Cleveland BioLabs (CBLI): Revenues for 2011 were $9M, (versus $15M in 2010) this was a result of the difference in US biodefense revenues (contracts and grants). Opearting expenses were high at $34M versus $26MM spent in 2010. R&D expenses for the year came in at $22.8MM, up 42% from the $16.1MM spent in 2010 in the year prior. This was directly related to additional (preclinical) animal studies and manufacturing of CBLB502 as well as preparations for human clinical work.
