Stock Alert: Cleveland BioLabs Surges 75% On Merger With Cytocom

(RTTNews) - Shares of nano-cap company Cleveland BioLabs, Inc. (CBLI) soared nearly 75% on Tuesday morning after the biopharmaceutical company announced it will merge with Cytocom, Inc. in an all-stock transaction.

CBLI is currently trading at $3.77, up $1.60 or 73.69%, on the Nasdaq.

Cytocom shareholders will have a majority position in the newly combined entity. The initial Board of Directors for the combined company will consist of four members selected by Cytocom and three members selected by Cleveland BioLabs. The Boards of Directors of both companies have approved the combination.

The combined company will focus on the development and commercialization of immunotherapies for oncology, infectious disease, inflammation and auto-immune mediated conditions.