Cleveland BioLabs is getting up to $9.2 million from the Defense Department to fund the development of its anti-radiation sickness drug, the Buffalo-based company said Wednesday.
The contract will fund key animal studies that will help measure how effective Cleveland BioLabs’ Entolimod drug is at reducing the risk of death following exposure to a potentially lethal dose of radiation.
Cleveland BioLabs is seeking approval from the Food and Drug Administration so that Entolimod can be stockpiled for use in an emergency, such as a terrorist attack or nuclear power plant accident. The review process is expected to take six to nine months, which would push the earliest possible launch date for the drug’s first potential sales as a radiation countermeasure into early 2016.
The company, which sold a controlling stake to a Russian investor earlier this summer in exchange for a badly-needed infusion of cash, now has enough money to fund its operations for at least of year, and the defense department funding will extend that financing window.