What's New at CBI

March 20, 2001

Commonwealth Biotechnologies, Inc. Announces Record Revenues and Growth

Commonwealth Biotechnologies, Inc., (NASDAQ Small Cap Exchange; CBTE) today reported that it achieved record revenues and growth for Fiscal Year 2000. The company reported that its revenues were up 70% from $2,565,132 during 1999 to $4,366,959 for 2000. Both the percentages of revenue growth and total revenues are records for the company. Net loss was $921,916 or $.51 (basic and diluted) per share compared to a net loss for FY 1999 of $2,091,194 or $1.27 (basic and diluted) per share.

This follows a 60% growth in revenue for 1999 compared to 1998, where revenues reached $2,565,132 and $1,604,267, respectively.

"While we are obviously pleased with the recent performance of the company, we believe the better news is that our business model of offering a broad technology base and complete project support for our clients continues to perform well," said Robert B. Harris, President of Commonwealth Biotechnologies, Inc. (CBI). "Our current distribution of 72% of our business in larger contracts of longer duration is up from 57% of just a year ago. In addition, our client base continues to grow with 931 work orders processed in 2000. Of the 931 work orders, 334 (36%) were from first time clients," he added.

"Development of long-term contracts continues to lead the way in revenue growth," said Harris. "Company management is committed to expanding this revenue stream not only by conventional fee-for-service contracts but also by partnering in the development of unique proprietary technologies. These new technology platforms will then be offered as a service to generate a continuing revenue stream beyond the life of the project itself." he added.

In addition, the company has added a new Drug Development Division to the company's capabilities. This Division will offer complete strategy and management support for moving a client's new product or device through the national and international regulatory processes.

"By adding this Division, the company is now able to offer a complete continuum of services to our clients, essentially the ability to take their projects from "Concept to Clinic". This should extend the life of our long-term client relationships beyond the Research and Development phase through the final pre-market approval phase," said Richard J. Freer, Chairman of CBI.

February 8, 2001

Commonwealth Biotechnologies and november AG Sign Joint Venture to Expand Applications for november AG's Electrohybridization Technology

Companies to Develop Methods of Detecting Microbes in Environmental Samples

Commonwealth Biotechnologies, Inc. (CBI) (Nasdaq: CBTE - news) announced that it has signed an R&D joint venture agreement with november AG of Erlangen, Germany. Using november AG's electrohybridization technology, the two companies will collaborate to develop and commercialize new methods to detect microbial contamination in a variety of matrices, including water or soil. Commonwealth Biotechnologies' announcement to expand in this area of environmental analysis signifies that it will continue to broaden its technology platform.

Developed by november AG's Molecular Diagnoses business unit, electrohybridization is a bio-electrochemical technique that makes use of conductivity and affinity properties of biomolecules, such as DNA or proteins. The application of this new principle accelerates all stages of laboratory testing from sample preparation to detection leading to less expensive, faster, and more sensitive analyses.

In another important field of collaboration, CBI already synthesizes specific peptides for november AG's bio-labeling project, the forgery safe biological eartag. This is part of a quality securing and surveillance system in which farm animals are labeled to warrant reliable food properties. Ensuring the peptide supply will speed up the commercialization of the biological eartag.

Richard J. Freer, Chairman of CBI, commented, ``These two active collaborations are only the first in, what we at CBI believe, will be a series of very productive cooperations between CBI and november AG. In addition, CBI will establish an office in Erlangen, from which we can begin to pro-actively access the European market for our services.''

``There are multiple synergies between CBI and november AG'', said Wolf M. Bertling, CEO of november AG. ``This will strengthen our strategic partnership with the NASDAQ-listed US-company. Through CBI, we have access to the US markets. Another advantage is that -- apart from its contract research business -- CBI has established an Research and Development unit and has significant expertise in the field of hematology/hemostasis. This complements november AG's anticoagulation pipeline products and will facilitate joint clinical studies in USA and Europe.''

Commonwealth Biotechnologies, Inc. (Nasdaq: CBTE - news) was founded as a contract research organization and offers fully integrated DNA/RNA, as well as protein/peptide-technology for the biotech industry.

Recently, CBI acquired the Drug Development Group of SRA Life Sciences, Inc. and now offers full support for moving a client's product through the regulatory approvals required for market launch.

Founded in 1996, november AG focuses on the development of products and platform technologies in the field of molecular medicine. The company is listed on the Neuer Markt, Frankfurt (code: NBX). Their Molecular Therapy business unit develops drug-delivery-systems that open up new ways for the therapy of serious diseases.

Timely, cost-effective, and safe methods for diagnosis at the point of care are being realized in the Molecular Diagnosis unit. The analytical methods developed for this application will be equally useful in the non- biological field, e.g. for forgery-proof product and brand protection.

January 22, 2001

Commonwealth Biotechnologies, Inc. Announces Appointment of New Directors.

Commonwealth Biotechnologies, Inc. (NASDAQ small cap exchange: CBTE) today announced the appointment of three new members to its Board of Directors. The company also announced that former-governor, now Senator George Allen of Virginia has resigned his seat on the Board.

The newly appointed members of the Board are Mr. Everette G. ("Buddy") Allen, Jr., Chairman and senior partner in the law firm of Hirschler, Fleischer, Weinberg, Cox and Allen, PC, in Richmond,VA; Dr. Donald McAfee, Chairman and Chief Technical Officer of Discovery Therapeutics, Inc., Richmond, VA: and Mr. Samuel P. Sears, Jr., a nationally recognized attorney who specializes in management and negotiation of mergers and acquisitions.

"We are very pleased to have been able to attract such high quality new members to the Board. They will each bring a unique perspective which, I believe, complements the continuing employee and non-employee members of the Board." Said Richard J. Freer, Ph.D., Chairman of CBI.

They will join the continuing Non-employee Board Members, Dr. Raymond Cypess, President and CEO of ATCC, Inc., Manassas, VA, and Mr. L. McCarthy Downs, III, Chairman, Anderson and Strudwick, Inc, Richmond, VA, and the three Employee Board Members, Dr. Richard J. Freer, Chairman, Dr. Robert B. Harris, President , and Mr. Thomas R. Reynolds, Senior Vice President.

Commenting on the resignation of Senator Allen, Freer said, "Due to his new responsibilities, Senator Allen would have a conflict of interest were he to continue to serve on the Board. His insights and positive support will be sorely missed. We, of course, wish him much success in Washington and look forward to his pro-business agenda reaping benefits for CBI, the Commonwealth, and the Nation."

January 16, 2001

Commonwealth Biotechnologies, Inc. Acquires Drug Development Contracts From SRA Life Sciences, Inc

January 16, 2001

Company News

Ms. Sandra J. Hecker, RAC, joins CBI as Director of Drug Development. Ms. Hecker has more than 20 years experience with basic and medical research, medical writing, and drug development, including strategizing for, writing, and editing marketing applications (drug, device, and biologic) for U.S. and international regulatory agencies. Prior to joining CBI, she was Director, Regulatory Affairs, at SRA-Life Sciences, Inc., a boutique drug development company supporting the biotech industry.

Other former SRA employee who join Hecker as new CBI employees include Mr. Ogden Copeland, Project Coordinator; Ms. Claudia Fitch and Mr. Tyrone Little, both Documentation Specialists; and Ms. Gail Law, Administrative Assistant.

December 13, 2000

Company News

Dr. Russ Wolz has been promoted to Group Leader, Biological Chemistries. Wolz assumes responsibility for all aspects of biochemistry, spectroscopic analysis, protein sequence and amino acid analysis.

Mr. Chris Umberger has been promoted to Lab Specialist Advanced. He continues to work in the mass spectroscopy group where he is helping to develop novel protocols for analysis of target analytes.

Ms. Shannon Greenfield has been promoted to Lab Specialist. Greenfield oversees protein sequence analysis.

Ms. Gabriella Wolz has been promoted to Senior Lab Specialist in biochemistry. Wolz has helped establish biochemistry as a leading platform technology at CBI.

Ms. Bonnie Yanchisin has been promoted to Senior Lab Specialist. Yanchisin has been with the Company since its inception and is responsible for all aspects of amino acid analysis.

Ms. Judy Ellett joins the microbiology group at the Company as a Senior Lab Specialist. Formerly with the Virginia Urology Tissue Bank, Ellett will also participate in QA/QC activities of the Company.

Mr. Chris Lampley joins the Company as Lab Aide. Lampley is a recent gradaute of VCU, Department of Biology.

November 6, 2000

Company News

Dr. Melissa Grella joins CBI as a staff Scientist in bioorganic chemistry. Grella was most recently a post doctoral fellow at the National Cancer Institute in Frederick, MD.

October 19, 2000

Commonwealth Biotechnologies, Inc. and Richter International, Inc., to Co-Market Services and Technologies

Alliance to protect food supply should expand client base for both companies

RICHMOND, VA (October 19, 2000) - Commonwealth Biotechnologies, Inc. (NASDAQ Small Cap Market: CBTE) a contract research organization, and Richter International, Inc., a world leader in food quality and safety research, today announced they have signed a letter of intent to co-market and commercialize their services and technologies. Both companies see an opportunity to apply state-of-the-art microbiological and molecular biological assays to prove the continued safety of the nation's food supply.

"Microbiological safety is the number one concern of the American food consumer," commented Dr. Edward Richter, President of Richter International. "In the past several years there have been serious outbreaks of foodborne disease. These outbreaks have been caused by a variety of microorganisms including bacteria, viruses and protozoa, all of which are detectable today. The key factor is in the understanding of the food diagnostic market and knowing how to apply state-of-the-art biotechnologies."

Commonwealth Biotechnologies, Inc. (CBI) sees its alliance with Richter International as a natural extension of its own microbiological and molecular biology platforms. "This is an outstanding opportunity for us to partner with a company whose expertise in food safety is recognized world-wide. Our ability to develop innovative assay methods perfectly complements Richter's technologies. Together, we have the ability to promulgate industry criteria and to identify new clients for both companies," said Dr. Robert B. Harris, President of CBI.

"We are considered to be experts in novel applications of current scientific methods, " added Tom Reynolds, Senior VP of CBI. "There is a need for the data and assays which will stem from this new program and a critical need to ensure the safety of our foodstuffs for the private, public and military sectors.

According to Dr. Rick Jaffe, Director of Microbiology at CBI, "Very little is known about routine contamination levels in raw or processed foods. To know if there is an abnormal contamination level, one must first determine what are the environmental levels of the many different organisms which are known to be present in foodstuffs."

October 5, 2000

Commonwealth Biotechnologies, Inc. Receives Notice of Issue of Patent for DNA Sequencing Aid

RICHMOND, VA (October 5, 2000) - Commonwealth Biotechnologies, Inc., (NASDAQ Small Cap Exchange; CBTE), a biotechnology research organization, announced today that it has received notice that the Patent for its automated DNA sequencing reagent, AccuTrac® has been issued. The patent protects not only its automated DNA sequencing reagent, AccuTrac® but also the process for which it is used. AccuTrac®, which is used to unequivocally identify individual lanes in a DNA gel, will be especially valuable in sequencing of genomes and other large sequencing projects. The product will minimize the need to manually confirm locations of samples in a gel and will thereby increase the accuracy of the sequencing data generated.

With the intellectual property protected, the company will begin an aggressive campaign to find a global partner to effectively market this product worldwide. "While CBI has carried out a modest marketing effort since the product was introduced, the real value of this product will be best realized by partnering with one or more companies already providing reagents to the industry. The search has already begun." said Richard J. Freer, Chairman of CBI.

"We believe, the ability to maximize the efficiency of sequencing instrumentation has and will continue to have a definite impact on sequencing accuracy and quality assurance. Given the massive amounts of information remaining to be discovered in the genomes of not only humans but also in the large numbers of plants, animals and microbes, we expect this technology will continue to be an important tool in this discovery process." said Thomas R. Reynolds, Senior Vice President of CBI and one of the inventors of the product. "It is important to realize that this technology can be used with nearly all automated DNA sequencers without any hardware or software modifications, which makes it inherently more attractive to the end-user." Reynolds added.

In other recent news, the company has announced record revenues for the 1st and 2nd quarters of 2000, the closing of a $2.6 million private placement, and its intention to expand its service offerings to include management of drug development.

October 2, 2000

Commonwealth Biotechnologies, Inc. Withdraws Offer for Drug Development Company

RICHMOND, VA (October 2, 2000) - Commonwealth Biotechnologies (NASDAQ small cap exchange: CBTE) announced that it has withdrawn its offer to acquire the drug development business of SRA Life Sciences, Inc., and that it intends to develop an in-house drug development group of its own. Drug development comprises consulting and management of the laboratory services required to move a client's drug candidate through the regulatory approval process.

On May 30 of this year, the company announced the signing of a Letter of Intent to acquire this asset from SRA Life Sciences, Inc.

"After extensive negotiations and evaluation of a number of business models, we concluded that it would not be in the company's best interests to pursue this acquisition. However, we remain committed to this as a growth area in the company and will use some of the proceeds from our recent private placement to establish our own in-house drug development group", said Richard J. Freer, Ph.D., Chairman of CBI. "Bottom line, we believe that building the capability internally will have a greater long-term positive impact on the company."

Robert B. Harris, Ph.D., President of CBI, points out that, "We believe that a niche market exists for early stage clinical trial management for biotechnology companies. A large proportion of the biotechnology companies which seek commercialization of a human pharmaceutical do not have the in-house expertise and, therefore, are potential clients. To be able to offer a continuum of pre-clinical Research & Development support into and through the regulatory process should be a very attractive package to our current clients as well as to prospective clients. We want to become known as a resource which can take a client's product from 'concept to clinic.'"

In other recent news, the company has announced record revenues for the 1st and 2nd quarters of 2000, the closing of a $2.6 million private placement, and the establishment of a strategic partnership with Kemp Biotechnologies, Inc. The latter is the latest in a series of such partnerships, which are designed to allow the company to offer broader technology capabilities for its clients.

September 27, 2000

Commonwealth Biotechnologies, Inc. Announces Closing of $2.6 Million Private Placement of Common Stock

RICHMOND, VA (September 27, 2000) - Commonwealth Biotechnologies, Inc., (NASDAQ Small Cap Exchange; CBTE) announced today that it has completed a $2.6 million private placement of common stock and warrants to purchase common stock. The proceeds are to be used to put in place new technologies and capabilities in support of the company's strategy of offering complete, customized project support for its clients.

"These new resources will allow the company to augment and expand our genomics technology base and further enhance our ability to support the increasingly sophisticated technologies required by our clients," said Robert B. Harris, Ph.D., President of CBI. "This will make us an even more attractive company with which to partner on technically challenging projects," added Harris.

"In addition, we are looking to add to our service and consulting capabilities to allow us to expand the business laterally into the area of client regulatory support," added Richard J. Freer, Ph.D., Chairman of CBI. "This is a growth area in our industry and one that CBI should be in," he added.

This private placement is the latest in a string of recent positive announcements. The company has posted record revenues for the first two quarters of 2000. In addition, CBI entered into a strategic alliance with Kemp Biotechnologies, Inc. to offer large scale bioprocessing services. A number of new contracts with public and private organizations have also been signed.

August 31, 2000

Commonwealth Biotechnologies, Inc. and Kemp Biotechnologies, Inc. Sign Letter of Intent

Deal should expand client base for both companies

RICHMOND, VA (August 31, 2000) - Commonwealth Biotechnologies, Inc. (CBI) a contract research organization, and Kemp Biotechnologies, Inc., a contract bioprocessing company, today announced they have signed a letter of intent to enter into a strategic partnership to co-market and commercialize their services and technologies. The companies complement one another with respect to both service offerings and client base.

Commonwealth Biotechnologies, Inc. (NASDAQ Small Cap Market; CBTE) sees an opportunity to expand its service offerings to the area of bioprocessing, specifically in the areas of large-scale cell culture, overexpression, and protein purification. "This is an exceptional opportunity to partner with a company whose expertise complements ours so completely. In addition, the clients which can be referred to each partner through a co-marketing effort are distinct and are expected to expand both companies' client bases," said Dr. Robert B. Harris, President of CBI. "More and more, CBI is being asked to provide these kinds of scale-up services. This partnership is expected to allow us to respond to this growing demand without a capital expenditure and start-up lag time," Harris added.

"We have been looking for a skilled partner who will broaden our technology offerings," said Bing Miller, Director of Business Development at Kemp Biotechnologies. "Partnering with CBI will enable us to offer molecular biology and analytical services to our clients which makes us attractive as a comprehensive facility. These two areas are currently understaffed at Kemp and partnering will help us avoid the large expenditures necessary to put these technologies in place," added Miller

August 30, 2000

Commonwealth Biotechnologies, Inc. Wins $1.3 Million in New Contracts

August 29, 2000

Company News

Dr. Amanda Miller joins CBI as a staff Scientist in biochemistry. Dr. Miller recently completed her post doctoral work at the National Eye Institute where she was awareded an intramural research training award.

Mr. M. Omar Lancaster joins CBI as Lab Aide. Mr. Lancaster was most recently a student at Virginia Tech.

Ms. Virginia Driscoll joins the information technology group at CBI. Ms. Driscoll is currently a student at VCU.

Ms. Tillary Elmore is CBI's new receptionist and was most recently a sales associate in Virginia T's, Petersburg.

June 13, 2000

Company News

Dr. Jian Ben Wang comes to CBI as Lab Specialist, Senior. Dr. Wang holds the MD degree from Harbin Medical Institute, China, and the MS degreed from the Shanxi Medical Institute, China. Dr. Wang was most recently at the Medical College of Virginia and will work in the immunochemistry and cell culture groups at CBI.

Mr. Ryan Lewis joins CBI as Lab Specialist. Lewis was most recently a Lead Microbiologist at Purdue Farms, Bridgewater, VA. He is working in the DNA sequence analysis and microbiology groups at CBI.

Ms. Shannon Greenfield joins the peptide synthesis group at CBI as Lab Technician. She had been working at the Cary Street Veterinary Hospital.

Mr. Clifton Braxton joins CBI as a Lab Aide. He is a recent graduate of Virginia Union University.

Ms. Hannah Sadek joins CBI as Lab Specialist, Advanced. Formerly at the Virginia Institute for Psychiatric and Behavorial Genetics, Sadek also worked as an Outreach Educator at the Science Museum of Virginia. Sadek joins the DNA sequence analysis group at CBI.

Ms. Robyn Wills comes to CBI as a Staff Accountant. Wills was an Account Manager at Carter Printing.

Ms. Michelle Cargill is CBI's new receptionist and was most recently a Sales Associate in Peebles Department Store.

CBI is also training four summer interns. Ms. Amy Goss is enrolled in the biotechnology program at James Madison University. Ms. Christen Short is a rising junior at Clover Hill High School. Mr. Harrison Potter is a June graduate of Clover Hill High School and Ms. Ashley Huguet is a June graduate of the Math and Science Center at Clover Hill High School.

May 30, 2000

Commonwealth Biotechnologies, Inc. Signs Letter of Intent to Acquire Drug Development Business of SRA Life Sciences, Inc.

RICHMOND, VA (May 30, 2000) - Commonwealth Biotechnologies, Inc., (NASDAQ Small Cap Exchange; CBTE) announced today that it has signed a Letter of Intent to acquire the drug development business of SRA Life Sciences, Inc. SRA's drug development component provides strategic project management, regulatory consulting, and outsourcing management of Phase I & II clinical trials for pharmaceutical and biotechnology clients.

April 20, 2000

Commonwealth Biotechnologies, Inc. and Vigen Laboratories, Inc. Announce JointVenture to Develop PCR-Based Viral Detection Assays

RICHMOND, VA (April 20, 2000) - Commonwealth Biotechnologies, Inc., (NASDAQ Small Cap Exchange; CBTE) a biotechnology contract research organization located in Chesterfield, Virginia, and Vigen Laboratories, Inc., a Wisconsin Corporation which specializes in commercialization of anti-viral technologies, announced today that they have agreed to collaborate on a joint venture to develop and commercialize high throughput rapid screening assays for the detection of AIDS and Herpes related viruses. These assays can also be used to test agents that could potentially affect virus replication.

"What started as a pure R&D contract for us on behalf of Vigen has developed into a novel approach for the assay of several viruses associated with numerous human pathologies" explained Dr. Robert B. Harris, President of Commonwealth Biotechnologies, Inc. (CBI). "CBI's strength in genomics and bioinformatics allowed us to conceptualize and then implement real time PCR methods for detection of viruses associated with mononucleosis, Chronic Fatigue Syndrome (CFS), Multiple Sclerosis (MS), breast cancer, transplant rejection and a host of other maladies and health issues. Discovery of unique primers and probe sequences at CBI will allow Vigen to seek patent protection for these materials and the assays which result from their use."

Dr. Patricia Frank, President and CEO of Vigen, added "It has always been Vigen's intent to find the best scientists to address these very important issues in human medicine. We believe that we have found such a group in CBI. The ability of scientists to identify potential antiviral agents is the first step in the battle to treat these serious viral infections and their most unfortunate sequelae. The potential market for such assays both as a platform for new drug anti-viral screening and in actual human detection of virus infection is significant."

Under the terms of the agreement, CBI will assume an equity position in a wholly-owned subsidiary of Vigen whose purpose will be to bring viral diagnostic assays to the marketplace. At present, it is envisioned that the viral assays will be performed at CBI for customers in the pharmaceutical industry while Vigen or the new entity will be the recipient of royalty payments for work that is performed.

April 17, 2000

Commonwealth Biotechnologies, Inc. Announces Record Revenues/Profits

RICHMOND, VA (April 17, 2000) - Commonwealth Biotechnologies, Inc., (NASDAQ Small Cap Exchange; CBTE) today reported that it achieved record revenues during the first quarter of 2000. The company said that its sales were up more than 131% from $512,668 during the first quarter of 1999 to $1,185,881 for the first quarter of 2000.

Net income was $76,676 ($.05 basic and $.04 diluted per share) compared to a net loss during the same period last year of $547,379 or $.33 (basic and diluted) per share. This follows a 60% growth in revenue for all of 1999 compared to 1998, where revenues reached $2,565,132 and $1,604,267, respectively. Both the percentage of revenue growth and total revenues are records for the company.

"The major growth area for the company over the last six to nine months has been in the development of long-term contracts, most notably in the analytical detection area," said James H. Brennan, Controller for Commonwealth Biotechnologies, Inc. "Company management believes this represents a niche which we will look to further exploit," he added.

"While we are obviously pleased with the recent performance of the company, we believe the better news is that our business model of offering a broad technology base and complete project support for our clients is now beginning to perform," said Dr. Robert B. Harris, President.

"Our current distribution of 75% of our business in larger contracts of longer duration is up from 41% of just a year ago. In addition, our client base continues to grow with more than 1,000 work orders processed in 1999 and 325 already processed in the first quarter of 2000. Of the 325 work orders, 38% of the work is from first time clients," added Harris.

April 5, 2000

Company News

Dr. Richard I. Jaffe, formerly of the United States Air Force Clinical Investigation Facility, Travis Air Force Base, joins CBI as Director of Microbiology and Special Government Projects. Dr. Jaffe will oversee CBI's expansion into microbiological services.

Dr. Ed Locke, most recently of the University of Virginia Department of Chemistry, joins CBI as a Scientist. Dr. Locke directs the DNA/RNA/PNA synthesis facility at CBI.

March 15, 2000

Free Access to Human Genome Map Could Have Positive Impact On Commonwealth Biotechnologies, Inc.

RICHMOND, VA (March 15, 2000) - Commonwealth Biotechnologies, Inc., (NASDAQ Small Cap Exchange; CBTE) assured shareholders today that the joint statement made by President Clinton and Great Britain's Prime Minister Tony Blair to place in the public domain all publicly supported data on the human genome will not negatively impact the company's ability to reach its financial goals.

Thomas R. Reynolds, Commonwealth Biotechnologies, Inc. (CBI) Senior Vice President and Director of DNA technologies points out, "CBI has and always will be in a position to capitalize on the information generated by the human genome project. Our plan has always been to use both the public and private databases."

Reuters reported that Clinton and Blair stressed that inventions, which built on the information, should be protected by law. According to Commonwealth Biotechnologies, Inc. Chairman, Richard J. Freer, that is why the agreement poses no threat to the value of the genome data being generated by the privately funded biotech industry. "The company believes that the joint announcement, while generating widespread concern among biotech investors, is likely to have little impact on the real value of the genome data being generated by the privately funded biotech industry. The private sector is leading the way in genome sciences and, we believe, will be first to generate the most important data and will be successful in protecting those intellectual properties through the patent process."

"CBI's current business focus on supplying services to the industry and its recently announced plans to expand into genomic and proteomic product development will in no way be diminished by this agreement. We would like to reassure our investors that we fully anticipate that CBI will continue unabated towards its goals of growth and expansion, regardless of the ultimate outcome of the controversy," added Robert B. Harris, President of CBI.

March 8, 2000

Commonwealth Biotechnologies, Inc. Announces Expansion Into Genomics and Proteomics Product Development

RICHMOND, VA (March 8, 2000) - Following the addition of several new platform technologies over the last 12 months and a recent alliance with november A G, Erlangen, Germany, Commonwealth Biotechnologies, Inc., (NASDAQ Small Cap Exchange; CBTE) announced today that it will be expanding its R&D effort into the development of genomic and proteomic based products. Although it already holds patents on two of its own products, Heparrest™ (a potential human pharmaceutical) and AccuTrac™ (a DNA sequencing aid), Commonwealth Biotechnologies' (CBI) major business activity has been that of a contract research organization. In that role, CBI has been providing those same platform technologies and expertise to its clients in the global biotechnology industry.

"This is a natural extension of our current business, which is to provide state-of-the-art technologies and expertise to our clients. CBI has been supporting the product development efforts of its clients since its inception. We will now direct those technologies and expertise to our own product lines," said Robert B. Harris, president of CBI.

Thomas R. Reynolds, Senior Vice President of CBI indicated that CBI's principal focus will be in the areas of genomics-based human, animal, and microbial testing and diagnostics and proteomics for drug discovery. "Those are areas where we have already had demonstrated success both for our clients and in our own Heparrest™ and AccuTrac™ Programs. For example, CBI has several ongoing collaborative human and microbial genome sequencing projects which could form the basis for future products," said Reynolds.

Founded in 1992, CBI is located in Gateway Centre, Chesterfield County at 601 Biotech Drive, 23235 (1-800-735-9224). CBI occupied this 32,000 square foot facility in December 1998 and currently employs a staff of 35 including ten doctoral scientists. CBI provides comprehensive research and development services to more than 1,000 private, government, and academic customers in the global biotechnology industry. For more information, visit CBI on the web at www.cbi-biotech.com.

november A G was founded in 1996 as a biotechnology company focused on research and development in molecular medicine. Based in Erlangen, Germany, november has 55 employees, holds 60 patents, and was recently awarded the Innovationspreis, a national prize awarded for innovative science by the German Wirtschaftsclub.

February 28, 2000

Commonwealth Biotechnologies, Inc. Expands Presence In Pacific Rim With New Licenses

February 21, 2000

Commonwealth Biotechnologies, Inc. and november AG Sign Letter of Intent; Deal Opens New Markets for Both Companies

February 17, 2000

COMMONWEALTH BIOTECHNOLOGIES, INC. RECEIVES NOTICE OF ALLOWANCE FROM US PATENT AND TRADE OFFICE

January 4, 2000

Company News

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. Vickie 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.

Updated March 20, 2001