News Update: Cleveland BioLabs Receives $45 Million Defense Department Contract - Shares Higher

Cleveland BioLabs (CBLI) said it received a $45 million contract from the U.S. Department of Defense to develop and stockpile its experimental drug treatment that treats radiation, Reuters reported.

The company said the DoD will provide $14.8 million for the development of the drug. The company reported $14.3 million in revenue, the report said.

Cleveland shares are up 6.37%, or $0.31, to $5.18.

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• CBLI
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• Defense