The Company is engaged in the discovery, development and commercialization of products for cancer treatment and protection of normal tissues from radiation and toxins.
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Hopefully all the bad news is in for Cleveland Biolabs, except possibly that the Indians will choke their way out of a playoff spot yet again. First BARDA put them on the back burner, then they decided their best bet at prolonging their cash runway would be the capital markets. The end result is a 60% haircut from recent highs.
I called BS on this Cleveland Steamer near the top, but I wasn't expecting the immediate onrush of bad news. I think there's going to be more to this story before the purported technology ends up collapsing on itself.