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Investor PresentationApril 1, 2010

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This presentation includes forward-looking statements and predictions, including

statements about potential revenue-bearing transactions, the market potential of

CBLIs technologies and product candidates, and the potential value of pipelineproducts. These statements represent the Companys judgment as of the date of this

presentation and are subject to risks and uncertainties that could cause actual

results of events to differ materially from those expressed in such forward-looking

statements. In particular, CBLI faces risks and uncertainties that it may not be able

to sustain its business model, that revenues may be lower or expenses higher than

projected, that product sales may not increase, that development of product

candidates in the Companys pipeline may not succeed or that commercialtransactions may not go forward as planned.

Safe-Harbor

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CBLI is developing two families of drugs:

Protectans: selectively protect healthytissues from radiation damage

Curaxins: kill tumor cells

Mission

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CBLI Summary

IP

Cleveland Clinic (CCF) Roswell Park Cancer Institute (RPCI)

Partnerships

Money raised from capital market $56 million Federal grants and contracts >$50 million

Funding History

Incorporated in June 2003 Spin-off from the Cleveland Clinic HQ - Buffalo, NY 36 full time employees (majority PhDs & MDs)

~16 sets of patent applications filed First CBLB502 US & European patents granted

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CBLI Target Product Market Opportunities

CBLB502: Protection from Acute Radiation Syndrome(ARS) >$500 million + annually

CBLB502: Reduction of cancer treatment side effects~$20 billion market (70% of patients experience regimen-limiting

toxicity )

CBLB612: Stem cell induction, mitigation of cancertreatment side effects Potential to compete with G-CSF ($5+ billion drug from

Amgen)

Curaxins: Broad range anti-cancer drugs $50 billion growing market

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There is no approved drug which caneffectively protect from ARS

The Threat - Nuclear Attack

A nuclear event has beenidentified by US Congress asa number one securitythreat

A terrorist attack with a 10 KT

device will kill 400,000people in NYC (Institute ofMedicine Report, June 2009)

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CBLB502 Fits Desirable Countermeasure Profile

Highly efficacious- Increases survival of primates from 20% to >70%

Safe- Completed initial human Phase I safety trial

Easy to use in multiple real-life scenarios

Single intramuscular injection for self- or hospital administration

- Effective from 24 hr before to 72 hr after exposure to radiation

Easy to produce & store- Established high-yield cGMP manufacturing process

- Stable at room temperature7

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Recent Milestones CBLB502

Phase I ascending-dose safety trial successfullyconcluded June 2009

$32 million in development contracts from DoD andBARDA/HHS and NIAID/NIH received in 2008/2009(~$21 million left + proposals for ~$30 million inadditional funds pending)

DoD RFP published December 2009 for advanced

development and procurement of doses

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CBLB502: Mechanism of Action

CBLB502 protects from both gastrointestinaland hematopoietic components of radiation

death

NF-kBCBLB502 TLR5IAPs, Bcl-2SOD2, ferritinCytokines

Suppress apoptosisInactivate ROSPromote regeneration

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CBLB502 mobilizes multiple mechanisms of

radiation defense, all stemming from TLR5activation

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A New Principle of Radioprotection

Published in Science -April 11,2008

Validates mechanisms of action ofthe drug and protective effect onmice & primates

First Science publication onradioprotection in more than 30years

Selected as one of top 10 science advances for researchfunded by NIAID in 2007- 2008

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TBI, Gy InjectionsN

total

N

survivors

% survivalP-value vs.

vehicle6.5 CBLB502, 0.04 mg/kg @+1h-+48h (pooled) 44 30 68.2% 0.002

6.5 Vehicle (PBS) @+1h, +25h (pooled) 18 4 22.2% -

Days after 6.5 Gy gamma-TBI0 10 20 30 40

%o

fsurviv

ors

0

20

40

60

80

100

vehicle (PBS), n=8CBLB502 @ +16h, n=12CBLB502 @ +25h, n=10CBLB502 @ +48h, n=12

CBLB502 Efficacy: Survival (Mitigation) after LD70 IR

Effective when injected up to 48 hours after radiation

Non-human primates

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CBLB502: Organ and tissue recovery of lethally

irradiated primates

Pathology data demonstrates protection of GI tract, blood,immune system and skin

50% subjects have no observed abnormalities on the day 40

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Animal Efficacy Rule Path to FDA licensure

Established FDA pathway to approve drugs whereefficacy is unethical to test in humans

Dramatically reduces development time and costs

Compliance with CMC requirements

Efficacy in two animal species including rhesus

macaques using survival as endpoint Safety in healthy humans

Well understood mechanism of action (to provide

biomarkers of efficacy)

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Cell Bank

Test ResidualsQC protocols, stability

Formulation

Bioassay

Manufacturing

Production Strain, DSP

Preclinical & ClinicalStudies

LaboratoryStrain

FermentationImprovement

MBF

CBLB502 ARS: CMC Effort

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GMP process developedDrug released

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TBI Dose ParameterTime relative to TBI (if applicable)

-45' +1h +16h +25h +48h +72h

LD60-70

Survival benefit +40% +45% +45% +40%-60% +45% TBD

Thrombocytopenia reduction +++ +++ +++ +++ +++ +++

Neutropenia reduction + ++ ++ ++ + +

Improved BM, spleen, thymus +++ +++ +++ +++ +++ TBD

Improved GI mucosa ++ +++ Ongoing Ongoing Ongoing TBD

Cytokine release (G-CSF, IL-6, etc.) +++ +++ +++ +++ +++ TBD

Data on dose dependence of efficacy TBD Ongoing TBD TBD

LD10-20

Thrombocytopenia reduction +++ +++ +++ +++ +++ ++

Neutropenia reduction + ++ ++ ++ + +Cytokine release (G-CSF, IL-6, etc.) +++ +++ +++ +++ +++ ++

Data on dose dependence of efficacy Ongoing TBD TBD TBD TBD

No TBI

Increased platelet levels +++

Increased neutrophil levels ++

Cytokine release (G-CSF, IL-6, etc.) +++

Data on dose dependence of efficacy

+++: strong effect; ++: moderate effect; +: minor effect; : data collected

CBLB502 ARS: Summary of Primate Studies

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19 studies with over 700primates tested dose-

dependence for the drug,efficacy time window and effectsof various radiation doses

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50 human volunteers in groups of 6 receivedascending doses of the drug

Trial completed; database locked mid-July Dose limiting toxicity (DLT) defined

Adverse event profile described; predictable and

related to the known pharmacology of CBLB502

Predicted safe dose in humans exceedsprotective dose in primates (based onbiomarkers)

All biomarkers project similar human dose

Summary of Phase I trial of CBLB502

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- - Currently concluding second human safety trial- Expect to complete all other remaining requirements

needed for FDA in 2010/2011

Manufacturing&

Clinical/Regulatory

Formulation

Non-ClinicalSafety

Non-ClinicalEfficacy

Manufacturing of Consistency Lots

Reprotox Studies inRabbits & Rats-Seg. II

Phase II Safety TrialPh IIA (100 subjects) & Ph IIB (~500 subjects)

Development & Stability Studiesof Lyophilized Formulation

Reprotox Studies inRats-Seg. I&III

GMP manufacturing(>100,000 doses)

INDFiled

Pivotal GLP Mouse& PrimateEfficacy Studies to support NDA filing

GLP AcuteMouse & Primate

Toxicology Studies

Processvalidation

Dose EscalationTrial - Phase Ia(50 volunteers)

10/092004 Q410

Efficacy in Mice,Rats and Primates

Completed

Start BLAFiling

Federal grant support fromDoD and HHS/BARDA

Stability Studies of the Final Product

GLP 2-weekMouse & Primate

Toxicology Studies

Mechanism of Action;Markers of Efficacy

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Protectan CBLB502: Development Timeline

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CBLB502 - ARS Market Potential Back of the Envelope

DoD - 2 million potential doses for US military BARDA/HHS - 5-20 million potential doses for protection

of US civilians (Strategic National Stockpile)

Primary sales targets: Need understood, concepts of usedeveloped, high degree of financial commitment,relations with CBLI in place

Secondary sales targets: Serious public concern, policies

being developed

Projected addressable market ~$500 M/year (w/penetration)No competing products today

RFP from DoD indicates commitment to procurement

Israel, UK, Canada, India, China, Japan, S. Korea

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CBLB502: Protection from Local Irradiation

Strong mitigation of radiological damage of healthytissues shown in mouse model of head-and-neck

damage directly supports first medical trial

3x10 Gy daily with CBLB502 pretreatment

0 5 10 1560

70

80

90

100

110 10 Gy x3 (CBLB502 + 10 Gy) x3

Days

Bodywe

ight,%

3x10 Gy daily

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CBLB502: Phase I/II Head & Neck Human Trial

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Open IND

Funded by $5.3 million stimulus grantreceived September 2009

Protocol submitted to IRB

Planned to start at Roswell Park Cancer

Institute 2010

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Protectan CBLB612Stem Cell Inducing Agent

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CBLB612: Potential Applications

Recovery from myelosuppression associated withchemotherapy (breast cancer, leukemia, lymphomas, etc.)

Donor treatment in bone marrow transplantation(improvement or replacement of aphaeresis)

All other clinical applications of G-CSF (e.g.,myelodysplasticsyndrome)

Opportunity for combination with or substitute forG-CSF

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Dramatic improvement of blood recovery duringCyclophosphamide treatment in mice

CBLB612: Supportive Care During Chemotherapy

WBC

0.00

5.00

10.00

15.00

20.00

25.00

30.00

10x3/ul

CBLB612 10.33 2.66 3.09 14.73

PBS 9.65 1.98 0.43 7.21

day -5 day7 day14 day22

White Blood Cells

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CBLB612 is 6x more efficacious than G-CSF andinduces both early and late progenitor cells.

Effects of CBLB612 and G- CSF are synergistic

CBLB612 Induces Propagation of HSCs

CBLB612 orG-CSFCBLB612 orG-CSF

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CBLB612: Product Development Strategy

6-month Phase I safety study in healthyvolunteers enables full assessment of

induction and mobilization of stem cells inperipheral blood, a direct predictor ofefficacy of the drug

Principle efficacy assessment in Phase I =potential partnering

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Zhejiang Hisun Pharmaceutical license for Chinasigned Sept. 2009

($1.65M upfront development, 10% royalties)

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Curaxin Product LineAnti-cancer drugs

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Curaxins: Overview

First-in-class broad-spectrum anticancer drugs

Small molecules suitable for oral administration

Novel mechanism of action simultaneous targetingthree major pathways deregulated in cancer

Composition of matter patent applications

Efficacy in multiple animal models of major cancertypes including breast and prostate cancer

Proof of concept Phase II trial in prostate cancer

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INCURON JV for Curaxin Development

50/50 joint venture with BioprocessVentures, Moscow

~$18M to reach Phase II for newgeneration of Curaxins

CBLI to serve as subcontractor to overseemechanistic studies and clinical

development

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Financial Summary

Mcap (at 3/31/10): $96M

Shares Outstanding: 27M common

39M fully diluted

Remaining Govt. Grants & Contracts committed to supportCBLB502 for defense and medical applications (at 12/31/09):$16M

Pending proposals for additional grants and contracts to support all CBLIprograms: $46M

CBLI Cash & Rcvbles (at 12/31/09): $4.7M

Additional $4.5M net proceeds raised in Private Placement

Avg. Monthly Burn Rate (CBLI cash): $200,000

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Scientist and serial entrepreneur

Founder of Dia-M and The Fellowshipfor Interpretation of Genomes (FIG)

Founder and Former CEO of

Integrated Genomics, Inc. (97-03)

Michael Fonstein, PhDChief Executive Officer & President

SVP of Basic Science, RoswellPark Cancer Institute

Former Chair, Dept. MolecularBiology at Cleveland Clinic

30+ issued patents

150+ research publications

Andrei Gudkov, PhD, D.SciChief Scientific Officer

20 years of financial andaccounting experience

8 years as a corporatecontroller of a public company

Jack Marhofer, MBA, CMA, CFM

Chief Financial Officer

Former Director of BusinessDevelopment at IntegratedGenomics, Inc.

Expert in technical sales andcontract negotiations

Yakov Kogan, PhD, MBA

Chief Operating Officer

CBLI Management Team

25 years global oncology drugdevelopment experience

Senior positions in clinicaloperations at CROs

Led clinical development inseveral publicly traded biotechcompanies

Michael Kurman, MD

Chief Medical Officer

30 years of Pharma experience

Former Director of Drug Safetyat TAP Pharmaceuticals, Inc.

Farrel Fort, PhD, MBA, DABT

Vice President, Drug Development

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