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  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">As filed with the Securities and Exchange
  Commission on April&nbsp;24, 2015&#9;</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  
  <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-right: 0; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
  STATES</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES
  AND EXCHANGE COMMISSION </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"><B>Washington,
  D.C. 20549</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>FORM
  S-8</B></FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REGISTRATION
  STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>Cleveland
  BioLabs, Inc.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Exact
  name of registrant as specified in its charter)</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid; width: 49%"><B>Delaware</B></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center; padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid; width: 49%"><FONT STYLE="font-size: 10pt"><B>20-0077155</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(State or other jurisdiction of</P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">incorporation or organization)</P></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(I.R.S. Employer</P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">identification No.)</P></TD></TR>
  </TABLE>
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>73
  High Street</B><BR>
  <B>Buffalo, NY 14203</B></FONT></P>
  
  <!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address
  of principal executive offices) (Zip Code)</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cleveland
  BioLabs, Inc. Equity Incentive Plan</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cleveland
  BioLabs, Inc. 2013 Employee Stock Purchase Plan</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Full
  title of the plan)</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Yakov
  Kogan</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
  Executive Officer</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cleveland
  BioLabs, Inc.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">73
  High Street</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Buffalo,
  New York 14203</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name
  and address of agent for service)</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(716)
  849-6810</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Telephone
  number, including area code, of agent for service)</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Copies
  to:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gregory
  Sichenzia, Esq.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Marcelle
  Balcombe, Esq.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jeff
  Cahlon, Esq.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sichenzia
  Ross Friedman Ference LLP</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">61
  Broadway</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New
  York, New York 10006</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Phone:
  (212) 930-9700</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fax:
  (212) 930-9725</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
  by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller
  reporting company. See definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller
  reporting company&rdquo; in Rule 12b-2 of the Exchange Act.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large
  accelerated filer&nbsp; &#9744;</FONT></TD>
      <TD STYLE="width: 51%; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated
  filer &#9744;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated
  filer &#9744;</FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(do
          not check if a smaller reporting company)</FONT></P></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller reporting
      company <FONT STYLE="font-family: Wingdings">&thorn;</FONT></FONT></TD></TR>
  </TABLE>
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">&nbsp;</P>
  
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  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CALCULATION
  OF REGISTRATION FEE</B></FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Title of each class of securities <BR> to be registered</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount to be Registered<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Proposed Maximum Offering Price Per Security</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Proposed Maximum Aggregate Offering Price</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Amount of Registration Fee</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 52%; font: 10pt Times New Roman, Times, Serif">Common Stock, $0.005 par value</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">650,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">(2)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">3.15</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,047,500</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">(4)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">237.92</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Common Stock, $0.005 par value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">225,000</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">(3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3.15</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">708,750</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">(4)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">82.36</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">875,0000</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,756,250</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">(4)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">320.28</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>
  
  
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
                                           to Rule 416 promulgated under the Securities Act of 1933, as amended, there are also
                                           registered hereunder such indeterminate number of additional shares as may be issued
                                           to prevent dilution resulting from stock splits, stock dividends or similar transactions.</FONT></TD></TR></TABLE>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Represents
                                           shares issuable pursuant to the Cleveland BioLabs, Inc. Equity Incentive Plan.</FONT></TD></TR></TABLE>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Represents
                                           shares issuable pursuant to the Cleveland BioLabs, Inc. 2013 Employee Stock Purchase
                                           Plan.</FONT></TD></TR></TABLE>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated
                                           solely for purposes of calculating the registration fee in accordance with Rule 457(c)
                                           under the Securities Act of 1933, as amended, using the average of the high and low price
                                           as reported on the NASDAQ Capital Market on April 22, 2015.</FONT></TD></TR></TABLE>
  
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: center">&nbsp;</P>
  
  <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: center">&nbsp;</P>
  
  <!-- Field: Page; Sequence: 2 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART
  I</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
  Registration Statement relates to two separate prospectuses.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Section
  10(a) Prospectus</U>: Items 1 and 2, from this page, and the documents incorporated by reference pursuant to Part II, Item 3 of
  this prospectus, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act of 1933, as amended
  (the &ldquo;Securities Act&rdquo;).</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Reoffer
  Prospectus</U>: The material that follows Item 2, up to but not including Part II of this Registration Statement, of which the
  reoffer prospectus is a part, constitutes a &ldquo;reoffer prospectus,&rdquo; prepared in accordance with the requirements of
  Part I of Form S-3 under the Securities Act. Pursuant to Instruction C of Form S-8, the reoffer prospectus may be used for reoffers
  or resales of shares of common stock which are deemed to be &ldquo;control securities&rdquo; or &ldquo;restricted securities&rdquo;
  under the Securities Act that have been acquired by the selling stockholders named in the reoffer prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
  1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan Information.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Cleveland BioLabs, Inc. will provide
  each participant (the &ldquo;Recipient&rdquo;) with documents that contain information related to the Cleveland BioLabs, Inc.
  Equity Incentive Plan and the Cleveland BioLabs, Inc. 2013 Employee Stock Purchase Plan,<B> </B>and other information including,
  but not limited to, the disclosure required by Item 1 of Form S-8, which information is not filed as a part of this Registration
  Statement on Form S-8. The foregoing information and the documents incorporated by reference in response to Item 3 of Part II
  of this Registration Statement taken together constitute a prospectus that meets the requirements of Section 10(a) of the Securities
  Act. A copy of Section 10(a) prospectus will be given to each Recipient who receives shares of common stock covered by this Registration
  Statement, in accordance with Rule 428(b)(1) under the Securities Act.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
  2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant Information and Employee Plan Annual Information.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
  will provide to each Recipient a written statement advising it of the availability of documents incorporated by reference in Item
  3 of Part II of this Registration Statement and of documents required to be delivered pursuant to Rule 428(b) under the Securities
  Act without charge and upon written or oral notice by contacting:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cleveland
  BioLabs, Inc.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">73
  High Street</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Buffalo,
  New York 14203</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attention:
  Corporate Secretary</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone:
  (716) 849-6810</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Information
  required by Part I to be contained in Section 10(a) prospectus is omitted from the Registration Statement in accordance with Rule
  428 under the Securities Act of 1933, and Note to Part I of Form S-8.</B></FONT></P>
  
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
  
  <!-- Field: Page; Sequence: 3; Options: NewSection; Value: 3 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REOFFER
  PROSPECTUS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cleveland
  BioLabs, Inc.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>243,060 Shares
  of Common Stock</B></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">This reoffer prospectus
  relates to the sale of 243,060 shares of our common stock that may be offered and resold from time to time by the selling stockholders
  identified in this prospectus for their own account, including 234,244 shares issuable upon exercise of options. It is anticipated
  that the selling stockholders will offer shares for sale at prevailing prices on The NASDAQ Capital Market on the date of sale.
  We will receive no part of the proceeds from sales made under this reoffer prospectus. The selling stockholders will bear all sales
  commissions and similar expenses. Any other expenses incurred by us in connection with the registration and offering and not borne
  by the selling stockholders will be borne by us.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  shares of common stock have been or will be issued pursuant to awards granted under the Cleveland BioLabs, Inc. Equity Incentive
  Plan and the Cleveland BioLabs, Inc. 2013 Employee Stock Purchase Plan. This reoffer prospectus has been prepared for the purposes
  of registering the shares under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) to allow for future
  sales by selling stockholders on a continuous or delayed basis to the public without restriction.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  selling stockholders and any brokers executing selling orders on their behalf may be deemed to be &ldquo;underwriters&rdquo;
  within the meaning of the Securities Act, in which event commissions received by such brokers may be deemed to be
  underwriting commissions under the Securities Act.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our common stock
  is listed on the NASDAQ Capital Market under the symbol &ldquo;CBLI&rdquo;. The last reported sale price of our common stock on
  the NASDAQ Capital Market on April 23, 2015, was $3.30 per share.</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investing
  in our common stock involves risks. See &quot;Risk Factors&quot; on page  9 of this reoffer prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Neither
  the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
  determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">The date of this prospectus is April
  24, 2015.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
  
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>TABLE
  OF CONTENTS </U></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; width: 10%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; padding-left: 12.2pt; text-indent: -12.2pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prospectus
  Summary</FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">6</TD></TR>
  <TR STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; padding-left: 12.2pt; text-indent: -12.2pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk
  Factors</FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">9</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; padding-left: 12.2pt; text-indent: -12.2pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cautionary
  Note Regarding Forward Looking Statements</FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">10<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR>
  <TR STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; padding-left: 12.2pt; text-indent: -12.2pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use
      of Proceeds</FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">10</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; padding-left: 12.2pt; text-indent: -12.2pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling
      Stockholders</FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">11</TD></TR>
  <TR STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; padding-left: 12.2pt; text-indent: -12.2pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Plan
      of Distribution</FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">12</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; padding-left: 12.2pt; text-indent: -12.2pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal
      Matters</FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">14</TD></TR>
  <TR STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; padding-left: 12.2pt; text-indent: -12.2pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Experts</FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">14</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; padding-left: 12.2pt; text-indent: -12.2pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incorporation
  of Certain Documents by Reference</FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">14</TD></TR>
  <TR STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Disclosure
      of Commission Position on Indemnification For Securities Act Liabilities</FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">14</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; padding-left: 12.2pt; text-indent: -12.2pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Available
      Information to You </FONT></TD>
      <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">16</TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NO
  PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS, OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS,
  IN CONNECTION WITH THE OFFERING MADE HEREBY, AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON
  AS HAVING BEEN AUTHORIZED BY THE COMPANY OR ANY OTHER PERSON. NEITHER THE DELIVERY OF THIS PROSPECTUS NOR ANY SALE MADE HEREUNDER
  SHALL UNDER ANY CIRCUMSTANCES CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE THE DATE
  HEREOF. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OFFERED HEREBY
  BY ANYONE IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED OR IN WHICH THE PERSON MAKING SUCH OFFER OR
  SOLICITATION IS NOT QUALIFIED TO DO SO OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 36pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 36pt; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 5; Value: 3 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 36pt; text-align: justify">&nbsp;</P>
  
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PROSPECTUS
  SUMMARY</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
  summary highlights information contained elsewhere in this prospectus. You should read the entire prospectus carefully, including
  the section entitled &ldquo;Risk Factors&rdquo; before deciding to invest in our common stock In this prospectus, the &ldquo;Company,&rdquo;
  &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Cleveland BioLabs, Inc. together with its consolidated subsidiary
  BioLabs 612, LLC, our consolidated joint venture, Panacela Labs, Inc. and our unconsolidated joint venture, Incuron, LLC.<I> </I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The Company</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
  are an innovative biopharmaceutical company seeking to develop first-in-class pharmaceuticals designed to address diseases with
  significant unmet medical need. We combine our proven scientific expertise and our depth of knowledge about our products&rsquo;
  mechanisms of action into a passion for developing drugs to save lives. Our programs are focused on the implementation of novel
  pharmacological approaches to control cell death. Our proprietary drug candidates act via unique mechanisms that are designed
  to kill cancer and protect healthy cells. We conduct business in the United States and the Russian Federation. CBLI and our joint
  ventures, Incuron, LLC, or Incuron, and Panacela Labs, Inc., or Panacela, each have worldwide development and commercialization
  rights to product candidates in development, subject to certain financial obligations to our current licensors. CBLI&rsquo;s most
  advanced product candidate is entolimod, which we are developing as a radiation countermeasure and an immunotherapy for oncology
  and other indications. Our primary product development programs and their respective development stages are illustrated below:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>
  
  <P STYLE="margin: 0"></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #538DD5">
      <TD STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center; line-height: 107%; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: white"><B>PRODUCT</B></FONT><BR>
  <FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: white"><I>Indication</I></FONT></TD>
      <TD COLSPAN="4" STYLE="border: white 1pt solid; text-align: center; line-height: 107%; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: white">DISCOVERY</FONT></TD>
      <TD COLSPAN="4" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: center; line-height: 107%; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: white">PRECLINICAL</FONT></TD>
      <TD COLSPAN="4" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: center; line-height: 107%; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: white">PIVOTAL ANIMAL STUDIES</FONT></TD>
      <TD COLSPAN="4" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: center; line-height: 107%; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: white">HUMAN SAFETY /&nbsp;&nbsp;&nbsp;&nbsp;DOSE CONVERSION&nbsp;</FONT></TD></TR>
  <TR>
      <TD STYLE="border-right: white 1pt solid; line-height: 107%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENTOLIMOD</B></FONT><BR>
  <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Acute Radiation Syndrome</I></FONT></TD>
      <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #DCE6F1; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #DCE6F1; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #C5D9F1; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #C5D9F1; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #B8CCE4; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #B8CCE4; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #8DB4E2; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #8DB4E2; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #95B3D7; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #95B3D7; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="border-right: white 1pt solid; background-color: #538DD5; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="border-right: white 1pt solid; background-color: #EEECE1; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #95B3D7; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="border-right: white 1pt solid; background-color: #366092; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="border-right: white 1pt solid; background-color: #366092; line-height: 107%; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="border-right: white 1pt solid; background-color: #EEECE1; line-height: 107%; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  </TABLE>
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>
  
  <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: middle; background-color: #538DD5">
      <td style="color: white; font-weight: bold; border-top: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: center"><font style="font: normal 10pt Times New Roman, Times, Serif; color: white">PRODUCT&nbsp;&nbsp;</font><font style="font: normal 10pt Times New Roman, Times, Serif; color: white"><b><BR>
  </b></font><font style="font: 10pt Times New Roman, Times, Serif; color: white"><font style="font-weight: normal"><i>Indication</i></font></font></td>
      <td colspan="4" style="color: white; border: white 1pt solid; text-align: center">DISCOVERY</td>
      <td colspan="4" style="color: white; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: center; border-left-color: white; border-left-width: 1pt">PRECLINICAL</td>
      <td colspan="4" style="color: white; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: center; border-left-color: white; border-left-width: 1pt">PHASE I</td>
      <td colspan="4" style="color: white; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: center; border-left-color: white; border-left-width: 1pt">PHASE II</td>
      <td colspan="4" style="color: white; border-top: white 1pt solid; border-bottom: white 1pt solid; text-align: center; border-left-color: white; border-left-width: 1pt">PHASE III</td></tr>
  <tr>
      <td style="vertical-align: bottom; width: 40%"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"><B>ENTOLIMOD-Oncology<BR>
  </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Advanced
  Solid Tumors</I></FONT></td>
      <td style="vertical-align: middle; border: white 0.5pt solid; background-color: #DCE6F1; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #DCE6F1; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #C5D9F1; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #C5D9F1; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #B8CCE4; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #B8CCE4; width: 3%">&nbsp;</td>
      <td style="vertical-align: bottom; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #8DB4E2; width: 3%">&nbsp;</td>
      <td style="vertical-align: bottom; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #8DB4E2; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #95B3D7; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #95B3D7; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; background-color: #538DD5; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border: white 0.5pt solid; background-color: #EAEAEA; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #EAEAEA; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #EAEAEA; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #EAEAEA; width: 3%">&nbsp;</td>
      <td style="font-style: italic; vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #EAEAEA; width: 3%">&nbsp;</td>
      <td style="font-style: italic; vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #EAEAEA; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #EAEAEA; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #EAEAEA; width: 3%">&nbsp;</td>
      <td style="vertical-align: middle; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left-color: white; border-left-width: 0.5pt; background-color: #EAEAEA; width: 3%">&nbsp;</td></tr>
  <tr>
      <td style="vertical-align: bottom"><font style="font: normal 10pt Times New Roman, Times, Serif"><b>CBLB612</b><font style="font-weight: normal"><BR>
  </font></font><font style="font: 10pt Times New Roman, Times, Serif"><i>HSC Mobilization</i></font></font></td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt; background-color: #DCE6F1">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #DCE6F1">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #C5D9F1">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #C5D9F1">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #B8CCE4">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #B8CCE4">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #8DB4E2">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #8DB4E2">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #95B3D7">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #95B3D7">&nbsp;</td>
      <td style="vertical-align: middle; border-bottom: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt; background-color: #538DD5">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="font-style: italic; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td></tr>
  <tr>
      <td style="font-weight: bold; vertical-align: middle">MOBILAN<BR>
  <font style="font: normal 10pt Times New Roman, Times, Serif"><i>Prostate Cancer</i></font></td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt; background-color: #DCE6F1">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #DCE6F1">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #C5D9F1">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #C5D9F1">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #B8CCE4">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #B8CCE4">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #8DB4E2">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #8DB4E2">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="font-style: italic; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td></tr>
  <tr>
      <td style="vertical-align: middle"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"><B>CBL0137<BR>
  </B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Advanced
  Solid Tumors</I></FONT></td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt; background-color: #DCE6F1">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #DCE6F1">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #C5D9F1">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #C5D9F1">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #B8CCE4">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #B8CCE4">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #8DB4E2">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #8DB4E2">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #95B3D7">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #95B3D7">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="font-style: italic; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td>
      <td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: #EAEAEA">&nbsp;</td></tr>
  </table>
  
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">(1) CBL0137 is in development
  by Incuron.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2) Mobilan
  is in development by Panacela.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Entolimod
  </U></B>is a Toll-like receptor 5, or TLR5, agonist, which we are developing as a radiation countermeasure for prevention of death
  from Acute Radiation Syndrome, or ARS, and as an oncology drug. We believe that entolimod is the most efficacious radiation countermeasure
  currently in development. Following is a summary of the clinical development of entolimod to date and regulatory status:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Entolimod
  is being developed under the U.S. Food &amp; Drug Administration&rsquo;s, or FDA&rsquo;s, Animal Efficacy Rule, or the Animal
  Rule, for the indication of reducing the risk of death following exposure to potentially lethal irradiation occurring as a result
  of a radiation disaster. If approved, we anticipate that entolimod will be administered within 25 hours following radiation exposure.
  We have completed two dose escalation clinical studies designed to evaluate the safety, pharmacokinetics and pharmacodynamics
  in a total of 150 healthy volunteers. Administration of entolimod was not associated with irreversible harm at any of the doses
  evaluated in these two studies. We have completed a Good Laboratory Practices, or GLP, randomized, blinded, placebo-controlled,
  pivotal study designed to evaluate the dose- dependent effect of entolimod on survival and biomarker induction in 179 non-human
  primates exposed to 7.2 Gy total body irradiation when entolimod or placebo were administered at 25 hours after radiation exposure.
  We have completed a GLP, randomized, open-label, placebo-controlled, pivotal study designed to evaluate the dose- dependent effect
  of entolimod on biomarker induction in 160 non-irradiated non-human primates. We met with the FDA in July 2014 to present our
  human dose-conversion and to discuss our intent to submit a pre-Emergency Use Authorization, or pre-EUA. The FDA confirmed that
  our existing efficacy and safety data and animal-to- human dose conversion are sufficient to proceed with a pre-EUA submission
  and agreed to accept a pre-EUA submission for review. We are currently preparing the pre-EUA dossier, which we anticipate filing
  in the first half of 2015. If the FDA authorizes the application, then Federal agencies are free to procure drug product to stockpile
  and distribute in the event of an emergency, i.e. prior to the drug being formally approved by FDA under a Biologics License Application,
  or BLA.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In January 2015,
  we announced that we had received notice that our proposal application to support further development of entolimod as a medical
  radiation countermeasure was recommended for funding subject to negotiations by the Department of Defense, or DoD, office of Congressionally
  Directed Medical Research Programs, or CDMRP. The proposal application aims to conduct several pivotal animal efficacy studies
  required by the FDA for submission of a BLA. Additionally, in April 2015, we announced that we had received notice that another
  of our proposal applications to support further development of entolimod as a medical radiation countermeasure was recommended
  for funding subject to negotiations by the DoD, office of CDMRP. That proposal application aims to conduct an additional clinical
  study to support submission of a BLA. The Company&rsquo;s receipt of each of these awards is subject to successful negotiations
  and availability of funds</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additionally,
  we completed enrollment in a Phase 1 open-label, dose-escalation trial of entolimod in patients with advanced cancer in the United
  States and began dosing in a small expansion study in the Russian Federation, which is enrolling additional patients at the highest
  doses achieved in the US study. Both studies include evaluation of immune cell response to administrations of entolimod. Preliminary
  evaluations of the completed study in the United States indicate that the tolerability profile in patients with advanced cancer
  was similar to that observed in two previously conducted studies in 150 healthy volunteers. Initial assessments of immunological
  response were consistent with TLR5 activation. Early analyses indicate that stable disease was observed in several patients with
  heavily pretreated cancers.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 39.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>CBLB612</U></B> is a proprietary compound based upon a natural activator of another tissue-specific component of the innate immune system,
  the TLR2/TLR6 heterodimeric receptor. CBLB612 is a pharmacologically optimized synthetic molecule that structurally mimics naturally
  occurring lipopeptides of Mycoplasma (a genus of parasitic bacteria) and activates NF-kB pro-survival and immunoregulatory signaling
  pathways via specific binding to TLR2 on a subset of body tissues and cell types that express this receptor. Preclinical studies
  have shown that the efficacy of CBLB612 exceeds that of granulocyte colony-stimulating factor, or G-CSF (Amgen&rsquo;s Neupogen&reg;),
  the market-leading drug used for stimulation of white blood cell regeneration. CBLB612&rsquo;s hematopoietic stem cell, or HSC,
  stimulatory activity outweighed that of G-CSF when the drugs were administered either as monotherapies, in either mice or non-human
  primates, or in combination with Plerixafor (Sanofi&rsquo;s Mozobil&reg;, a chemokine receptor antagonist approved by the FDA
  as an HSC mobilizer). However, the highest degree of HSC mobilization was observed when CBLB612 was added to that combination.
  The strong synergistic effect of this triple drug combination provides further support for development of CBLB612 as a valuable
  stem cell mobilizing agent. In October 2014, we initiated a Phase 1, single-center, blind, placebo-controlled, single ascending
  dose study in the Russian Federation to evaluate the safety and tolerability of CBLB612 in healthy volunteers and measure response
  of various HP stem and progenitor cell types in order to gain a preliminary estimate of the drug&rsquo;s HSC stimulatory efficacy
  under a 139 million ruble matching funds development contract that we received in July 2012 from MPT. We announced that we had
  completed dosing in this study in March 2015. We licensed CBLB612 to Zhejiang Hisun Pharmaceutical Co., Ltd. for the territories
  of China, Taiwan, Hong Kong and Macau. We have rest-of-world development and commercialization rights to CBLB612.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 39.6pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 39.6pt"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 39.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>CBL0137</U></B> is the lead product candidate of our unconsolidated joint venture Incuron. CBL0137 is a small molecule with a multi-targeted
  mechanism of action that may be broadly useful for the treatment of many different types of cancer. CBL0137 may offer greater
  efficacy and substantially lower risk for the development of drug resistance than conventional chemotherapeutic agents. CBL0137
  inhibits Nuclear Factor kappa-B, or NF- kB, Heat Shock Factor Protein-1, or HSF-1, and Hypoxia-inducible factor 1-alpha, or HIF1
  alpha; these are transcription factors that are important for the viability of many types of tumors. The drug also activates tumor
  suppressor protein p53 by modulating intracellular localization and activity of chromatin remodeling complex Facilitates Chromatin
  Transcription, or FACT. CBL0137 has been shown to be efficacious in pre-clinical models of colon, lung, breast, renal, pancreatic,
  head and neck and prostate cancers; melanoma; glioblastoma; and neuroblastoma. It has also been shown to be efficacious in pre-clinical
  models of hematological cancers, including lymphoma, leukemia and multiple myeloma.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
  the Russian Federation, Incuron is currently enrolling patients with advanced, resistant solid tumors to a Phase 1, multi-center,
  single-agent, dose-escalation study evaluating the oral administration of CBL0137. In the United States, Incuron is also currently
  enrolling patients with advanced resistant solid tumors to a Phase 1, multi-center, single-agent, dose-escalation study evaluating
  the intravenous administration of CBL0137. These studies are designed to investigate the safety, pharmacokinetics, pharmacodynamics,
  and antitumor activity of CBL0137. Incuron is conducting these parallel evaluations of oral and intravenous routes of administration
  and continuous low-dose versus interrupted high-dose schedules to reduce the company&rsquo;s developmental risk by fully characterizing
  the clinical pharmacology of CBL0137. The design of a new Phase 1 dose-escalation and expansion study of CBL0137 in hematological
  malignancies was reviewed with the FDA in December 2014. Incuron is planning to initiate a multicenter study of CBL0137 in patients
  with hematological malignancies in 2015. This clinical trial is intended to assess the safety, pharmacology, and anticancer activity
  of CBL0137 in several types of hematological cancers.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 39.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
  January 2015, updates on clinical progress with Curaxin CBL0137 were announced. A formal interim analysis of the 19 patients enrolled
  in the first six cohorts of the ongoing oral administration study indicated that the study medication was well tolerated at all
  investigated dose levels. The observation of drug exposure in plasma documented high oral bioavailability (typically estimated
  to be &ge;50%). To date, no dose-limiting toxicities have been observed with either oral or intravenous administration through
  the highest CBL0137 dose levels tested. Heavily pretreated patients with advanced cancers of the esophagus, colon, breast, cervix,
  and prostate have had stable disease for periods ranging from 4 to 6 months. Peripheral blood mononuclear cells, or PBMCs, from
  evaluable blood samples have shown pharmacodynamic effects consistent with the expected mechanism of action of CBL0137.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 39.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 39.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incuron
  holds worldwide development and commercialization rights to CBL0137. As of December 31, 2014, BioProcess Capital Ventures, or
  BCV, owned 53.04% of Incuron and we owned 46.96% and we deconsolidated Incuron on November 25, 2014 as we no longer maintained
  a controlling equity interest, and commenced accounting for our investment in Incuron using the equity method.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 39.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 39.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Mobilan</U></B> is the lead product candidate of our consolidated joint venture Panacela. Mobilan is a nanoparticle- formulated recombinant
  non-replicating adenovirus that directs expression of TLR5 and its agonistic ligand, flagellin. In pre-clinical studies, delivery
  of Mobilan to tumor cells results in constitutive autocrine TLR5 signaling and strong activation of the innate immune system with
  subsequent development of adaptive anti-tumor immune responses. Mobilan is in the pre-clinical stage of development as a universal
  anti-cancer therapy. In November 2014, Panacela filed an IND in the Russian Federation under a 149 million ruble matching funds
  development contract that it received in October 2013 from MPT. Panacela holds worldwide development and commercialization rights
  to Mobilan. As of December 31, 2014, we owned 57.78% of Panacela.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Our
  Partners</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
  December 2009, we entered into our Incuron joint venture with BioProcess Capital Partners, or BCP, to develop Curaxin compounds
  for treatment of oncological diseases. According to the terms of the agreement, we transferred rights in the Curaxin molecules
  to a new joint venture company, Incuron, in which BCP agreed to cause their affiliated fund, BCV, to contribute an aggregate of
  549,497,000 Russian rubles (approximately $16.9 million) to support development of the compounds. As of September 30, 2014, Incuron
  had received all committed funding. On November 25, 2014, we transferred 3.05% of the Company&rsquo;s participation interest in
  Incuron to BCV. The transfer of 3.05% of our participation interest was made pursuant to the Participation Agreement dated December
  9, 2009, as amended by the First and Third Amendments to Participation Agreement dated April 13, 2010 and June 17, 2014, respectively,
  that governs the joint ownership of Incuron by the Company and BCV. As described in the Form 8-K filed by the Company on December
  2, 2014, as a result of the transfer of 3.05% of our participation interests to BCV, the Company&rsquo;s participation interest
  in Incuron decreased to 46.96%, BCV&rsquo;s participation interest increased to 53.04%.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
  October 2011, we entered into our Panacela joint venture with Rusnano to carry out a complete cycle of development and commercialization
  in the Russian Federation for the treatment of oncological, infectious or other diseases. We invested $3.0 million in Panacela
  preferred shares and warrants, and, together with certain third-party owners, assigned and/or provided exclusive licenses, as
  applicable, to Panacela to provide Panacela with worldwide development and commercialization rights to five preclinical product
  candidates in exchange for Panacela common shares. Rusnano invested $9.0 million in Panacela preferred shares and warrants. In
  2013, Rusnano loaned Panacela $1.5 million through a convertible term loan, or the Panacela Loan, and revised their original investment
  agreement to remove the predetermined development milestones and timelines for further investment and provide that Rusnano may
  invest an additional $15.5 million at their option. As of December 31, 2014, we had an ownership stake of 57.78% in Panacela.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additionally,
  we leverage close development relationships with Roswell Park Cancer Institute and The Cleveland Clinic. Together, our team of
  legal entities, financial partners and other collaborators engage in the collective development efforts necessary to advance all
  of our product candidates towards marketing approval and commercialization.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Corporate
  Information</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
  were incorporated in Delaware on June&nbsp;5, 2003.&nbsp;We conduct operations through several subsidiaries, including our wholly-owned
  subsidiary, BioLab 612, LLC, our consolidated joint venture Panacela Labs, Inc. and our unconsolidated joint venture, Incuron,
  LLC.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
  principal executive offices are located at 73 High Street, Buffalo, New York 14203. Our telephone number is (716)&nbsp;849-6810.
  Our website address is www.cbiolabs.com. We have included our website address as an inactive textual reference only. The information
  contained on, or that can be accessed through, our website is not a part of this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><B>About
  This Offering</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="background-color: white">This
  offering relates to the resale by the selling stockholders of up to 243,060 shares of common stock. The selling stockholders have
  or will acquire such shares pursuant to grants made pursuant to the Cleveland BioLabs, Inc. Equity Incentive Plan and the Cleveland
  BioLabs, Inc. 2013 Employee Stock Purchase Plan.</FONT></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RISK
  FACTORS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investing
  in our common stock involves a high degree of risk. Before making an investment decision, you should consider carefully the risks,
  uncertainties and other factors described in our most recent Annual Report on Form 10-K, as supplemented and updated by subsequent
  quarterly reports on Form 10-Q and current reports on Form 8-K that we have filed or will file with the SEC, which are incorporated
  by reference into this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
  business, affairs, prospects, assets, financial condition, results of operations and cash flows could be materially and adversely
  affected by these risks. For more information about our SEC filings, please see &ldquo;Additional Information Available to You&rdquo;.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CAUTIONARY
  NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
  prospectus and the documents incorporated by reference herein contain forward-looking statements within the meaning of Section&nbsp;27A
  of the Securities Act, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that involve
  substantial risks and uncertainties. All statements, other than statements of historical fact, including statements regarding
  our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives
  of management, are forward-looking statements. The words &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;continue,&rdquo;
  &ldquo;should,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo;
  &ldquo;project,&rdquo; &ldquo;will,&rdquo; and similar expressions are intended to identify forward-looking statements, although
  not all forward-looking statements contain these identifying words.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 48.95pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
  may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not
  place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions
  and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements
  included and incorporated by reference in this prospectus that we believe could cause actual results or events to differ materially
  from the forward-looking statements that we make. See the section entitled &ldquo;Risk Factors&rdquo; herein for more information.
  You should consider these factors and other cautionary statements made in this prospectus and in the documents we incorporate
  by reference as being applicable to all related forward-looking statements wherever they appear in the prospectus and in the documents
  incorporated by reference. Unless specifically indicated, our forward-looking statements do not reflect the potential impact of
  any future acquisitions, mergers, dispositions, joint ventures or investments we may make. We do not assume any obligation to
  update any forward-looking statements.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USE
  OF PROCEEDS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">We
  will receive no proceeds from the sale of shares of common stock offered by the selling stockholders.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SELLING
  STOCKHOLDERS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">This prospectus relates
  to the offering by the selling stockholders of up to 243,060 shares of common stock.</P>
  
  
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  following table sets forth, based on information provided to us by the selling stockholders or known to us, the name of each selling
  stockholder, the nature of any position, office or other material relationship, if any, which the selling stockholder has had,
  within the past three years, with us or with any of our predecessors or affiliates, and the number of shares of our common stock
  beneficially owned by the selling stockholder before this offering.&nbsp;The number of shares owned are those beneficially owned,
  as determined under the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other
  purpose.&nbsp;Under these rules, beneficial ownership includes any shares of common stock as to which a person has sole or shared
  voting power or investment power and any shares of common stock which the person has the right to acquire within 60 days through
  the exercise of any option, warrant or right, through conversion of any security or pursuant to the automatic termination of a
  power of attorney or revocation of a trust, discretionary account or similar arrangement. None of the selling stockholders is
  a broker-dealer or an affiliate of a broker-dealer. Percentage of ownership is based on 3,435,354 shares of common stock outstanding
  on March 31, 2015.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
  have assumed all shares of common stock reflected on the table will be sold from time to time in the offering covered by this
  prospectus.&nbsp;Because the selling stockholders may offer all or any portions of the shares of common stock listed in the table
  below, no estimate can be given as to the amount of those shares of common stock covered by this prospectus that will be held
  by the selling stockholders upon the termination of the offering.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid">Selling Stockholder</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Number of Shares Beneficially Owned Before Offering</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Number of Shares Offered</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Number of Shares Beneficially Owned After Offering</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Percentage of Shares Beneficially Owned After Offering</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 52%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James J. Antal <SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">16,513</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">31,534</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(5)</SUP></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">979</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Richard S. McGowan, Esq. <SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,465</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(6)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,465</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthony J. Principi, J.D. <SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,623</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22,873</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(7)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Randy S. Saluck, J.D., MBA <SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,116</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20,390</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(7)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11,976</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Yakov Kogan, Ph.D., MBA <SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">77,529</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">49,637</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(8)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">33,122</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Andrei Gudkov, Ph.D., D. Sci. <SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">113,901</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">42,874</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(9)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">75,230</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C. Neil Lyons, CPA <SUP>(4)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">21,951</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
      <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,808</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(10)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Elena Kasimova <SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,750</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(6)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leah Brownlee <SUP>(11)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,694</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,694</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(12)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
      <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR>
  </TABLE>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*
  less than 1%.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) The selling stockholder is a director
  of the Company.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) The selling stockholder is chief
  executive officer and a director of the Company.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) The selling stockholder is chief
  scientific officer and a director of the Company.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(4) The selling stockholder is chief financial officer of
  the Company.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(5) Includes 30,750 shares issuable upon exercise of options.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(6) Represents shares issuable upon exercise of options.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(7) Includes 20,250 shares issuable upon exercise of options.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(8) Includes 48,262 shares issuable upon exercise of options.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(9) Includes 42,235 shares issuable upon exercise of options.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(10) Includes 24,795 shares issuable upon exercise of options.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(11) The selling stockholder is executive vice president
  and corporate secretary of the Company and the wife of Yakov Kogan, the Company&rsquo;s chief executive officer.</P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(12) Includes 12,452 shares issuable upon exercise of options.</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
  
  <!-- Field: Page; Sequence: 11; Value: 3 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
  
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PLAN
  OF DISTRIBUTION</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Timing
  of Sales</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">The
  selling stockholders may offer and sell the shares covered by this prospectus at various times. The selling stockholders will
  act independently of our company in making decisions with respect to the timing, manner and size of each sale.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
  our knowledge, no selling stockholder has any agreement or understanding, directly or indirectly, with any person to resell the
  shares of common stock covered by this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Offering
  Price</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  sales price offered by the selling stockholders to the public may be:&#9;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                           market price prevailing at the time of sale;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
                                           price related to such prevailing market price; or</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">such
                                           other price as the selling stockholders determine from time to time.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Manner
  of Sale </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  shares of common stock may be sold by means of one or more of the following methods:&#9;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
                                           block trade in which the broker-dealer so engaged will attempt to sell the shares of
                                           common stock as agent, but may position and resell a portion of the block as principal
                                           to facilitate the transaction;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">purchases
                                           by a broker-dealer as principal and resale by that broker-dealer for its account pursuant
                                           to this prospectus;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ordinary
                                           brokerage transactions in which the broker solicits purchasers;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">through
                                           options, swaps or derivatives;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in
                                           transactions to cover short sales;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">privately
                                           negotiated transactions; or</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in
                                           a combination of any of the above methods.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  selling stockholders may sell their shares of common stock directly to purchasers or may use brokers, dealers, underwriters or
  agents to sell their shares of common stock. Brokers or dealers engaged by the selling stockholders may arrange for other brokers
  or dealers to participate. Brokers or dealers may receive commissions, discounts or concessions from the selling stockholders,
  or, if any such broker-dealer acts as agent for the purchaser of shares of common stock, from the purchaser in amounts to be negotiated
  immediately prior to the sale. The compensation received by brokers or dealers may, but is not expected to, exceed that which
  is customary for the types of transactions involved.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Broker-dealers
  may agree with a selling stockholder to sell a specified number of shares of common stock at a stipulated price per common share,
  and, to the extent the broker-dealer is unable to do so acting as agent for a selling stockholder, to purchase as principal any
  unsold shares of common stock at the price required to fulfill the broker-dealer commitment to the selling stockholder.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Broker-dealers
  who acquire shares of common stock as principal may thereafter resell the shares of common stock from time to time in transactions,
  which may involve block transactions and sales to and through other broker-dealers, including transactions of the nature described
  above, on The NASDAQ Capital Market or otherwise at prices and on terms then prevailing at the time of sale, at prices then related
  to the then-current market price or in negotiated transactions. In connection with resales of the shares of common stock, broker-dealers
  may pay to or receive from the purchasers of shares commissions as described above.&#9;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
  the selling stockholders enter into arrangements with brokers or dealers, as described above, we are obligated to file a post-effective
  amendment to this registration statement disclosing such arrangements, including the names of any broker-dealers acting as underwriters.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  selling stockholders and any broker-dealers or agents that participate with the selling stockholders in the sale of the shares
  of common stock may be deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities Act. In that event, any commissions
  received by broker-dealers or agents and any profit on the resale of the shares of common stock purchased by them may be deemed
  to be underwriting commissions or discounts under the Securities Act.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sales
  Pursuant to Rule 144</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
  shares of common stock covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be
  sold under Rule 144 rather than pursuant to this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Regulation&nbsp;M</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  selling stockholders must comply with the requirements of the Securities Act and the Exchange Act in the offer and sale of the
  common stock. In particular we will advise the selling stockholders that the anti-manipulation rules of Regulation&nbsp;M under
  the Exchange Act may apply to sales of shares of common stock in the market and to the activities of the selling stockholders
  and their affiliates. Regulation&nbsp;M under the Exchange Act prohibits, with certain exceptions, participants in a distribution
  from bidding for, or purchasing for an account in which the participant has a beneficial interest, any of the securities that
  are the subject of the distribution.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accordingly,
  during such times as a selling stockholder may be deemed to be engaged in a distribution of the common stock, and therefore be
  considered to be an underwriter, the selling stockholder must comply with applicable law and, among other things:&#9;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">may
                                           not engage in any stabilization activities in connection with our common stock;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">may
                                           not cover short sales by purchasing shares while the distribution is taking place; and</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">may
                                           not bid for or purchase any of our securities or attempt to induce any person to purchase
                                           any of our securities other than as permitted under the Exchange Act.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
  addition, we will make copies of this prospectus available to the selling stockholders for the purpose of satisfying the prospectus
  delivery requirements of the Securities Act.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>State
  Securities Laws</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under
  the securities laws of some states, the shares of common stock may be sold in such states only through registered or licensed
  brokers or dealers. In addition, in some states the shares of common stock may not be sold unless the shares have been registered
  or qualified for sale in the state or an exemption from registration or qualification is available and is complied with.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Expenses
  of Registration</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
  are bearing all costs relating to the registration of the common stock. The selling stockholders, however, will pay any commissions
  or other fees payable to brokers or dealers in connection with any sale of the common stock.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LEGAL
  MATTERS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  validity of the common stock has been passed upon by Sichenzia Ross Friedman Ference LLP, New York, New York.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXPERTS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  consolidated financial statements of Cleveland BioLabs, Inc. as of December 31, 2014 and 2013 and for each of the years in the
  three-year period ended December 31, 2014 appearing in Cleveland BioLabs, Inc.&rsquo;s Annual Report on Form 10-K for the year
  ended December 31, 2014, have been audited by Meaden &amp; Moore, Ltd., an independent registered public accounting firm, as set
  forth in its report thereon, included therein, and incorporated herein by reference. Such consolidated financial statements are
  incorporated herein by reference in reliance upon such report given on the authority of such firm as experts in accounting and
  auditing.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>INCORPORATION
  OF CERTAIN DOCUMENTS by Reference</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  Securities and Exchange Commission, or SEC, allows us to incorporate by reference certain of our publicly filed documents into
  this prospectus, which means that such information is considered part of this prospectus. Information that we file with the SEC
  subsequent to the date of this prospectus will automatically update and supersede this information. We incorporate by reference
  the documents listed below and any future filings made with the SEC under all documents subsequently filed by us pursuant to Section
  13(a), 13(c), 14 or 15(d) of the Exchange Act until the selling stockholders have sold all of the shares offered hereby or such
  shares have been deregistered.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; line-height: 115%; font-size: 10pt; text-indent: 0; width: 0.5in">&nbsp;</TD>
      <TD STYLE="padding: 0; line-height: 115%; font-size: 10pt; text-indent: 0; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
      <TD STYLE="padding: 0; line-height: 115%; font-size: 10pt; text-indent: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the SEC on February 27, 2015;</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; line-height: 115%; text-indent: 0; width: 0.5in; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding: 0; line-height: 115%; text-indent: 0; width: 5%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
      <TD STYLE="padding: 0; line-height: 115%; text-indent: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
      Current Reports on Form 8-K filed with the SEC on January 13, 2015, January 27, 2015, January 28, 2015, February 4, 2015,
      February 9, 2015, February 20, 2015, March 13, 2015 and April 17, 2015;</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; line-height: 115%; text-indent: 0; width: 0.5in; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding: 0; line-height: 115%; text-indent: 0; width: 5%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
      <TD STYLE="padding: 0; line-height: 115%; text-indent: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our Definitive Proxy Statement on Schedule 14A filed with the SEC on March 5, 2015; and</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.25pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; line-height: 115%; text-indent: 0; width: 0.5in; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding: 0; line-height: 115%; text-indent: 0; width: 5%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
      <TD STYLE="padding: 0; line-height: 115%; text-indent: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the description of our common stock, which is contained in the registration statement on Form 8-A filed with the SEC on July 20, 2006 (File No. 001-32954), including any amendments or reports filed for the purpose of updating that description.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
  the foregoing, information furnished under Items 2.02 and 7.01 of any Current Report on Form 8-K, including the related exhibits,
  is not incorporated by reference in this prospectus.</FONT></P>
  
  <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>Disclosure
  Of Commission Position On Indemnification </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>For
  Securities Act Liabilities</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  Company&rsquo;s certificate of incorporation and bylaws provide that each person who was or is made a party or is threatened to
  be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative,
  by reason of the fact that he or she is or was one of the Company&rsquo;s directors or officers or is or was serving at the Company&rsquo;s
  request as a director, officer, or trustee of another corporation, or of a partnership, joint venture, trust or other enterprise,
  whether the basis of such proceeding is alleged action in an official capacity as a director, officer or trustee or in any other
  capacity while serving as a director, officer or trustee, shall be indemnified and held harmless by us to the fullest extent authorized
  by the DGCL against all expense, liability and loss (including attorneys&rsquo; fees) actually and reasonably incurred by such
  person in connection with the defense or settlement of such action.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;145
  of the DGCL permits a corporation to indemnify any director or officer of the corporation against expenses (including attorneys&rsquo;
  fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with any action, suit or
  proceeding brought by reason of the fact that such person is or was a director or officer of the corporation, if such person acted
  in good faith and in a manner that he or she reasonably believed to be in, or not opposed to, the best interests of the corporation,
  and, with respect to any criminal action or proceeding, if he or she had no reason to believe his or her conduct was unlawful.
  In a derivative action, (<I>i.e</I> ., one brought by or on behalf of the corporation), indemnification may be provided only for
  expenses actually and reasonably incurred by any director or officer in connection with the defense or settlement of such an action
  or suit if such person acted in good faith and in a manner that he or she reasonably believed to be in, or not opposed to, the
  best interests of the corporation, except that no indemnification shall be provided if such person shall have been adjudged to
  be liable to the corporation, unless and only to the extent that the court in which the action or suit was brought shall determine
  that the defendant is fairly and reasonably entitled to indemnity for such expenses despite such adjudication of liability.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
  to Section 102(b)(7) of the DGCL, Article ELEVENTH of the Company&rsquo;s certificate of incorporation eliminates the liability
  of a director to the Registrant&rsquo;s stockholders for monetary damages for such a breach of fiduciary duty as a director, except
  for liabilities arising</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">from
                                           any breach of the director&rsquo;s duty of loyalty to the Registrant or the Registrant&rsquo;s
                                           stockholders;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 65.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">from
                                           acts or omissions not in good faith or which involve intentional misconduct or a knowing
                                           violation of law;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 65.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">under
                                           Section 174 of the DGCL; and</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 65.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">from
                                           any transaction from which the director derived an improper personal benefit.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  Company has entered into an agreement to indemnify one of the Registrant&rsquo;s directors. This agreement, among other things,
  provide that the Company will indemnify the director to the fullest extent authorized or permitted by the provisions of the Company&rsquo;s
  certificate of incorporation, bylaws or law for claims arising in his capacity as a director of the Company. The indemnification
  agreements also establish the procedures that will apply in the event the director makes a claim for indemnification.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  Company maintains a general liability insurance policy which covers certain liabilities of directors and officers of the Registrant
  arising out of claims based on acts or omissions in their capacities as directors or officers.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  foregoing discussion of our certificate of incorporation, bylaws, indemnification agreements, and Delaware law is not intended
  to be exhaustive and is qualified in its entirety by such certificate of incorporation, bylaws, indemnification agreements, or
  law.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>Additional
  Information Available to You</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
  prospectus is part of a Registration Statement on Form S-8 that we filed with the SEC. Certain information in the Registration
  Statement has been omitted from this prospectus in accordance with the rules of the SEC. We file annual, quarterly and special
  reports, proxy statements and other information with the SEC. You can inspect and copy the Registration Statement as well as reports,
  proxy statements and other information we have filed with the SEC at the public reference room maintained by the SEC at 100 F
  Street N.E. Washington, D.C. 20549, You can obtain copies from the public reference room of the SEC at 100 F Street N.E. Washington,
  D.C. 20549, upon payment of certain fees. You can call the SEC at 1-800-732-0330 for further information about the public reference
  room. We are also required to file electronic versions of these documents with the SEC, which may be accessed through the SEC's
  World Wide Web site at http://www.sec.gov. No dealer, salesperson or other person is authorized to give any information or to
  make any representations other than those contained in this prospectus, and, if given or made, such information or representations
  must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to buy any security other
  than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by any
  person in any jurisdiction where such offer or solicitation is not authorized or is unlawful. Neither delivery of this prospectus
  nor any sale hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of
  our company since the date hereof.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>
  
  
  <!-- Field: Page; Sequence: 16; Value: 3 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART
  II </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
  3. Incorporation of Documents by Reference.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  Company hereby incorporates by reference into this Registration Statement the documents listed below. In addition, all documents
  subsequently filed pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective
  amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold,
  shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing
  of such documents.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
                                           Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the
                                           SEC on February 27, 2015;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
                                           Current Reports on Form 8-K filed with the SEC on January 13, 2015, January 27, 2015,
                                           January 28, 2015, February 4, 2015, February 9, 2015, February 20, 2015, March 13,
                                           2015 and April 17, 2015;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
                                           Definitive Proxy Statement on Schedule 14A filed with the SEC on March 5, 2015; and</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                           description of our common stock, which is contained in the registration statement on
                                           Form 8-A filed with the SEC on July 20, 2006 (File No. 001-32954), including any amendments
                                           or reports filed for the purpose of updating that description.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
  the foregoing, information furnished under Items 2.02 and 7.01 of any Current Report on Form 8-K, including the related exhibits,
  is not incorporated by reference in this Registration Statement.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
  4. Description of Securities.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not
  applicable.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
  5. Interests of Named Experts and Counsel.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  
  <!-- Field: Page; Sequence: 17; Value: 3 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
  6. Indemnification of Directors and Officers.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  Company&rsquo;s certificate of incorporation and bylaws provide that each person who was or is made a party or is threatened to
  be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative,
  by reason of the fact that he or she is or was one of the Company&rsquo;s directors or officers or is or was serving at the Company&rsquo;s
  request as a director, officer, or trustee of another corporation, or of a partnership, joint venture, trust or other enterprise,
  whether the basis of such proceeding is alleged action in an official capacity as a director, officer or trustee or in any other
  capacity while serving as a director, officer or trustee, shall be indemnified and held harmless by us to the fullest extent authorized
  by the DGCL against all expense, liability and loss (including attorneys&rsquo; fees) actually and reasonably incurred by such
  person in connection with the defense or settlement of such action.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;145
  of the DGCL permits a corporation to indemnify any director or officer of the corporation against expenses (including attorneys&rsquo;
  fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with any action, suit or
  proceeding brought by reason of the fact that such person is or was a director or officer of the corporation, if such person acted
  in good faith and in a manner that he or she reasonably believed to be in, or not opposed to, the best interests of the corporation,
  and, with respect to any criminal action or proceeding, if he or she had no reason to believe his or her conduct was unlawful.
  In a derivative action, (<I>i.e</I> ., one brought by or on behalf of the corporation), indemnification may be provided only for
  expenses actually and reasonably incurred by any director or officer in connection with the defense or settlement of such an action
  or suit if such person acted in good faith and in a manner that he or she reasonably believed to be in, or not opposed to, the
  best interests of the corporation, except that no indemnification shall be provided if such person shall have been adjudged to
  be liable to the corporation, unless and only to the extent that the court in which the action or suit was brought shall determine
  that the defendant is fairly and reasonably entitled to indemnity for such expenses despite such adjudication of liability.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
  to Section 102(b)(7) of the DGCL, Article ELEVENTH of the Company&rsquo;s certificate of incorporation eliminates the liability
  of a director to the Registrant&rsquo;s stockholders for monetary damages for such a breach of fiduciary duty as a director, except
  for liabilities arising</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">from
                                           any breach of the director&rsquo;s duty of loyalty to the Registrant or the Registrant&rsquo;s
                                           stockholders;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 65.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">from
                                           acts or omissions not in good faith or which involve intentional misconduct or a knowing
                                           violation of law;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 65.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">under
                                           Section 174 of the DGCL; and</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 65.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">from
                                           any transaction from which the director derived an improper personal benefit.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  Company has entered into an agreement to indemnify one of the Registrant&rsquo;s directors. This agreement, among other things,
  provide that the Company will indemnify the director to the fullest extent authorized or permitted by the provisions of the Company&rsquo;s
  certificate of incorporation, bylaws or law for claims arising in his capacity as a director of the Company. The indemnification
  agreements also establish the procedures that will apply in the event the director makes a claim for indemnification.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  Company maintains a general liability insurance policy which covers certain liabilities of directors and officers of the Registrant
  arising out of claims based on acts or omissions in their capacities as directors or officers.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  foregoing discussion of our certificate of incorporation, bylaws, indemnification agreements, and Delaware law is not intended
  to be exhaustive and is qualified in its entirety by such certificate of incorporation, bylaws, indemnification agreements, or
  law.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>
  
  <!-- Field: Page; Sequence: 18; Value: 3 -->
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      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
  7. Exemption from Registration Claimed.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not
  applicable.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
  8. Exhibits.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
      Number</B></FONT></TD>
      <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 90%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Description</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.1</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opinion
      of Sichenzia Ross Friedman Ference LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cleveland
      BioLabs, Inc. Equity Incentive Plan (incorporated by reference to Definitive Proxy Statement on Schedule 14A filed with the
      SEC on March 5, 2015)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.2</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First
      Amendment to Cleveland BioLabs, Inc. Equity Incentive Plan (incorporated by reference to Definitive Proxy Statement on Schedule
      14A filed with the SEC on March 5, 2015)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.3</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Third
      Amendment to Cleveland BioLabs, Inc. Equity Incentive Plan (incorporated by reference to Definitive Proxy Statement on Schedule
      14A filed with the SEC on March 5, 2015)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.4</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cleveland
      BioLabs, Inc. 2013 Employee Stock Purchase Plan (incorporated by reference to Definitive Proxy Statement on Schedule 14A filed
      with the SEC on March 5, 2015)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.5</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First
      Amendment to Cleveland BioLabs, Inc. 2013 Employee Stock Purchase Plan (incorporated by reference to Definitive Proxy Statement
      on Schedule 14A filed with the SEC on March 5, 2015)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.1</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent
      of Meaden &amp; Moore, Ltd. </FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.2</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent
      of Sichenzia Ross Friedman Ference LLP (included in Exhibit 5.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.1</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Power
      of Attorney (included on the signature page)</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
  9. Undertakings.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
  Company hereby undertakes:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
      <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
      file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
      <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
      include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD>
      <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
      reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most
      recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
      set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
      (if the total dollar value of securities offered&nbsp;&nbsp;would not exceed that which was registered) and any deviation
      from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the
      Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent
      no more than 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
      Fee&rdquo; table in the effective Registration Statement.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD>
      <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
      include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
      or any material change to such information in the Registration Statement; provided, however, that (A)&nbsp;paragraphs (a)(1)(i)
      and (a)(1)(ii) of this section do not apply if the Registration Statement is on Form S&ndash;8 (&sect;239.16b of Regulation
      S-K), and the information required to be included in a post-effective amendment by those paragraphs is contained in reports
      filed with or furnished to the Securities and Exchange Commission by the Company pursuant to section 13 or section 15(d) of
      the Exchange Act (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the Registration Statement; and (B)&nbsp;paragraphs
      (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the Registration Statement is on Form S-3 or Form F-3, and the information
      required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished
      to the Securities and Exchange Commission by the Company pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange
      Act that are incorporated by reference in the Registration Statement, or is contained in a form of prospectus filed pursuant
      to Rule 424(b) that is part of the Registration Statement; provided further, however, that paragraphs (a)(1)(i) and (a)(1)(ii)
      do not apply if the Registration Statement is for an offering of asset-backed securities on Form S-1 or Form S-3, and the
      information required to be included in a post-effective amendment is provided pursuant to Item&nbsp;1100(c) of Regulation
      AB.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>
  
  <!-- Field: Page; Sequence: 19; Value: 3 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
      <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">That,
      for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
      to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
      time shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
      <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
      remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
      at the termination of the offering.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
      <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">That,
      for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A)
  Each prospectus filed by a Registrant pursuant to Rule&nbsp;424(b)(3) shall be deemed to be part of the registration
  statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(B)&nbsp;Each
  prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance
  on Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i),&nbsp;&nbsp;(vii)&nbsp;or (x)&nbsp;for the purpose
  of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included
  in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date
  of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability
  purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date
  of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the
  offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that
  no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
  or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
  as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made
  in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
  prior to such effective date.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
      <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
      Company hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Company&rsquo;s
      annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act that is incorporated by reference in
      this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein,
      and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 0.5in; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
      <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Insofar
      as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
      persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion
      of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act,
      and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
      by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful
      defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with
      the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling
      precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
      policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
      <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>
  
  <!-- Field: Page; Sequence: 20; Value: 3 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES
  </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
  to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it
  meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf
  by the undersigned, thereunto duly authorized, in the City of Buffalo, State of New York, on April 24, 2015.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cleveland
      BioLabs, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
      <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
      Yakov Kogan</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Yakov Kogan</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Its:</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive
      Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Executive
      Officer)</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 196.9pt; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
      <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 49.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
      C. Neil Lyons</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C. Neil Lyons</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Its:</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial
      Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Financial and Accounting Officer)</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
  person whose signature appears below constitutes and appoints Yakov Kogan and C. Neil Lyons as his true and lawful attorney in
  fact and agent, with full powers of substitution and resubstitution, for him and in his name, place and stead, in any and all
  capacities, to sign any or all amendments (including post effective amendments) to the Registration Statement, and to file the
  same, with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting
  unto said attorney-in-fact and agent, each acting alone, full power and authority to do and perform each and every act and thing
  requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could
  do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, each acting alone, or his or her substitute
  or substitutes, may lawfully do or cause to be done by virtue hereof.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
  to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons
  in the capacities and on the dates indicated.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: .5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
      Yakov     Kogan</FONT></TD>
      <TD STYLE="width: 35%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 25%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
      24, 2015</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Yakov Kogan</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive
      Officer and Director <BR>
  (principal executive officer)</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
      C. Neil Lyons</FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
      24, 2015</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C. Neil Lyons</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial
      Officer<BR>
  (principal financial and accounting officer)</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
      James J. Antal</FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
      24, 2015</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James J. Antal</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
      Andrei Gudkov</FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
      24, 2015</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Andrei Gudkov</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
      Richard S. McGowan</FONT></TD>
      <TD STYLE="width: 35%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 25%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
      24, 2015</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Richard S. McGowan</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
      Anthony J. Principi</FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
      24, 2015</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthony J. Principi</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
      Randy S. Saluck</FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
      24, 2015</FONT></TD></TR>
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      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Randy S. Saluck</FONT></TD>
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      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
      Elena Kasimova</FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
      24, 2015</FONT></TD></TR>
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      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Elena Kasimova</FONT></TD>
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metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "fs82015_clevelandbiolabs.htm", "description": "REGISTRATION STATEMENT OF FORM S-8", "secsgml_size_bytes": 253403}]
metadata_filer: {"company-data": {"conformed-name": "CLEVELAND BIOLABS INC", "cik": "0001318641", "assigned-sic": "8731", "irs-number": "200077155", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-203631", "film-number": "15793041"}, "business-address": {"street1": "73 HIGH STREET", "city": "BUFFALO", "state": "NY", "zip": "14203", "phone": "(716) 849-6810"}, "mail-address": {"street1": "73 HIGH STREET", "city": "BUFFALO", "state": "NY", "zip": "14203"}}
text: As filed with the Securities and Exchange
  Commission on April 24, 2015
  Registration No. 333-
  UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  Washington,
  D.C. 20549
  FORM
  S-8
  REGISTRATION
  STATEMENT UNDER THE SECURITIES ACT OF 1933
  Cleveland
  BioLabs, Inc.
  (Exact
  name of registrant as specified in its charter)
  Delaware
  20-0077155
  (State or other jurisdiction of
  incorporation or organization)
  (I.R.S. Employer
  identification No.)
  73
  High Street
  Buffalo, NY 14203
  (Address
  of principal executive offices) (Zip Code)
  Cleveland
  BioLabs, Inc. Equity Incentive Plan
  Cleveland
  BioLabs, Inc. 2013 Employee Stock Purchase Plan
  (Full
  title of the plan)
  Yakov
  Kogan
  Chief
  Executive Officer
  Cleveland
  BioLabs, Inc.
  73
  High Street
  Buffalo,
  New York 14203
  (Name
  and address of agent for service)
  (716)
  849-6810
  (Telephone
  number, including area code, of agent for service)
  Copies
  to:
  Gregory
  Sichenzia, Esq.
  Marcelle
  Balcombe, Esq.
  Jeff
  Cahlon, Esq.
  Sichenzia
  Ross Friedman Ference LLP
  61
  Broadway
  New
  York, New York 10006
  Phone:
  (212) 930-9700
  Fax:
  (212) 930-9725
  Indicate
  by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller
  reporting company. See definitions of "large accelerated filer," "accelerated filer" and "smaller
  reporting company" in Rule 12b-2 of the Exchange Act.
  Large
  accelerated filer  ☐
  Accelerated
  filer ☐
  Non-accelerated
  filer ☐
  (do
          not check if a smaller reporting company)
  Smaller reporting
      company
  þ
  CALCULATION
  OF REGISTRATION FEE
  Title of each class of securities
  to be registered
  Amount to be Registered
  (1)
  Proposed Maximum Offering Price Per Security
  Proposed Maximum Aggregate Offering Price
  Amount of Registration Fee
  Common Stock, $0.005 par value
  650,000
  (2)
  $
  3.15
  $
  2,047,500
  (4)
  $
  237.92
  Common Stock, $0.005 par value
  225,000
  (3)
  $
  3.15
  $
  708,750
  (4)
  $
  82.36
  Total
  875,0000
  $
  2,756,250
  (4)
  $
  320.28
  (1)
  Pursuant
                                           to Rule 416 promulgated under the Securities Act of 1933, as amended, there are also
                                           registered hereunder such indeterminate number of additional shares as may be issued
                                           to prevent dilution resulting from stock splits, stock dividends or similar transactions.
  (2)
  Represents
                                           shares issuable pursuant to the Cleveland BioLabs, Inc. Equity Incentive Plan.
  (3)
  Represents
                                           shares issuable pursuant to the Cleveland BioLabs, Inc. 2013 Employee Stock Purchase
                                           Plan.
  (4)
  Estimated
                                           solely for purposes of calculating the registration fee in accordance with Rule 457(c)
                                           under the Securities Act of 1933, as amended, using the average of the high and low price
                                           as reported on the NASDAQ Capital Market on April 22, 2015.
  PART
  I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  This
  Registration Statement relates to two separate prospectuses.
  Section
  10(a) Prospectus
  : Items 1 and 2, from this page, and the documents incorporated by reference pursuant to Part II, Item 3 of
  this prospectus, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act of 1933, as amended
  (the "Securities Act").
  Reoffer
  Prospectus
  : The material that follows Item 2, up to but not including Part II of this Registration Statement, of which the
  reoffer prospectus is a part, constitutes a "reoffer prospectus," prepared in accordance with the requirements of
  Part I of Form S-3 under the Securities Act. Pursuant to Instruction C of Form S-8, the reoffer prospectus may be used for reoffers
  or resales of shares of common stock which are deemed to be "control securities" or "restricted securities"
  under the Securities Act that have been acquired by the selling stockholders named in the reoffer prospectus.
  Item
  1.            Plan Information.
  Cleveland BioLabs, Inc. will provide
  each participant (the "Recipient") with documents that contain information related to the Cleveland BioLabs, Inc.
  Equity Incentive Plan and the Cleveland BioLabs, Inc. 2013 Employee Stock Purchase Plan,
  and other information including,
  but not limited to, the disclosure required by Item 1 of Form S-8, which information is not filed as a part of this Registration
  Statement on Form S-8. The foregoing information and the documents incorporated by reference in response to Item 3 of Part II
  of this Registration Statement taken together constitute a prospectus that meets the requirements of Section 10(a) of the Securities
  Act. A copy of Section 10(a) prospectus will be given to each Recipient who receives shares of common stock covered by this Registration
  Statement, in accordance with Rule 428(b)(1) under the Securities Act.
  Item
  2.            Registrant Information and Employee Plan Annual Information.
  We
  will provide to each Recipient a written statement advising it of the availability of documents incorporated by reference in Item
  3 of Part II of this Registration Statement and of documents required to be delivered pursuant to Rule 428(b) under the Securities
  Act without charge and upon written or oral notice by contacting:
  Cleveland
  BioLabs, Inc.
  73
  High Street
  Buffalo,
  New York 14203
  Attention:
  Corporate Secretary
  Telephone:
  (716) 849-6810
  Information
  required by Part I to be contained in Section 10(a) prospectus is omitted from the Registration Statement in accordance with Rule
  428 under the Securities Act of 1933, and Note to Part I of Form S-8.
  3
  REOFFER
  PROSPECTUS
  Cleveland
  BioLabs, Inc.
  243,060 Shares
  of Common Stock
  This reoffer prospectus
  relates to the sale of 243,060 shares of our common stock that may be offered and resold from time to time by the selling stockholders
  identified in this prospectus for their own account, including 234,244 shares issuable upon exercise of options. It is anticipated
  that the selling stockholders will offer shares for sale at prevailing prices on The NASDAQ Capital Market on the date of sale.
  We will receive no part of the proceeds from sales made under this reoffer prospectus. The selling stockholders will bear all sales
  commissions and similar expenses. Any other expenses incurred by us in connection with the registration and offering and not borne
  by the selling stockholders will be borne by us.
  The
  shares of common stock have been or will be issued pursuant to awards granted under the Cleveland BioLabs, Inc. Equity Incentive
  Plan and the Cleveland BioLabs, Inc. 2013 Employee Stock Purchase Plan. This reoffer prospectus has been prepared for the purposes
  of registering the shares under the Securities Act of 1933, as amended (the "Securities Act") to allow for future
  sales by selling stockholders on a continuous or delayed basis to the public without restriction.
  The
  selling stockholders and any brokers executing selling orders on their behalf may be deemed to be "underwriters"
  within the meaning of the Securities Act, in which event commissions received by such brokers may be deemed to be
  underwriting commissions under the Securities Act.
  Our common stock
  is listed on the NASDAQ Capital Market under the symbol "CBLI". The last reported sale price of our common stock on
  the NASDAQ Capital Market on April 23, 2015, was $3.30 per share.
  Investing
  in our common stock involves risks. See "Risk Factors" on page  9 of this reoffer prospectus.
  Neither
  the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
  determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
  The date of this prospectus is April
  24, 2015.
  4
  TABLE
  OF CONTENTS
  Page
  Prospectus
  Summary
  6
  Risk
  Factors
  9
  Cautionary
  Note Regarding Forward Looking Statements
  10
  Use
      of Proceeds
  10
  Selling
      Stockholders
  11
  Plan
      of Distribution
  12
  Legal
      Matters
  14
  Experts
  14
  Incorporation
  of Certain Documents by Reference
  14
  Disclosure
      of Commission Position on Indemnification For Securities Act Liabilities
  14
  Available
      Information to You
  16
  NO
  PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS, OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS,
  IN CONNECTION WITH THE OFFERING MADE HEREBY, AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON
  AS HAVING BEEN AUTHORIZED BY THE COMPANY OR ANY OTHER PERSON. NEITHER THE DELIVERY OF THIS PROSPECTUS NOR ANY SALE MADE HEREUNDER
  SHALL UNDER ANY CIRCUMSTANCES CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE THE DATE
  HEREOF. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OFFERED HEREBY
  BY ANYONE IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED OR IN WHICH THE PERSON MAKING SUCH OFFER OR
  SOLICITATION IS NOT QUALIFIED TO DO SO OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION.
  5
  PROSPECTUS
  SUMMARY
  This
  summary highlights information contained elsewhere in this prospectus. You should read the entire prospectus carefully, including
  the section entitled "Risk Factors" before deciding to invest in our common stock In this prospectus, the "Company,"
  "we," "us" and "our" refer to Cleveland BioLabs, Inc. together with its consolidated subsidiary
  BioLabs 612, LLC, our consolidated joint venture, Panacela Labs, Inc. and our unconsolidated joint venture, Incuron, LLC.
  The Company
  We
  are an innovative biopharmaceutical company seeking to develop first-in-class pharmaceuticals designed to address diseases with
  significant unmet medical need. We combine our proven scientific expertise and our depth of knowledge about our products'
  mechanisms of action into a passion for developing drugs to save lives. Our programs are focused on the implementation of novel
  pharmacological approaches to control cell death. Our proprietary drug candidates act via unique mechanisms that are designed
  to kill cancer and protect healthy cells. We conduct business in the United States and the Russian Federation. CBLI and our joint
  ventures, Incuron, LLC, or Incuron, and Panacela Labs, Inc., or Panacela, each have worldwide development and commercialization
  rights to product candidates in development, subject to certain financial obligations to our current licensors. CBLI's most
  advanced product candidate is entolimod, which we are developing as a radiation countermeasure and an immunotherapy for oncology
  and other indications. Our primary product development programs and their respective development stages are illustrated below:
  PRODUCT
  Indication
  DISCOVERY
  PRECLINICAL
  PIVOTAL ANIMAL STUDIES
  HUMAN SAFETY /    DOSE CONVERSION
  ENTOLIMOD
  Acute Radiation Syndrome
  PRODUCT
  Indication
  DISCOVERY
  PRECLINICAL
  PHASE I
  PHASE II
  PHASE III
  ENTOLIMOD-Oncology
  Advanced
  Solid Tumors
  CBLB612
  HSC Mobilization
  MOBILAN
  Prostate Cancer
  CBL0137
  Advanced
  Solid Tumors
  (1) CBL0137 is in development
  by Incuron.
  (2) Mobilan
  is in development by Panacela.
  6
  Entolimod
  is a Toll-like receptor 5, or TLR5, agonist, which we are developing as a radiation countermeasure for prevention of death
  from Acute Radiation Syndrome, or ARS, and as an oncology drug. We believe that entolimod is the most efficacious radiation countermeasure
  currently in development. Following is a summary of the clinical development of entolimod to date and regulatory status:
  Entolimod
  is being developed under the U.S. Food & Drug Administration's, or FDA's, Animal Efficacy Rule, or the Animal
  Rule, for the indication of reducing the risk of death following exposure to potentially lethal irradiation occurring as a result
  of a radiation disaster. If approved, we anticipate that entolimod will be administered within 25 hours following radiation exposure.
  We have completed two dose escalation clinical studies designed to evaluate the safety, pharmacokinetics and pharmacodynamics
  in a total of 150 healthy volunteers. Administration of entolimod was not associated with irreversible harm at any of the doses
  evaluated in these two studies. We have completed a Good Laboratory Practices, or GLP, randomized, blinded, placebo-controlled,
  pivotal study designed to evaluate the dose- dependent effect of entolimod on survival and biomarker induction in 179 non-human
  primates exposed to 7.2 Gy total body irradiation when entolimod or placebo were administered at 25 hours after radiation exposure.
  We have completed a GLP, randomized, open-label, placebo-controlled, pivotal study designed to evaluate the dose- dependent effect
  of entolimod on biomarker induction in 160 non-irradiated non-human primates. We met with the FDA in July 2014 to present our
  human dose-conversion and to discuss our intent to submit a pre-Emergency Use Authorization, or pre-EUA. The FDA confirmed that
  our existing efficacy and safety data and animal-to- human dose conversion are sufficient to proceed with a pre-EUA submission
  and agreed to accept a pre-EUA submission for review. We are currently preparing the pre-EUA dossier, which we anticipate filing
  in the first half of 2015. If the FDA authorizes the application, then Federal agencies are free to procure drug product to stockpile
  and distribute in the event of an emergency, i.e. prior to the drug being formally approved by FDA under a Biologics License Application,
  or BLA.
  In January 2015,
  we announced that we had received notice that our proposal application to support further development of entolimod as a medical
  radiation countermeasure was recommended for funding subject to negotiations by the Department of Defense, or DoD, office of Congressionally
  Directed Medical Research Programs, or CDMRP. The proposal application aims to conduct several pivotal animal efficacy studies
  required by the FDA for submission of a BLA. Additionally, in April 2015, we announced that we had received notice that another
  of our proposal applications to support further development of entolimod as a medical radiation countermeasure was recommended
  for funding subject to negotiations by the DoD, office of CDMRP. That proposal application aims to conduct an additional clinical
  study to support submission of a BLA. The Company's receipt of each of these awards is subject to successful negotiations
  and availability of funds
  Additionally,
  we completed enrollment in a Phase 1 open-label, dose-escalation trial of entolimod in patients with advanced cancer in the United
  States and began dosing in a small expansion study in the Russian Federation, which is enrolling additional patients at the highest
  doses achieved in the US study. Both studies include evaluation of immune cell response to administrations of entolimod. Preliminary
  evaluations of the completed study in the United States indicate that the tolerability profile in patients with advanced cancer
  was similar to that observed in two previously conducted studies in 150 healthy volunteers. Initial assessments of immunological
  response were consistent with TLR5 activation. Early analyses indicate that stable disease was observed in several patients with
  heavily pretreated cancers.
  CBLB612
  is a proprietary compound based upon a natural activator of another tissue-specific component of the innate immune system,
  the TLR2/TLR6 heterodimeric receptor. CBLB612 is a pharmacologically optimized synthetic molecule that structurally mimics naturally
  occurring lipopeptides of Mycoplasma (a genus of parasitic bacteria) and activates NF-kB pro-survival and immunoregulatory signaling
  pathways via specific binding to TLR2 on a subset of body tissues and cell types that express this receptor. Preclinical studies
  have shown that the efficacy of CBLB612 exceeds that of granulocyte colony-stimulating factor, or G-CSF (Amgen's Neupogen®),
  the market-leading drug used for stimulation of white blood cell regeneration. CBLB612's hematopoietic stem cell, or HSC,
  stimulatory activity outweighed that of G-CSF when the drugs were administered either as monotherapies, in either mice or non-human
  primates, or in combination with Plerixafor (Sanofi's Mozobil®, a chemokine receptor antagonist approved by the FDA
  as an HSC mobilizer). However, the highest degree of HSC mobilization was observed when CBLB612 was added to that combination.
  The strong synergistic effect of this triple drug combination provides further support for development of CBLB612 as a valuable
  stem cell mobilizing agent. In October 2014, we initiated a Phase 1, single-center, blind, placebo-controlled, single ascending
  dose study in the Russian Federation to evaluate the safety and tolerability of CBLB612 in healthy volunteers and measure response
  of various HP stem and progenitor cell types in order to gain a preliminary estimate of the drug's HSC stimulatory efficacy
  under a 139 million ruble matching funds development contract that we received in July 2012 from MPT. We announced that we had
  completed dosing in this study in March 2015. We licensed CBLB612 to Zhejiang Hisun Pharmaceutical Co., Ltd. for the territories
  of China, Taiwan, Hong Kong and Macau. We have rest-of-world development and commercialization rights to CBLB612.
  7
  CBL0137
  is the lead product candidate of our unconsolidated joint venture Incuron. CBL0137 is a small molecule with a multi-targeted
  mechanism of action that may be broadly useful for the treatment of many different types of cancer. CBL0137 may offer greater
  efficacy and substantially lower risk for the development of drug resistance than conventional chemotherapeutic agents. CBL0137
  inhibits Nuclear Factor kappa-B, or NF- kB, Heat Shock Factor Protein-1, or HSF-1, and Hypoxia-inducible factor 1-alpha, or HIF1
  alpha; these are transcription factors that are important for the viability of many types of tumors. The drug also activates tumor
  suppressor protein p53 by modulating intracellular localization and activity of chromatin remodeling complex Facilitates Chromatin
  Transcription, or FACT. CBL0137 has been shown to be efficacious in pre-clinical models of colon, lung, breast, renal, pancreatic,
  head and neck and prostate cancers; melanoma; glioblastoma; and neuroblastoma. It has also been shown to be efficacious in pre-clinical
  models of hematological cancers, including lymphoma, leukemia and multiple myeloma.
  In
  the Russian Federation, Incuron is currently enrolling patients with advanced, resistant solid tumors to a Phase 1, multi-center,
  single-agent, dose-escalation study evaluating the oral administration of CBL0137. In the United States, Incuron is also currently
  enrolling patients with advanced resistant solid tumors to a Phase 1, multi-center, single-agent, dose-escalation study evaluating
  the intravenous administration of CBL0137. These studies are designed to investigate the safety, pharmacokinetics, pharmacodynamics,
  and antitumor activity of CBL0137. Incuron is conducting these parallel evaluations of oral and intravenous routes of administration
  and continuous low-dose versus interrupted high-dose schedules to reduce the company's developmental risk by fully characterizing
  the clinical pharmacology of CBL0137. The design of a new Phase 1 dose-escalation and expansion study of CBL0137 in hematological
  malignancies was reviewed with the FDA in December 2014. Incuron is planning to initiate a multicenter study of CBL0137 in patients
  with hematological malignancies in 2015. This clinical trial is intended to assess the safety, pharmacology, and anticancer activity
  of CBL0137 in several types of hematological cancers.
  In
  January 2015, updates on clinical progress with Curaxin CBL0137 were announced. A formal interim analysis of the 19 patients enrolled
  in the first six cohorts of the ongoing oral administration study indicated that the study medication was well tolerated at all
  investigated dose levels. The observation of drug exposure in plasma documented high oral bioavailability (typically estimated
  to be ≥50%). To date, no dose-limiting toxicities have been observed with either oral or intravenous administration through
  the highest CBL0137 dose levels tested. Heavily pretreated patients with advanced cancers of the esophagus, colon, breast, cervix,
  and prostate have had stable disease for periods ranging from 4 to 6 months. Peripheral blood mononuclear cells, or PBMCs, from
  evaluable blood samples have shown pharmacodynamic effects consistent with the expected mechanism of action of CBL0137.
  Incuron
  holds worldwide development and commercialization rights to CBL0137. As of December 31, 2014, BioProcess Capital Ventures, or
  BCV, owned 53.04% of Incuron and we owned 46.96% and we deconsolidated Incuron on November 25, 2014 as we no longer maintained
  a controlling equity interest, and commenced accounting for our investment in Incuron using the equity method.
  Mobilan
  is the lead product candidate of our consolidated joint venture Panacela. Mobilan is a nanoparticle- formulated recombinant
  non-replicating adenovirus that directs expression of TLR5 and its agonistic ligand, flagellin. In pre-clinical studies, delivery
  of Mobilan to tumor cells results in constitutive autocrine TLR5 signaling and strong activation of the innate immune system with
  subsequent development of adaptive anti-tumor immune responses. Mobilan is in the pre-clinical stage of development as a universal
  anti-cancer therapy. In November 2014, Panacela filed an IND in the Russian Federation under a 149 million ruble matching funds
  development contract that it received in October 2013 from MPT. Panacela holds worldwide development and commercialization rights
  to Mobilan. As of December 31, 2014, we owned 57.78% of Panacela.
  Our
  Partners
  In
  December 2009, we entered into our Incuron joint venture with BioProcess Capital Partners, or BCP, to develop Curaxin compounds
  for treatment of oncological diseases. According to the terms of the agreement, we transferred rights in the Curaxin molecules
  to a new joint venture company, Incuron, in which BCP agreed to cause their affiliated fund, BCV, to contribute an aggregate of
  549,497,000 Russian rubles (approximately $16.9 million) to support development of the compounds. As of September 30, 2014, Incuron
  had received all committed funding. On November 25, 2014, we transferred 3.05% of the Company's participation interest in
  Incuron to BCV. The transfer of 3.05% of our participation interest was made pursuant to the Participation Agreement dated December
  9, 2009, as amended by the First and Third Amendments to Participation Agreement dated April 13, 2010 and June 17, 2014, respectively,
  that governs the joint ownership of Incuron by the Company and BCV. As described in the Form 8-K filed by the Company on December
  2, 2014, as a result of the transfer of 3.05% of our participation interests to BCV, the Company's participation interest
  in Incuron decreased to 46.96%, BCV's participation interest increased to 53.04%.
  8
  In
  October 2011, we entered into our Panacela joint venture with Rusnano to carry out a complete cycle of development and commercialization
  in the Russian Federation for the treatment of oncological, infectious or other diseases. We invested $3.0 million in Panacela
  preferred shares and warrants, and, together with certain third-party owners, assigned and/or provided exclusive licenses, as
  applicable, to Panacela to provide Panacela with worldwide development and commercialization rights to five preclinical product
  candidates in exchange for Panacela common shares. Rusnano invested $9.0 million in Panacela preferred shares and warrants. In
  2013, Rusnano loaned Panacela $1.5 million through a convertible term loan, or the Panacela Loan, and revised their original investment
  agreement to remove the predetermined development milestones and timelines for further investment and provide that Rusnano may
  invest an additional $15.5 million at their option. As of December 31, 2014, we had an ownership stake of 57.78% in Panacela.
  Additionally,
  we leverage close development relationships with Roswell Park Cancer Institute and The Cleveland Clinic. Together, our team of
  legal entities, financial partners and other collaborators engage in the collective development efforts necessary to advance all
  of our product candidates towards marketing approval and commercialization.
  Corporate
  Information
  We
  were incorporated in Delaware on June 5, 2003. We conduct operations through several subsidiaries, including our wholly-owned
  subsidiary, BioLab 612, LLC, our consolidated joint venture Panacela Labs, Inc. and our unconsolidated joint venture, Incuron,
  LLC.
  Our
  principal executive offices are located at 73 High Street, Buffalo, New York 14203. Our telephone number is (716) 849-6810.
  Our website address is www.cbiolabs.com. We have included our website address as an inactive textual reference only. The information
  contained on, or that can be accessed through, our website is not a part of this prospectus.
  About
  This Offering
  This
  offering relates to the resale by the selling stockholders of up to 243,060 shares of common stock. The selling stockholders have
  or will acquire such shares pursuant to grants made pursuant to the Cleveland BioLabs, Inc. Equity Incentive Plan and the Cleveland
  BioLabs, Inc. 2013 Employee Stock Purchase Plan.
  RISK
  FACTORS
  Investing
  in our common stock involves a high degree of risk. Before making an investment decision, you should consider carefully the risks,
  uncertainties and other factors described in our most recent Annual Report on Form 10-K, as supplemented and updated by subsequent
  quarterly reports on Form 10-Q and current reports on Form 8-K that we have filed or will file with the SEC, which are incorporated
  by reference into this prospectus.
  Our
  business, affairs, prospects, assets, financial condition, results of operations and cash flows could be materially and adversely
  affected by these risks. For more information about our SEC filings, please see "Additional Information Available to You".
  9
  CAUTIONARY
  NOTE REGARDING FORWARD-LOOKING STATEMENTS
  This
  prospectus and the documents incorporated by reference herein contain forward-looking statements within the meaning of Section 27A
  of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that involve
  substantial risks and uncertainties. All statements, other than statements of historical fact, including statements regarding
  our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives
  of management, are forward-looking statements. The words "anticipate," "believe," "continue,"
  "should," "estimate," "expect," "intend," "may," "plan,"
  "project," "will," and similar expressions are intended to identify forward-looking statements, although
  not all forward-looking statements contain these identifying words.
  We
  may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not
  place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions
  and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements
  included and incorporated by reference in this prospectus that we believe could cause actual results or events to differ materially
  from the forward-looking statements that we make. See the section entitled "Risk Factors" herein for more information.
  You should consider these factors and other cautionary statements made in this prospectus and in the documents we incorporate
  by reference as being applicable to all related forward-looking statements wherever they appear in the prospectus and in the documents
  incorporated by reference. Unless specifically indicated, our forward-looking statements do not reflect the potential impact of
  any future acquisitions, mergers, dispositions, joint ventures or investments we may make. We do not assume any obligation to
  update any forward-looking statements.
  USE
  OF PROCEEDS
  We
  will receive no proceeds from the sale of shares of common stock offered by the selling stockholders.
  10
  SELLING
  STOCKHOLDERS
  This prospectus relates
  to the offering by the selling stockholders of up to 243,060 shares of common stock.
  The
  following table sets forth, based on information provided to us by the selling stockholders or known to us, the name of each selling
  stockholder, the nature of any position, office or other material relationship, if any, which the selling stockholder has had,
  within the past three years, with us or with any of our predecessors or affiliates, and the number of shares of our common stock
  beneficially owned by the selling stockholder before this offering. The number of shares owned are those beneficially owned,
  as determined under the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other
  purpose. Under these rules, beneficial ownership includes any shares of common stock as to which a person has sole or shared
  voting power or investment power and any shares of common stock which the person has the right to acquire within 60 days through
  the exercise of any option, warrant or right, through conversion of any security or pursuant to the automatic termination of a
  power of attorney or revocation of a trust, discretionary account or similar arrangement. None of the selling stockholders is
  a broker-dealer or an affiliate of a broker-dealer. Percentage of ownership is based on 3,435,354 shares of common stock outstanding
  on March 31, 2015.
  We
  have assumed all shares of common stock reflected on the table will be sold from time to time in the offering covered by this
  prospectus. Because the selling stockholders may offer all or any portions of the shares of common stock listed in the table
  below, no estimate can be given as to the amount of those shares of common stock covered by this prospectus that will be held
  by the selling stockholders upon the termination of the offering.
  Selling Stockholder
  Number of Shares Beneficially Owned Before Offering
  Number of Shares Offered
  Number of Shares Beneficially Owned After Offering
  Percentage of Shares Beneficially Owned After Offering
  James J. Antal
  (1)
  16,513
  31,534
  (5)
  979
  *
  Richard S. McGowan, Esq.
  (1)
  16,465
  18,500
  (6)
  14,465
  *
  Anthony J. Principi, J.D.
  (1)
  6,623
  22,873
  (7)
  0
  -
  Randy S. Saluck, J.D., MBA
  (1)
  16,116
  20,390
  (7)
  11,976
  *
  Yakov Kogan, Ph.D., MBA
  (2)
  77,529
  49,637
  (8)
  33,122
  *
  Andrei Gudkov, Ph.D., D. Sci.
  (3)
  113,901
  42,874
  (9)
  75,230
  2.2
  %
  C. Neil Lyons, CPA
  (4)
  21,951
  25,808
  (10)
  0
  -
  Elena Kasimova
  (1)
  250
  16,750
  (6)
  0
  -
  Leah Brownlee
  (11)
  14,694
  14,694
  (12)
  0
  -
  *
  less than 1%.
  (1) The selling stockholder is a director
  of the Company.
  (2) The selling stockholder is chief
  executive officer and a director of the Company.
  (3) The selling stockholder is chief
  scientific officer and a director of the Company.
  (4) The selling stockholder is chief financial officer of
  the Company.
  (5) Includes 30,750 shares issuable upon exercise of options.
  (6) Represents shares issuable upon exercise of options.
  (7) Includes 20,250 shares issuable upon exercise of options.
  (8) Includes 48,262 shares issuable upon exercise of options.
  (9) Includes 42,235 shares issuable upon exercise of options.
  (10) Includes 24,795 shares issuable upon exercise of options.
  (11) The selling stockholder is executive vice president
  and corporate secretary of the Company and the wife of Yakov Kogan, the Company's chief executive officer.
  (12) Includes 12,452 shares issuable upon exercise of options.
  11
  PLAN
  OF DISTRIBUTION
  Timing
  of Sales
  The
  selling stockholders may offer and sell the shares covered by this prospectus at various times. The selling stockholders will
  act independently of our company in making decisions with respect to the timing, manner and size of each sale.
  To
  our knowledge, no selling stockholder has any agreement or understanding, directly or indirectly, with any person to resell the
  shares of common stock covered by this prospectus.
  Offering
  Price
  The
  sales price offered by the selling stockholders to the public may be:
  1.
  the
                                           market price prevailing at the time of sale;
  2.
  a
                                           price related to such prevailing market price; or
  3.
  such
                                           other price as the selling stockholders determine from time to time.
  Manner
  of Sale
  The
  shares of common stock may be sold by means of one or more of the following methods:
  1.
  a
                                           block trade in which the broker-dealer so engaged will attempt to sell the shares of
                                           common stock as agent, but may position and resell a portion of the block as principal
                                           to facilitate the transaction;
  2.
  purchases
                                           by a broker-dealer as principal and resale by that broker-dealer for its account pursuant
                                           to this prospectus;
  3.
  ordinary
                                           brokerage transactions in which the broker solicits purchasers;
  4.
  through
                                           options, swaps or derivatives;
  5.
  in
                                           transactions to cover short sales;
  6.
  privately
                                           negotiated transactions; or
  7.
  in
                                           a combination of any of the above methods.
  The
  selling stockholders may sell their shares of common stock directly to purchasers or may use brokers, dealers, underwriters or
  agents to sell their shares of common stock. Brokers or dealers engaged by the selling stockholders may arrange for other brokers
  or dealers to participate. Brokers or dealers may receive commissions, discounts or concessions from the selling stockholders,
  or, if any such broker-dealer acts as agent for the purchaser of shares of common stock, from the purchaser in amounts to be negotiated
  immediately prior to the sale. The compensation received by brokers or dealers may, but is not expected to, exceed that which
  is customary for the types of transactions involved.
  12
  Broker-dealers
  may agree with a selling stockholder to sell a specified number of shares of common stock at a stipulated price per common share,
  and, to the extent the broker-dealer is unable to do so acting as agent for a selling stockholder, to purchase as principal any
  unsold shares of common stock at the price required to fulfill the broker-dealer commitment to the selling stockholder.
  Broker-dealers
  who acquire shares of common stock as principal may thereafter resell the shares of common stock from time to time in transactions,
  which may involve block transactions and sales to and through other broker-dealers, including transactions of the nature described
  above, on The NASDAQ Capital Market or otherwise at prices and on terms then prevailing at the time of sale, at prices then related
  to the then-current market price or in negotiated transactions. In connection with resales of the shares of common stock, broker-dealers
  may pay to or receive from the purchasers of shares commissions as described above.
  If
  the selling stockholders enter into arrangements with brokers or dealers, as described above, we are obligated to file a post-effective
  amendment to this registration statement disclosing such arrangements, including the names of any broker-dealers acting as underwriters.
  The
  selling stockholders and any broker-dealers or agents that participate with the selling stockholders in the sale of the shares
  of common stock may be deemed to be "underwriters" within the meaning of the Securities Act. In that event, any commissions
  received by broker-dealers or agents and any profit on the resale of the shares of common stock purchased by them may be deemed
  to be underwriting commissions or discounts under the Securities Act.
  Sales
  Pursuant to Rule 144
  Any
  shares of common stock covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be
  sold under Rule 144 rather than pursuant to this prospectus.
  Regulation M
  The
  selling stockholders must comply with the requirements of the Securities Act and the Exchange Act in the offer and sale of the
  common stock. In particular we will advise the selling stockholders that the anti-manipulation rules of Regulation M under
  the Exchange Act may apply to sales of shares of common stock in the market and to the activities of the selling stockholders
  and their affiliates. Regulation M under the Exchange Act prohibits, with certain exceptions, participants in a distribution
  from bidding for, or purchasing for an account in which the participant has a beneficial interest, any of the securities that
  are the subject of the distribution.
  Accordingly,
  during such times as a selling stockholder may be deemed to be engaged in a distribution of the common stock, and therefore be
  considered to be an underwriter, the selling stockholder must comply with applicable law and, among other things:
  1.
  may
                                           not engage in any stabilization activities in connection with our common stock;
  2.
  may
                                           not cover short sales by purchasing shares while the distribution is taking place; and
  3.
  may
                                           not bid for or purchase any of our securities or attempt to induce any person to purchase
                                           any of our securities other than as permitted under the Exchange Act.
  In
  addition, we will make copies of this prospectus available to the selling stockholders for the purpose of satisfying the prospectus
  delivery requirements of the Securities Act.
  State
  Securities Laws
  Under
  the securities laws of some states, the shares of common stock may be sold in such states only through registered or licensed
  brokers or dealers. In addition, in some states the shares of common stock may not be sold unless the shares have been registered
  or qualified for sale in the state or an exemption from registration or qualification is available and is complied with.
  13
  Expenses
  of Registration
  We
  are bearing all costs relating to the registration of the common stock. The selling stockholders, however, will pay any commissions
  or other fees payable to brokers or dealers in connection with any sale of the common stock.
  LEGAL
  MATTERS
  The
  validity of the common stock has been passed upon by Sichenzia Ross Friedman Ference LLP, New York, New York.
  EXPERTS
  The
  consolidated financial statements of Cleveland BioLabs, Inc. as of December 31, 2014 and 2013 and for each of the years in the
  three-year period ended December 31, 2014 appearing in Cleveland BioLabs, Inc.'s Annual Report on Form 10-K for the year
  ended December 31, 2014, have been audited by Meaden & Moore, Ltd., an independent registered public accounting firm, as set
  forth in its report thereon, included therein, and incorporated herein by reference. Such consolidated financial statements are
  incorporated herein by reference in reliance upon such report given on the authority of such firm as experts in accounting and
  auditing.
  INCORPORATION
  OF CERTAIN DOCUMENTS by Reference
  The
  Securities and Exchange Commission, or SEC, allows us to incorporate by reference certain of our publicly filed documents into
  this prospectus, which means that such information is considered part of this prospectus. Information that we file with the SEC
  subsequent to the date of this prospectus will automatically update and supersede this information. We incorporate by reference
  the documents listed below and any future filings made with the SEC under all documents subsequently filed by us pursuant to Section
  13(a), 13(c), 14 or 15(d) of the Exchange Act until the selling stockholders have sold all of the shares offered hereby or such
  shares have been deregistered.
  ●
  our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the SEC on February 27, 2015;
  ●
  our
      Current Reports on Form 8-K filed with the SEC on January 13, 2015, January 27, 2015, January 28, 2015, February 4, 2015,
      February 9, 2015, February 20, 2015, March 13, 2015 and April 17, 2015;
  ●
  our Definitive Proxy Statement on Schedule 14A filed with the SEC on March 5, 2015; and
  ●
  the description of our common stock, which is contained in the registration statement on Form 8-A filed with the SEC on July 20, 2006 (File No. 001-32954), including any amendments or reports filed for the purpose of updating that description.
  Notwithstanding
  the foregoing, information furnished under Items 2.02 and 7.01 of any Current Report on Form 8-K, including the related exhibits,
  is not incorporated by reference in this prospectus.
  Disclosure
  Of Commission Position On Indemnification
  For
  Securities Act Liabilities
  The
  Company's certificate of incorporation and bylaws provide that each person who was or is made a party or is threatened to
  be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative,
  by reason of the fact that he or she is or was one of the Company's directors or officers or is or was serving at the Company's
  request as a director, officer, or trustee of another corporation, or of a partnership, joint venture, trust or other enterprise,
  whether the basis of such proceeding is alleged action in an official capacity as a director, officer or trustee or in any other
  capacity while serving as a director, officer or trustee, shall be indemnified and held harmless by us to the fullest extent authorized
  by the DGCL against all expense, liability and loss (including attorneys' fees) actually and reasonably incurred by such
  person in connection with the defense or settlement of such action.
  14
  Section 145
  of the DGCL permits a corporation to indemnify any director or officer of the corporation against expenses (including attorneys'
  fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with any action, suit or
  proceeding brought by reason of the fact that such person is or was a director or officer of the corporation, if such person acted
  in good faith and in a manner that he or she reasonably believed to be in, or not opposed to, the best interests of the corporation,
  and, with respect to any criminal action or proceeding, if he or she had no reason to believe his or her conduct was unlawful.
  In a derivative action, (
  i.e
  ., one brought by or on behalf of the corporation), indemnification may be provided only for
  expenses actually and reasonably incurred by any director or officer in connection with the defense or settlement of such an action
  or suit if such person acted in good faith and in a manner that he or she reasonably believed to be in, or not opposed to, the
  best interests of the corporation, except that no indemnification shall be provided if such person shall have been adjudged to
  be liable to the corporation, unless and only to the extent that the court in which the action or suit was brought shall determine
  that the defendant is fairly and reasonably entitled to indemnity for such expenses despite such adjudication of liability.
  Pursuant
  to Section 102(b)(7) of the DGCL, Article ELEVENTH of the Company's certificate of incorporation eliminates the liability
  of a director to the Registrant's stockholders for monetary damages for such a breach of fiduciary duty as a director, except
  for liabilities arising
  ●
  from
                                           any breach of the director's duty of loyalty to the Registrant or the Registrant's
                                           stockholders;
  ●
  from
                                           acts or omissions not in good faith or which involve intentional misconduct or a knowing
                                           violation of law;
  ●
  under
                                           Section 174 of the DGCL; and
  ●
  from
                                           any transaction from which the director derived an improper personal benefit.
  The
  Company has entered into an agreement to indemnify one of the Registrant's directors. This agreement, among other things,
  provide that the Company will indemnify the director to the fullest extent authorized or permitted by the provisions of the Company's
  certificate of incorporation, bylaws or law for claims arising in his capacity as a director of the Company. The indemnification
  agreements also establish the procedures that will apply in the event the director makes a claim for indemnification.
  The
  Company maintains a general liability insurance policy which covers certain liabilities of directors and officers of the Registrant
  arising out of claims based on acts or omissions in their capacities as directors or officers.
  The
  foregoing discussion of our certificate of incorporation, bylaws, indemnification agreements, and Delaware law is not intended
  to be exhaustive and is qualified in its entirety by such certificate of incorporation, bylaws, indemnification agreements, or
  law.
  15
  Additional
  Information Available to You
  This
  prospectus is part of a Registration Statement on Form S-8 that we filed with the SEC. Certain information in the Registration
  Statement has been omitted from this prospectus in accordance with the rules of the SEC. We file annual, quarterly and special
  reports, proxy statements and other information with the SEC. You can inspect and copy the Registration Statement as well as reports,
  proxy statements and other information we have filed with the SEC at the public reference room maintained by the SEC at 100 F
  Street N.E. Washington, D.C. 20549, You can obtain copies from the public reference room of the SEC at 100 F Street N.E. Washington,
  D.C. 20549, upon payment of certain fees. You can call the SEC at 1-800-732-0330 for further information about the public reference
  room. We are also required to file electronic versions of these documents with the SEC, which may be accessed through the SEC's
  World Wide Web site at http://www.sec.gov. No dealer, salesperson or other person is authorized to give any information or to
  make any representations other than those contained in this prospectus, and, if given or made, such information or representations
  must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to buy any security other
  than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by any
  person in any jurisdiction where such offer or solicitation is not authorized or is unlawful. Neither delivery of this prospectus
  nor any sale hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of
  our company since the date hereof.
  16
  PART
  II
  INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT
  Item
  3. Incorporation of Documents by Reference.
  The
  Company hereby incorporates by reference into this Registration Statement the documents listed below. In addition, all documents
  subsequently filed pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective
  amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold,
  shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing
  of such documents.
  ●
  our
                                           Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the
                                           SEC on February 27, 2015;
  ●
  our
                                           Current Reports on Form 8-K filed with the SEC on January 13, 2015, January 27, 2015,
                                           January 28, 2015, February 4, 2015, February 9, 2015, February 20, 2015, March 13,
                                           2015 and April 17, 2015;
  ●
  our
                                           Definitive Proxy Statement on Schedule 14A filed with the SEC on March 5, 2015; and
  ●
  the
                                           description of our common stock, which is contained in the registration statement on
                                           Form 8-A filed with the SEC on July 20, 2006 (File No. 001-32954), including any amendments
                                           or reports filed for the purpose of updating that description.
  Notwithstanding
  the foregoing, information furnished under Items 2.02 and 7.01 of any Current Report on Form 8-K, including the related exhibits,
  is not incorporated by reference in this Registration Statement.
  Item
  4. Description of Securities.
  Not
  applicable.
  Item
  5. Interests of Named Experts and Counsel.
  None.
  17
  Item
  6. Indemnification of Directors and Officers.
  The
  Company's certificate of incorporation and bylaws provide that each person who was or is made a party or is threatened to
  be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative,
  by reason of the fact that he or she is or was one of the Company's directors or officers or is or was serving at the Company's
  request as a director, officer, or trustee of another corporation, or of a partnership, joint venture, trust or other enterprise,
  whether the basis of such proceeding is alleged action in an official capacity as a director, officer or trustee or in any other
  capacity while serving as a director, officer or trustee, shall be indemnified and held harmless by us to the fullest extent authorized
  by the DGCL against all expense, liability and loss (including attorneys' fees) actually and reasonably incurred by such
  person in connection with the defense or settlement of such action.
  Section 145
  of the DGCL permits a corporation to indemnify any director or officer of the corporation against expenses (including attorneys'
  fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with any action, suit or
  proceeding brought by reason of the fact that such person is or was a director or officer of the corporation, if such person acted
  in good faith and in a manner that he or she reasonably believed to be in, or not opposed to, the best interests of the corporation,
  and, with respect to any criminal action or proceeding, if he or she had no reason to believe his or her conduct was unlawful.
  In a derivative action, (
  i.e
  ., one brought by or on behalf of the corporation), indemnification may be provided only for
  expenses actually and reasonably incurred by any director or officer in connection with the defense or settlement of such an action
  or suit if such person acted in good faith and in a manner that he or she reasonably believed to be in, or not opposed to, the
  best interests of the corporation, except that no indemnification shall be provided if such person shall have been adjudged to
  be liable to the corporation, unless and only to the extent that the court in which the action or suit was brought shall determine
  that the defendant is fairly and reasonably entitled to indemnity for such expenses despite such adjudication of liability.
  Pursuant
  to Section 102(b)(7) of the DGCL, Article ELEVENTH of the Company's certificate of incorporation eliminates the liability
  of a director to the Registrant's stockholders for monetary damages for such a breach of fiduciary duty as a director, except
  for liabilities arising
  ●
  from
                                           any breach of the director's duty of loyalty to the Registrant or the Registrant's
                                           stockholders;
  ●
  from
                                           acts or omissions not in good faith or which involve intentional misconduct or a knowing
                                           violation of law;
  ●
  under
                                           Section 174 of the DGCL; and
  ●
  from
                                           any transaction from which the director derived an improper personal benefit.
  The
  Company has entered into an agreement to indemnify one of the Registrant's directors. This agreement, among other things,
  provide that the Company will indemnify the director to the fullest extent authorized or permitted by the provisions of the Company's
  certificate of incorporation, bylaws or law for claims arising in his capacity as a director of the Company. The indemnification
  agreements also establish the procedures that will apply in the event the director makes a claim for indemnification.
  The
  Company maintains a general liability insurance policy which covers certain liabilities of directors and officers of the Registrant
  arising out of claims based on acts or omissions in their capacities as directors or officers.
  The
  foregoing discussion of our certificate of incorporation, bylaws, indemnification agreements, and Delaware law is not intended
  to be exhaustive and is qualified in its entirety by such certificate of incorporation, bylaws, indemnification agreements, or
  law.
  18
  Item
  7. Exemption from Registration Claimed.
  Not
  applicable.
  Item
  8. Exhibits.
  Exhibit
      Number
  Description
  5.1
  Opinion
      of Sichenzia Ross Friedman Ference LLP
  10.1
  Cleveland
      BioLabs, Inc. Equity Incentive Plan (incorporated by reference to Definitive Proxy Statement on Schedule 14A filed with the
      SEC on March 5, 2015)
  10.2
  First
      Amendment to Cleveland BioLabs, Inc. Equity Incentive Plan (incorporated by reference to Definitive Proxy Statement on Schedule
      14A filed with the SEC on March 5, 2015)
  10.3
  Third
      Amendment to Cleveland BioLabs, Inc. Equity Incentive Plan (incorporated by reference to Definitive Proxy Statement on Schedule
      14A filed with the SEC on March 5, 2015)
  10.4
  Cleveland
      BioLabs, Inc. 2013 Employee Stock Purchase Plan (incorporated by reference to Definitive Proxy Statement on Schedule 14A filed
      with the SEC on March 5, 2015)
  10.5
  First
      Amendment to Cleveland BioLabs, Inc. 2013 Employee Stock Purchase Plan (incorporated by reference to Definitive Proxy Statement
      on Schedule 14A filed with the SEC on March 5, 2015)
  23.1
  Consent
      of Meaden & Moore, Ltd.
  23.2
  Consent
      of Sichenzia Ross Friedman Ference LLP (included in Exhibit 5.1)
  24.1
  Power
      of Attorney (included on the signature page)
  Item
  9. Undertakings.
  The
  Company hereby undertakes:
  (a)
  (1)
  To
      file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
  (i)
  To
      include any prospectus required by Section 10(a)(3) of the Securities Act.
  (ii)
  To
      reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most
      recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
      set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
      (if the total dollar value of securities offered  would not exceed that which was registered) and any deviation
      from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the
      Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent
      no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration
      Fee" table in the effective Registration Statement.
  (iii)
  To
      include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
      or any material change to such information in the Registration Statement; provided, however, that (A) paragraphs (a)(1)(i)
      and (a)(1)(ii) of this section do not apply if the Registration Statement is on Form S–8 (§239.16b of Regulation
      S-K), and the information required to be included in a post-effective amendment by those paragraphs is contained in reports
      filed with or furnished to the Securities and Exchange Commission by the Company pursuant to section 13 or section 15(d) of
      the Exchange Act (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the Registration Statement; and (B) paragraphs
      (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the Registration Statement is on Form S-3 or Form F-3, and the information
      required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished
      to the Securities and Exchange Commission by the Company pursuant to Section 13 or Section 15(d) of the Exchange
      Act that are incorporated by reference in the Registration Statement, or is contained in a form of prospectus filed pursuant
      to Rule 424(b) that is part of the Registration Statement; provided further, however, that paragraphs (a)(1)(i) and (a)(1)(ii)
      do not apply if the Registration Statement is for an offering of asset-backed securities on Form S-1 or Form S-3, and the
      information required to be included in a post-effective amendment is provided pursuant to Item 1100(c) of Regulation
      AB.
  19
  (2)
  That,
      for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
      to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
      time shall be deemed to be the initial bona fide offering thereof.
  (3)
  To
      remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
      at the termination of the offering.
  (4)
  That,
      for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
  (A)
  Each prospectus filed by a Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration
  statement as of the date the filed prospectus was deemed part of and included in the registration statement; and
  (B) Each
  prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance
  on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i),  (vii) or (x) for the purpose
  of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included
  in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date
  of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability
  purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date
  of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the
  offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that
  no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
  or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
  as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made
  in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
  prior to such effective date.
  (b)
  The
      Company hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Company's
      annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in
      this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein,
      and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
  (c)
  Insofar
      as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
      persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion
      of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act,
      and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
      by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful
      defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with
      the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling
      precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
      policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
  20
  SIGNATURES
  Pursuant
  to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it
  meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf
  by the undersigned, thereunto duly authorized, in the City of Buffalo, State of New York, on April 24, 2015.
  Cleveland
      BioLabs, Inc.
  By:
  /s/
      Yakov Kogan
  Yakov Kogan
  Its:
  Chief Executive
      Officer
  (Principal Executive
      Officer)
  By:
  /s/
      C. Neil Lyons
  C. Neil Lyons
  Its:
  Chief Financial
      Officer
  (Principal Financial and Accounting Officer)
  Each
  person whose signature appears below constitutes and appoints Yakov Kogan and C. Neil Lyons as his true and lawful attorney in
  fact and agent, with full powers of substitution and resubstitution, for him and in his name, place and stead, in any and all
  capacities, to sign any or all amendments (including post effective amendments) to the Registration Statement, and to file the
  same, with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting
  unto said attorney-in-fact and agent, each acting alone, full power and authority to do and perform each and every act and thing
  requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could
  do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, each acting alone, or his or her substitute
  or substitutes, may lawfully do or cause to be done by virtue hereof.
  Pursuant
  to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons
  in the capacities and on the dates indicated.
  /s/
      Yakov     Kogan
  April
      24, 2015
  Yakov Kogan
  Chief Executive
      Officer and Director
  (principal executive officer)
  /s/
      C. Neil Lyons
  April
      24, 2015
  C. Neil Lyons
  Chief Financial
      Officer
  (principal financial and accounting officer)
  /s/
      James J. Antal
  April
      24, 2015
  James J. Antal
  Director
  /s/
      Andrei Gudkov
  April
      24, 2015
  Andrei Gudkov
  Director
  /s/
      Richard S. McGowan
  April
      24, 2015
  Richard S. McGowan
  Director
  /s/
      Anthony J. Principi
  April
      24, 2015
  Anthony J. Principi
  Director
  /s/
      Randy S. Saluck
  April
      24, 2015
  Randy S. Saluck
  Director
  /s/
      Elena Kasimova
  April
      24, 2015
  Elena Kasimova
  Director
  21