Cleveland BioLabs Announces $3.175 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

Cleveland BioLabs, Inc. (NASDAQ:CBLI), today announced that it has entered into definitive agreements with several institutional and accredited investors for the issuance and sale of an aggregate of 1,515,878 shares of its common stock, at a purchase price of $2.0945 per share, in a registered direct offering priced at-the-market under Nasdaq rules. Cleveland BioLabs has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 757,939 shares of common stock. The closing of the offering is expected to occur on or about June 3, 2020, subject to the satisfaction of customary closing conditions.