Cleveland BioLabs, Incuron LLC deal

Incuron, a JV formed by Cleveland BioLabs and Russian venture company Bioprocess Capital Ventures LLC in 2009 to develop the biotech's portfolio of Curaxin compounds for cancer, received a $5.7 million investment from Bioprocess. The payment was triggered by the opening of Incuron's U.S. office. This is first investment received by Incuron, which will receive up to $18 million. The second payment will be triggered upon approval to begin clinical trials of a Curaxin compound or progression of the CBLC102 clinical program. A third payment will be triggered upon completion of at least one Phase I/II trial in cancer patients. ...