Biodefense lab goes public

Cleveland, Ohio-based biotechnology and research defense lab Cleveland BioLabs (CBL) went public today. The company is a spinoff of the Cleveland Clinic. The company’s stock began trading this morning on the Nasdaq Capital Market under the ticker symbol “CBLI” and also as “CFB” on Boston’s Stock Exchange. The $8.5 million the company expects to receive from this initial offering will be used for the further development of drugs to protect normal tissue from radiation — a technology needed in homeland security, — and for the development of anti-cancer treatments. Each of the 1.7 million shares initially offered were sold for $6 per share. The deal was jointly underwritten by Newport Beach-based investment bank Roth Capital Partners, and New York-based broker Sunrise Securities.