Russian investor David Davidovich, who acquired a controlling stake in Cleveland BioLabs earlier this month, is making his mark on the Buffalo drug development company’s board of directors.
As part of his deal to invest $25 million in cash-strapped Cleveland BioLabs, Davidovich, a Russian billionaire, acquired a 61 percent stake in the company and won the right to appoint a majority of the firm’s directors.
Davidovich did just that last week, naming seven new members to the company’s board of directors. Each works for Millhouse LLC, a company that manages part of the assets of another Russian billionaire, Roman Abramovich. Davidovich, himself a project manager for Millhouse, is a close aide to Abramovich.
Davidovich’s investment gave a badly-needed infusion of cash to Cleveland BioLabs, which was on the verge of running out of money after years of investing in the development of a drug that has shown promise as a treatment for radiation sickness, along with other drugs that could be used as cancer treatments.
The new directors are: Anna Evdokimova, Natalia Khudyk, Yulia Lebedina, Tatiana Levina, Natalia Saraeva, Konstantin Gorshkov and Ivan Persiyanov.