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NY bio co. gets $4.6M from Russia to develop drugs
Initiative focuses on anti-infection drugs
Updated: Wednesday, 28 Nov 2012, 4:35 PM EST
Published : Wednesday, 28 Nov 2012, 4:35 PM EST
BUFFALO, N.Y. (AP) - A western New York company says it has signed a $4.6 million contract with Russia to develop anti-infection drugs.
Buffalo-based Cleveland BioLabs Inc. says the contract with the Ministry of Industry and Trade of the Russian Federation was issued under the federation's "Pharma 2020" pharmaceutical development initiative.
The contract announced Tuesday focuses on Xenomycins, a family of compounds being developed as potential treatments for infectious diseases. It's being handled through Panacela Labs, a biotechnology startup company that was founded last year as a joint venture between Cleveland BioLabs and a Russian investment company.
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