1999 NEWS

Any statements contained in these releases that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in the Company's filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. Readers are cautioned not to place undo reliance on these forward-looking statements, which speak only as the date hereof. CBI and any other companies mentioned offer no guarantee that a final partnership will be formed, nor that, if actually formed, such partnership will be successful in enhancing the revenues of either company. CBI and any other companies mentioned undertake no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Specifically, there can be no guarantee that the contracts referred to herein will not be prematurely terminated thereby reducing or eliminating any revenues associated with said contracts.

December 27, 1999

Value of Commonwealth Biotechnologies, Inc. Research Contract Increases Dramatically

RICHMOND, VA (December 27, 1999) - Commonwealth Biotechnologies, Inc., (NASDAQ Small Cap Exchange; CBTE), a biotechnology contract research organization, announced that its recently awarded $6 million subcontract from the Illinois Institute of Technology Research Institute (IITRI) has increased by nearly 40%, from $1.1 million to $1.6 million, for the first 12 months of the project. The revenue is for fundamental research on proprietary protocol development for the detection of analytes and the project is planned to extend through four additional option years.

"Obviously, we are very pleased with the increased scope of work, and anticipate continued growth through the option years of our contract," said Richard J. Freer, Ph.D., Chairman of Commonwealth Biotechnologies, Inc.

The jump in value during the first year, if sustained, means that the IITRI contract could be worth $8 million over the life of the project. "This is the equivalent of a new $2 million contract for us," added Freer.

Headquartered in Richmond, VA, Commonwealth Biotechnologies, Inc. provides comprehensive research and development services to more than 900 private, government, and academic customers in the global biotechnology industry.

October 8, 1999

Company News

Commonwealth Biotechnologies, Inc. is pleased to announce the following additions to its research and administrative staff. Ms. Vicki Elborne, formerly of the Allegheny University of Health Sciences. Pittsburgh, PA. joins CBI as a Lab Specialist, Senior in the Molecular Biology Group. Dr. Karen Norgarrd, a recent Ph.D. graduate of Virginia Commonwealth University, joins CBI as a Lab Specialist, Advanced, also in the Molecular Biology group and Ms. Jette Lundgren, former Senior Researcher at Novo Nordisk, Denmark, is a Visiting Scientist at CBI. Ms. Kimberly Jones, most recently of Merkert American, Richmond, VA. joins CBI as its new receptionist and Office Service Specialist.

September 14, 1999

Commonwealth Biotechnologies, Inc. Enters Teaming Agreement to Develop Biodefense System.

RICHMOND, VA (September 14, 1999) - Commonwealth Biotechnologies, Inc. (NASDAQ Small Cap Exchange: CBTE), a local biotechnology contract research organization, announced that it has signed a teaming agreement with Schwartz Electro-Optics, Inc. (SEO) of Orlando, FL to develop a biological agent identification system.

The joint effort seeks to create an early warning system for the detection of biological agents released into the environment at substantial distances. This system will potentially have military applications for dealing with both international and domestic terrorism.

"This strategic partnership will allow us to match our long range detection capability with the biomolecular technology of CBI to produce a system that merges the requirements of detection with identification," said William Schwartz, President and Chief Executive Officer of SEO.

"This teaming agreement will allow CBI to continue to grow the biodefense portion of its business, which is one of our targeted growth areas," added Robert B. Harris, Ph.D., President of CBI. "Our combined technology base will allow CBI and SEO to offer several unique solutions to the general problem of detection of biological agents."

Headquartered in Richmond, VA, Commonwealth Biotechnologies, Inc. provides comprehensive research and development services to more than 900 private, government, and academic customers in the global biotechnology industry.

Founded in 1984, SEO is a recognized leader and innovator in solid state laser technology and designs, manufactures, and markets laser systems for use in military and commercial markets. SEO is currently in customer flight testing on the laser-based long-range Biological Standoff Detection System (LR-BSDS) that is being developed under contract with the U.S. Army.

July 12, 1999

Commonwealth Biotechnologies, Inc. Announces New Revenue Stream

RICHMOND, VA (July 12, 1999) - Commonwealth Biotechnologies, Inc. (NASDAQ Small Cap Exchange: CBTE), a local biotechnology contract research organization, announced today the beginning of two proprietary research programs on behalf of new clients that are expected to generate nearly $1.7 million in revenue for the Company.

These new projects will be added to the nearly $1.6 million in new contract research that Commonwealth Biotechnologies, Inc. (CBI) has begun since the last quarter of 1998.

CBI's two most recent agreements have been with a multi-national corporation to perform large scale DNA analysis. The first project is valued at approximately $400,000 and should be completed in two months' time. The second project, with an estimated value of $1.2 million, is for a variety of DNA analytical services. This work will be done on a continuing basis throughout 1999 and 2000.

"These research agreements represent a continuation and extension of our basic plan: to perform an integrated scheme of related Biotechnologies for contractual clients," said Robert B. Harris, Ph.D., President of CBI. "We are well- positioned to be a sole outsource for virtually any company or institution involved in life science research."

"Right now, CBI has nearly $15 million in outstanding proposed contracts," added CBI Controller James H. Brennan, "and is actively seeking a licensing partner for its proprietary technology, HepArrest(tm). In moving forward, it is important for us to continue to identify long-term contractual clients."

HepArrest(tm) is the Company's leading human pharmaceutical and is meant for use in acute surgical situations where the anticoagulant effects of heparin must be reversed.

May 14, 1999

Leading Bioscientist Joins Board of Directors For Commonwealth Biotechnologies, Inc.

RICHMOND, VA (May 14, 1999) - Commonwealth Biotechnologies, Inc. (NASDAQ Small Cap Exchange: CBTE) announced that Raymond H. Cypess, D.V.M., Ph.D., President and CEO of the American Type Culture Collection (ATCC), is the newest member of the company's Board of Directors. Cypess' appointment was acknowledged yesterday during the dedication of Commonwealth Biotechnologies' (CBI) new corporate headquarters in Chesterfield County.

Located in Manassas, VA, ATCC is a global nonprofit bioscience organization that provides biological products, technical services, and educational programs to private industry, government, and academic organizations around the world. ATCC houses over 92,000 biological cultures, the largest collection in the world, which are used in medical, health, and food safety research around the world. ATCC maintains ties with the Research Park at George Mason University.

"Dr. Cypess is an internationally recognized scientist, industry leader, and one of Virginia's brightest stars in biotechnology," said Robert B. Harris, Ph.D., President and Co-Founder of CBI. "Ray is an enthusiastic scientist with worldwide tie-ins to the industry. He is a huge supporter of biotech, and we are excited that he has accepted his nomination to our Board. We look forward to his input in helping grow CBI."

Cypess served as keynote speaker for the dedication of CBI's $4 million, 32,000 square foot corporate office and laboratory complex, located in the Gateway Centre Business Park in Chesterfield County.

Headquartered in Richmond, VA, Commonwealth Biotechnologies, Inc. provides research and development contract services to more than 800 private, government, and academic customers in the global biotechnology industry. Founded in 1992, CBI employs 40 people, including 9 doctoral scientists who direct research in DNA sequencing, nucleic acid synthesis, peptide and protein technologies, molecular biology, genetic testing and biophysical technologies.

CBI also develops proprietary technologies including HepArrest(tm), a potential human therapeutic, and AccuTrac(tm), a reagent that facilitates the process of automated DNA sequence analysis.

May 11, 1999

National Researcher to Address Future of Biotechnology in Virginia.

RICHMOND, VA (May 11, 1999) - Raymond H. Cypess, D.V.M., Ph.D., President and CEO of the American Type Culture Collection (ATCC), one of the leading biotechnology firms in Virginia, will be the keynote speaker for the dedication of the new headquarters of Commonwealth Biotechnologies, Inc. (NASDAQ Small Cap Exchange: (CBTE).

Cypess will dedicate Commonwealth Biotechnologies, Inc.'s (CBI) new facility at 3:30 p.m. on Thursday, May 13, 1999. The $4 million, 32,000 square-foot corporate office and laboratory complex is located at 601 Biotech Drive in Gateway Centre in Chesterfield County. Groundbreaking was held in May of 1998, and the facility was completed last November.

Located in Manassas, VA, ATCC is a global nonprofit bioscience organization that provides biological products, technical services, and educational programs to private industry, government, and academic organizations around the world. ATCC houses over 92,000 biological cultures, the largest collection in the world, which are used in medical, health, and food safety research around the world.

Among the guest speakers is senatorial candidate and former Virginia Governor George Allen, a member of Commonwealth Biotechnologies' (CBI) board of directors. As Virginia's 67th Governor from 1994 to 1998, Allen prioritized economic development and job creation. M.D. "Pete" Stith, the Deputy County Administrator for Community Development for Chesterfield County, will also provide remarks.

As an added attraction, Mr. Jefferson, the cloned Holstein bull produced by PPL Therapeutics (PPL) of Blacksburg, VA, will be on site. Attendees will have the opportunity for photographs with Mr. Jefferson. PPL had also previously cloned Dolly the sheep, the first mammal cloned from an adult cell.

May 6, 1999

Commonwealth Biotechnologies, Inc. Announces Strategic Initiatives

RICHMOND, VA (May 6, 1999) - Commonwealth Biotechnologies, Inc. (NASDAQ Small Cap Exchange: CBTE) announced today they have established two new business relationships.

Commonwealth Biotechnologies, Inc. (CBI) has signed a teaming agreement with the Illinois Institute of Technology Research Institute (IITRI), a non-profit contract research institute based in Chicago, IL. The purpose of the venture is to aggressively pursue bio-defense-related research contracts in the areas of analyte detection and complex macromolecular analyses.

In addition, CBI has awarded the biotechnology distribution company ImaGene Co., Ltd. of Seoul, Korea, a non-exclusive contract to market CBI's contract technology services in the Pacific Rim.

"IITRI and ImaGene represent new opportunities for CBI," said Robert B. Harris, Ph.D., President of CBI. "With IITRI, an organization with a long history of successfully competing for government contracts, we are teaming with internationally recognized experts in the field of analyte detection and characterization. The ImaGene initiative teams CBI with an international company to broaden our worldwide customer base in our core technology areas."

"These signed agreements represent the continuation of our basic plan to provide integrated project design and management for contractual clients," added Harris.

May 4, 1999

Commonwealth Biotechnologies, Inc. Expands DNA Identity Testing Services

RICHMOND, VA (May 4, 1999) - Commonwealth Biotechnologies, Inc. (NASDAQ Small Cap Exchange: CBTE) announced today it is expanding its services to offer increased DNA identity and paternity testing.

These enhanced services allow CBI to provide high-quality, court-ready results in a fraction of the time required by other laboratories. CBI's extensive equipment inventory allows a rapid turnaround time of a few days, compared to the current market standard of at least two weeks. The Company is also able to accommodate large numbers of samples simultaneously. There is currently no sample backlog, and fast results will prevent any future accumulations.

CBI is nationally accredited for this technology. The Company also observes all requirements of Chain of Custody, sample security, laboratory security and documentation, and contamination control to ensure evidence for court cases. Results are validated to meet court standards for evidence.

Samples of blood or buccal (cheek) cells swabs are used for comparison between the mother, child, and alleged father. Paternity testing has a variety of applications, including child support and custody disputes, immigration cases, deceased parent/grandparent identifications, estate inheritance, prenatal testing, and criminal cases.

"CBI continues to penetrate the DNA identity technology market. We offer rapid turnaround time, state-of-the-art equipment and technology, and now a nationally-recognized expert in human genetics," said Thomas R. Reynolds, Senior Vice President and Co-Founder of CBI. "No other company in the Southeast can perform these tests and deliver results as quickly as we can."

Following an international search, CBI recruited nationally recognized human genetics expert Douglas R. Oliveri, Ph.D., FACMG, to direct the Company's expanded DNA identity testing efforts. Certified in Clinical Molecular Genetics and Clinical

Biochemical Genetics by the American Board of Medical Genetics, Oliveri will serve as the Director of Human Genetics. He has ten years experience in identity and paternity testing and will provide expert witness testimony for court cases.

"For a facility doing this type of DNA identity testing, CBI has greater capacity than any other identity testing lab today," said Oliveri, "Our equipment on hand can process more samples than anyone. CBI has a cutting-edge mindset that translates into a

great performance delivery laboratory, always offering the latest technology with the highest quality to its customers. I am excited to be a part of this innovative team of scientists."

April 2, 1999

Commonwealth Biotechnologies, Inc. Releases 1998 Financial Data

RICHMOND, VA (April 2, 1999) - Commonwealth Biotechnologies, Inc. (NASDAQ Small Cap Exchange: CBTE) announced today that revenues for 1998 were $1.604 million, down from $1.761 million in 1997. Although Management was disappointed with the final numbers, the decision to expand Commonwealth Biotechnologies' (CBI) business operations resulted in several anticipated expenditures.

The Company reported a 1998 loss of $2.097 million as compared to $1.169 million in 1997. Revenues for the fourth quarter in 1998 were $335,000, a decrease from $356,000 in 1997. Net operating loss for the fourth quarter was $729,000 in 1998 and $610,000 in 1997.

CBI's 1998 revenue stream was flat when compared to 1997. The costs of goods sold cited increased expenses, due primarily to the hiring of additional staff for a full year in 1998 as compared to only a partial year in 1997. Greater costs also resulted from increases in market prices of raw materials.

Administrative and sales expenses also rose due to the implementation of a marketing and selling division. Other increases were seen in facility costs, professional fees and depreciation.

"While we are obviously disappointed with our performance in 1998," said Richard J. Freer, Ph.D., Chairman of the Board, "we are optimistic that with our new contracts, expanding intellectual property base, and a key teaming arrangement in place, that we are well positioned for 1999."

Among CBI's new contracts is a teaming agreement with IIT Research Institute, a non-profit contract research institute based in Chicago, IL. The agreement, whose purpose is the aggressive pursuit of federal research contract dollars intended for complex macromolecular analyses, will allow CBI to broaden its presence in the government contract arena. Also, the Company has awarded a one-year contract to ImaGene Co., Ltd. of Seoul, Korea, to market CBI's products and services in the Pacific Rim.

In the last quarter of 1998, and continuing through 1999, CBI has thus far signed long-term research contracts representing total revenues in excess of $1.3 million, which CBI will realize over the course of 1999.

The Company is beginning to see revenues from the sale of AccuTrac(tm), a reagent developed at CBI which facilitates the process of automated DNA sequence analysis. AccuTrac(tm) was launched at the Institute for Genome Research meeting in January 1999, in Arlington, VA.

For other news, see:

• Current News (2002-2003)
• News from 2001
• News from 2000

Updated October 1, 2001