Commonwealth Biotechnologies, Inc. Announces Third Quarter Results: Continues Triple-Digit Growth in Revenues of $2.97 Million, Signed New Contracts Worth Over $4.3 Million

Published: Nov 15, 2007

RICHMOND, Va.--(BUSINESS WIRE)--Commonwealth Biotechnologies, Inc. (NASDAQ:CBTE) today announced results for its third quarter ended September 30, 2007. Revenues for the third quarter were $2.97M, an increase of 104 percent over $1.46M for 2006. While earnings losses totaled $1.63M for the third quarter and $1.93M year to date, management believes that these results may not present the complete picture of CBTE’s operating performance because of a number of one-time expenses following CBTE’s recent acquisition of Tripos Discovery Research Ltd (“TDR”), including payment of $0.35M in value added tax expenses associated with the sale of the TDR building, $0.19M in R&D costs to re-stock depleted inventory, $0.1M in new marketing initiatives and $0.2M in increased equipment lease expenses. Management believes that CBTE is well positioned for positive future revenue and earnings results, with over $4.3M in new major contracts signed in the third quarter alone. “We’re pleased that the strategy to achieve growth is beginning to pay off,” said Paul D’Sylva, Chief Executive Officer of CBTE. “The high level of new contract signings bodes well for the future. CBTE’s strategy is to expand upon its results to date by driving sales and marketing efforts in key product areas with a focus on margin growth, targeted investments in complementary platform technologies and businesses, and the continued recognition of synergies from the acquisitions of Mimotopes and TDR.”

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