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Market Update: Commonwealth Biotechnologies, Inc. (CBTE) Reports New Drug Discovery Contract Signings and Growth Initiatives


4/8/2008 8:38:32 AM

RICHMOND, Va.--(BUSINESS WIRE)--Commonwealth Biotechnologies, Inc. (“CBI”) (NASDAQ Capital Market:CBTE) is pleased to announce new signings and growth initiatives for its business units including Exelgen Ltd (“Exelgen”), CBI Services, Mimotopes Pty Ltd (“Mimotopes”), and Fairfax Identity Laboratories (“FIL”). Since December 2007, all four business units have executed significant drug discovery contracts with large pharmaceutical companies or major government agencies and embarked upon a range of growth initiatives. CBI management believes these results reflect a trend in the drug discovery outsourcing market to return to long-term, high quality outsourcing relationships in the industry. Dr. Paul D’Sylva, CEO of CBI, summarized the new announcements by saying, “Our Q1 signings demonstrate the strong drug discovery capabilities of the CBI Group and underscore the value of our drug discovery platforms and therapeutic area expertise. We are delighted to be working with new partners in the government and private sectors to discover novel drug candidates that will help to address unmet medical needs.”

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