Commonwealth Biotechnologies, Inc. Announces $ 2.0 Million of New Business Contracts

Focus in Core Competency Areas

16-Aug-2004

Commonwealth Biotechnologies, Inc., is pleased to announce new contract work in two of its core business areas, bio-defense and clinical lab trial support. The new contracts total more nearly $2.0 million and are with government and private sector clients. CBI is continuing to build its bio-defense contract portfolio.

Its newest contract, valued at $1.2 million, is of a classified nature and represents the fourth year of continuous funding from the same sponsor. In the course of the new program, CBI is expected to develop novel reagents which can be used for detection of select agent pathogens.

Work on this eighteen-month program has already begun. In addition, CBI is pleased to announce that one of its long-term customers has increased its commitment to CBI in terms of its standing purchase order for miscellaneous services, including DNA sequence analysis and cell viability studies. Under the terms of yet another of its new contracts, CBI will conduct molecular assays on DNA extracted from samples taken from a two-year human clinical trial.

The trial is meant to assess the usefulness of the molecular screening assays for the presence of particular genetic markers. The assay itself was developed by CBI under an already completed contract to one of its customers. The clinical trial samples are expected to start arriving at CBI by the end of August and over the course of two years, CBI expects to analyze more than 3,600 patient samples.

"CBI is rapidly growing its clinical trial lab support capabilities," said Tom Reynolds, Executive Vice President. " In this regard, our best clients are those who ask us to do the necessary development work in anticipation of a clinical trial. This latest contract for analysis of human clinical samples reflects the culmination of the development process."

"Since January, 2004, CBI has announced over $6.8 million in new contracts", added Robert B. Harris, President and CEO, "and virtually all these contracts have been in our core competency areas of bio-defense, comprehensive private sector contracts, and clinical trial lab support. Management's continuing objective is to build a stable revenue base for operation of the Company and from that perspective, because some of the announced contract work will carry-forward into 2005 and beyond, CBI is already enhancing its future financial position. "

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