in 2003, and has its headquarters in Buffalo, New York, USA. CBLI is a clinical-stage biotechnology company which lays special emphasis on the development of oncology. The company specializes in the research and development of products that may have the potential to treat cancer and protect death causes by the acute adiation syndrome. CBLI has collaborations and license agreements with many institutions like Armed Forces Radiology Research Institute, Children’s Cancer Institute Australia, Cleveland Clinic, and Rosewell Park Cancer Institute. Yakov Kogan took over as CBLI’s Chief Executive Officer in 2012.
CBLI Stock Experiences Declining Trend
On April 14, 2021, Genome Protection, Inc., a joint venture between CBLI and EveronBioSciences, LLC, announced a publication in Communications Biology. The announcement talked about the creation, preclinical validation, and properties of GP532. The GP532 reveals the effectiveness for prophylaxis and treatment for acute radiation syndrome. Research showed that the therapeutic effectiveness of GP532 is expected to not be affected by neutralizing antibodies developing in humans after the first generation TLR5 is administrated against entolimod. Previously, this has been a hindrance for extending medical applications of TLR5. CBLI Stock has been following a declining trend in the past quarter. On February 23, 2021, CBLI made an announcement about the closure of registered direct offers for the issuance and sale of 2,000,000 shares of its common stock at 7.00 USD as its acquisition price per share. This allowed them to earn $14 million which were to be used to corporate expenses.