RICHMOND, Va.--(BUSINESS WIRE)--CBI Services, a business unit within the Commonwealth Biotechnologies, Inc. group of companies (NASDAQ Capital Market: CBTE), today announced new contracts signed over the last month which collectively are valued at approximately $2.9 million. CBI Services provides contract research solutions to customers in biotechnology and pharmaceutical companies, academic institutions, and government agencies. One of the new contracts with a government customer is expected to generate nearly $800,000 in gross revenues over the next 15 months, of which approximately $600,000 is anticipated by the end of the second quarter of 2008. A second new government contract is a follow-on contract to a research program which was successfully completed on-time and on-budget at the end of the third quarter of 2007. This latter contract is valued at approximately $1.5 million over three years. Both of these new government contacts are for conduct of classified research and add to the inventory of bio-defense related programs in progress at CBI. Two other new contracts being announced today are with private sector pharmaceutical companies. Both of the new programs which will begin immediately are geared towards development, implementation, validation, and use of particular laboratory assays to measure specific biological substances.
