AcelleRX Therapeutics Inc will finance clinical trial

AcelleRX Therapeutics Inc., a Cleveland, Ohio, based company, will finance it's first clinical trial on cardiovascular stem cell therapy. It received a $6.9 million investment. The company's main product is Stromal Derived Factor-1, which is given to patients immediately following a heart attack or heart failure. Read more here.

Cleveland BioLabs Awarded Contracts for New Drugs

Buffalo Business First reports that Cleveland BioLabs Inc. is getting closer to FDA approval for its drug that treats the gastrointenstinal effects of acute radiation syndrome.

Cleveland BioLabs has been awarded several contracts, both with the Biomedical Advanced Research and Development Authority and from the Department of Defense. These contracts play a major role in paying for the company’s expenses. The total contract value for Cleveland is now at $13.3 million.