Cleveland BioLabs Inc. (NASDAQ: CBLI) stock declined by 3.58% at the last close while the CBLI stock price gains by 17.53% during the after-hour session. Cleveland BioLabs, Inc. is a biopharmaceutical firm that is working on new ways to stimulate the immune system and treat critical medical conditions.
Current update
Cleveland BioLabs stated that the Securities and Exchange Commission declared its registration statement on SEC Form S-4 submitted in conjunction with its previously announced merger with Cytocom Inc. effective on June 10, 2021. Cytocom is a prominent biopharmaceutical firm that develops next-generation immunity treatments to restore immunological balance.
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A formal proxy statement and a prospectus are included in the Registration Statement. Notice of the Special Meeting and the official proxy statement/prospectus was sent to stockholders of CBLI as of June 9, 2021.
The new merged business will be known as “Cytocom Inc.” when the merger closes, and its common stock is planned to list on the Nasdaq Capital Market under the ticker “CYTO.” The transaction is scheduled to close in the third quarter of 2021, require the approval of Cleveland BioLabs’ stockholders, the acceptance of the merged company’s application for Nasdaq Capital Market listing, and the fulfilment of other normal closing conditions.
Past Development
CBLIpublished a publication in Communications Biology, a Nature portfolio journal, on April 14, 2021, outlining the development, characteristics, and preclinical effectiveness evaluation of GP532 which is a novel deimmunized and pharmacologically optimized Toll-like receptor 5 (TLR5) agonist.
In preclinical models, GP532 is shown to be effective for prophylaxis and treatment of acute radiation sickness (ARS). The therapeutic efficacy of GP532 is unlikely to be harmed by neutralizing antibodies that form in people after exposure to the first-generation TLR5 agonist entolimod, which has been a barrier to expanding TLR5 agonist uses beyond radiation countermeasure. As a result, GP532 may be considered for illness indications that necessitate long-term recurrent treatment.