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Biosafety lab expansion, patent issuance and biodefense reagents sale announced.
2004 AUG 4 - (NewsRx.com & NewsRx.net) -- Commonwealth Biotechnologies, Inc., (NASDAQ: CBTE) announced completion of its new virology biosafety level 3 laboratory within its accredited BSL-3 suite.
Construction and fit-out of the new lab was made possible by money realized from CBI's recent PIPE investment which ear-marked a portion of the proceeds for laboratory enhancements.
The new laboratory is coming on line commensurate with the start of two separate contracts, previously announced, for production of select agent viruses and assay of clinical samples stemming from a human trial of a vaccine, which targets a particular select agent virus. The two contracts are collectively valued at $1.6 million.
"Having the new virology lab is key to making us more attractive to new potential clients," explained Thomas R. Reynolds, executive vice president, Science and Technology. "In fact, we are planning a further expansion of the BSL-3 suite to include a production bacteriology laboratory. There is growing demand in the biodefense sector for these services and the PIPE money makes this additional expansion immediately possible."
In other company news, CBI received official notice of issuance of its patent "Adsorption and Removal of Endotoxin from Physiological Fluids using Cationic Helix Peptides" - U.S. patent, No. 6,756,206. CBI is seeking a third party licensee for this program to further develop the technology and assess its potential use in biomedicine.
CBI is also ...
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Source: HighBeam Research, Biosafety lab expansion, patent issuance and biodefense reagents sale...