CBTE news
New Bio-Defense Related Contract Work at Commonwealth Biotechnologies, Inc.
Tuesday March 9, 10:59 am ET
Company Continues Upswing in Contract Backlog
RICHMOND, Va.--(BUSINESS WIRE)--March 9, 2004--Commonwealth Biotechnologies, Inc. (NASDAQ SmallCap Market: CBTE - News), a life sciences contract research organization and biotechnology company, today announced execution of two major bio-defense related contracts valued at nearly $1 million. The company expects to realize all revenues from both contracts in 2004. These new contracts come on the heels of contracts announced in January totaling $ 0.4 million. One of the new contracts continues and expands CBI's unique programs in detection of bio-agents, including ricin and anthrax, in swab samples taken from mail sorting facilities. The second contract bio-defense contract pertains to analysis of still other environmental samples for the presence of particular bio-agents. The new contracts are with both federal agencies and private companies.
"Part of the new funds are ear-marked for performing analyses on real world samples for identification of bio-threat agents, " said Thomas R. Reynolds, Executive VP of Science and Technology and Program Director for one of the new contracts. "CBI continues to have significant impact in these cutting edge arenas and is proud of its contributions to our collective defense against biological terrorism."
"CBI's reputation in bio-defense is now well established. We are the go-to company for novel, creative and imaginative science with the ability to get the work done in a timely, cost efficient manner," said Dr. Robert B. Harris, President and CEO of CBI. "Through sustained high level interactions with federal agency sponsors and due in part to its aggressive marketing focus, We believe that CBI will continue to develop a long-term pipeline of new high dollar contracts. "
"CBI's string of positive news continues," added Dr. Richard J. Freer, Chairman and COO of CBI, "and our progress is being recognized by our investors. The Company is lean, productivity is high, and the company believes that new business initiatives in 2004 will enhance CBI's client and revenue base. "
In other recent news, in February the company announced record revenues and a markedly improved cash position at the end of fiscal 2003.
About CBI
Founded in 1992, CBI is located at 601 Biotech Drive, Richmond, VA 23235 (1-800-735-9224). CBI has provided comprehensive research and development services to more than 2,800 private, government, and academic customers in the global biotechnology industry. For more information, visit CBI on the web at www.cbi-biotech.com.
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