Cleveland BioLabs to Raise $23.5M in Registered Direct Offering

Cleveland BioLabs, Inc. CBLI today announced it has received commitments from certain institutional and accredited investors to purchase an aggregate of $23.5 million of the Company's securities in a registered direct offering. The Company entered into definitive purchase agreements with these investors pursuant to which the Company agreed to sell an aggregate of approximately 5.873 million shares of its common stock and warrants exercisable for up to approximately 2.936 million additional shares of its common stock. The securities will be sold in units at a price of $4.00 per unit, with each unit consisting of one share of common stock, a Series E Warrant to purchase 0.25 shares of common stock and a Series F Warrant to purchase 0.25 shares of common stock. The Series E Warrants will be exercisable at a price of $4.50 per share beginning six months following the issuance date and will expire one year from the issuance date. The Series F Warrants will be exercisable at a price of $5.00 per share beginning six months following the issuance date and will expire five years from the issuance date. The closing of the offering is expected to take place on or about June 22, 2011, subject to the satisfaction of customary closing conditions.