Commonwealth Biotechnologies, Inc. Receives NASDAQ Notification Regarding Bid Price; Grace Period Granted Through March 15, 2010

RICHMOND, Va.--(BUSINESS WIRE)--Commonwealth Biotechnologies, Inc. (“CBI” or “Company”)) (NASDAQ Capital Market:CBTE) today announced that on September 15, 2009, CBI received a letter from The NASDAQ Stock Market indicating that the bid price of the Company’s common stock had closed below the minimum $1.00 per share threshold set forth in NASDAQ Listing Rule 5550(a)(2) for the prior 30 consecutive business days. As such NASDAQ has granted the Company 180 calendar days, or until March 15, 2010, to regain compliance with the minimum bid price requirement. Should the Company satisfy the criteria for initial listing on The NASDAQ Capital Market (except for bid price) as of March 15, 2010, the Company will be entitled to a second 180-calendar day period, through September 13, 2010, to regain compliance with the minimum bid price requirement. CBI will regain compliance with NASDAQ’s minimum bid price requirement if the bid price of its common stock closes at $1.00 or higher for a minimum of ten consecutive business days during the compliance period. This most recent notice has no impact on the Company’s listing at this time. About CBICBI offers cutting-edge research and development products and services to the global life sciences industry. CBI now operates through: (1) CBI Services, a discovery phase contract research organization; (2) Fairfax Identity Laboratories, a DNA reference business; (3) Mimotopes Pty Ltd, Melbourne, Australia, a peptide and discovery chemistry business; and (4) Venturepharm (Asia), a contract research consortium specializing in drug discovery and development, process scale-up, formulation development, cGMP manufacturing and clini...
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COMMONWEALTH BIOTECHNOLOGIES INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements

Show all filings for COMMONWEALTH BIOTECHNOLOGIES INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for COMMONWEALTH BIOTECHNOLOGIES INC 4-Sep-2009Entry into a Material Definitive Agreement, Financial Statements Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All infor...
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COMMONWEALTH BIOTECHNOLOGIES INC Files SEC form 8-K, Notice of Delisting or Failure to Satisfy a Continued Listing Ru

Show all filings for COMMONWEALTH BIOTECHNOLOGIES INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for COMMONWEALTH BIOTECHNOLOGIES INC 21-Sep-2009Notice of Delisting or Failure to Satisfy a Continued Listing Ru Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All inf...
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COMMONWEALTH BIOTECHNOLOGIES INC Files SEC form 8-K, Other Events

ITEM 8.01 OTHER EVENTS. On October 9, 2009, the Registrant held its annual meeting of shareholders. A quorum was present at the meeting. Shareholders approved all of the matters described on the proxy statement. Voting on the items was as follows: (1) The election of three Class III members of the Board of Directors, each to serve a term expiring at the Annual Meeting of Shareholders in 2012 or until a successor is duly elected and qualified: Note: Items 2(A) - 2(G) all needed to be approved in order for any of them to be approved. (2) The approval of issuances of more than 20% of the Company's outstanding securities by modifying existing instruments, ratifying existing agreements and issuing new warrants as follows: (2(A)) The ratification of the Modification Agreement and approval of any issuance of shares under the Modification Agreement that will result in the issuance of 20% or more of the Company's outstanding common stock: For Against Abstain 5,099,343 23,650 5,670 (2(B)) The ratification of the Fornova Note; For Against Abstain 5,086,143 36,800 5,670 (2(C)) The amendment of the Fornova Note to reduce the conversion price to $0.50 per share: For Against Abstain 4,949,688 175,325 3,650 (2(D)) The issuance of 2,000,000 Series A Warrants to purchase shares of the Company's common stock to Fornova: For Against Abstain 4,401,293 721,720 5,560 (2(E)) The issuance of 500,000 Series B Warrants to purchase shares of the Company's common stock to Fornova: For Against Abstain 4,401,893 721,120 5,650 (2(F)) The issuance of 3,920,139 Series A Warrants to purchase shares of the Company's common stock to VPL: For Against Abstain 4,403,313 721,700 3,650 (2(G)) The issuance of 653,357 Series B Warrants to purchase shares of the Company's common stock to VPL: For Against Abstain 4,401,293 721,700 5,670 (3) The app...
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Commonwealth Biotechnologies, Inc. Acquisition of GL Biochem: Market Update

RICHMOND, Va.--(BUSINESS WIRE)--Commonwealth Biotechnologies, Inc. (“CBI”) (NASDAQ Capital Market: CBTE) has recently announced a definitive share purchase agreement to acquire Shanghai-based GL Biochem and associated businesses (the “GL Group”), the largest global supplier of research-grade peptide products and peptide reagents. Management is pleased to provide a market update regarding the history, operations and strategy of the GL Group, the industry and marketplace for peptides and peptide reagents, and progress of the merger transaction. Background22 manufacturing facilities in Shanghai and is in the process of jointly commissioning a third Shanghai manufacturing facility, ‘Mimotopes-China’. Over the past 5 years, the GL Group has demonstrated compound annual revenue growth of over 40%. Despite the global economic downturn, the GL Group reported a 20% increase in revenues in the first half of 2009 (unaudited) compared to the same period last year.Industry ContextPeptides play an important role in modulating many physiological processes in the body and therefore have excellent potential as therapeutic agents. Peptide drugs have a number of advantages over both small molecules and proteins, including low toxicity and immunogenicity, excellent specificity, high potency and a low probability of drug-drug interaction problems. Several technical challenges in the use of peptides as drugs have been overcome in recent years and they now represent one of the key growth areas in the drug discovery industry.MarketplaceGL Biochem caters for the outsourcing requirements of universities, research institutes, pharm...
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COMMONWEALTH BIOTECHNOLOGIES INC Files SEC form 8-K, Completion of Acquisition or Disposition of Assets

Show all filings for COMMONWEALTH BIOTECHNOLOGIES INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for COMMONWEALTH BIOTECHNOLOGIES INC 6-Nov-2009Completion of Acquisition or Disposition of Assets Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "a...
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Commonwealth Biotechnologies, Inc. Receives NASDAQ Notice

RICHMOND, Va.--(BUSINESS WIRE)--On July 24, 2009, The NASDAQ Stock Market notified Commonwealth Biotechnologies, Inc. (“CBI”) (NASDAQ: CBTE - News) that CBI was to be delisted from the NASDAQ Capital Market as a result of a failure to comply with NASDAQ Listing Rule 5550(b) due to a failure to maintain minimum stockholders’ equity of $2.5 million and a failure to file a Form 8-K affirming compliance with Rule 5550(b). Subsequently, CBI requested and was granted a hearing to present its plan for regaining compliance under the Rule. That hearing was convened on September 3, 2009. On October 20, 2009, CBI was notified that the Hearing Panel has granted the request of CBI to remain listed on The NASDAQ Stock Market through January 20, 2010, subject to the condition that, on or before January 20, 2010, CBI evidence shareholders’ equity of at least $2.5 million or demonstrate compliance with one of the alternative listing criteria of NASDAQ Listing Rule 5550(b). About CBICBI offers cutting-edge research and development products and services to the global life sciences industry. CBI now operates through: (1) CBI Services, a discovery phase contract research organization; (2) Fairfax Identity Laboratories, a DNA reference business; (3) Mimotopes Pty Ltd, Melbourne, Australia, a peptide and discovery chemistry business; and (4) Venturepharm (Asia), a contract research consortium...
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COMMONWEALTH BIOTECHNOLOGIES INC Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for COMMONWEALTH BIOTECHNOLOGIES INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for COMMONWEALTH BIOTECHNOLOGIES INC 21-Oct-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for...
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COMMONWEALTH BIOTECHNOLOGIES INC Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following should be read in conjunction with the Company's Financial Statements and Notes included herein. Overview Commonwealth Biotechnologies, Inc. (the "Company" or "CBI") is a specialized life sciences outsourcing business that offers cutting-edge expertise and a complete array of discovery chemistry and biology products and services through Mimotopes Pty Limited ("Mimotopes"), a subsidiary of CBI. In March 2008, the Company entered into a Joint Venture with Beijing-based, Venturepharm Laboratories, Ltd. in order to offer high throughput, low cost drug discovery services through new facilities in China. As of September 30, 2008 Exelgen Limited ("Exelgen") (formerly Tripos Discovery Research Ltd) was closed and is recorded on the financial statements as a discontinued operation. Through September 30, 2009, CBI also provided services through CBI Services and Fairfax Identity Labs ("FIL"), two divisions that were sold to Bostwick Laboratories effective November 2, 2009. The remainder of this section discusses these divisions because they were part of CBI during the period covered by this report. Business Units Revenues from all business units are derived principally from providing macromolecular synthetic and analytical services to researchers in the biotechnology industry or to researchers who are engaged in life sciences research in government or academic labs throughout the world. This arrangement distinguishes CBI from many other biotechnology companies in that revenues are derived from services rather than from the successful commercialization of a new biotechnology product. CBI believes that Mimotopes, CBI Services and FIL have all developed a strong reputation as leading providers in their respective markets. Finally, in 2008 CBI entered into a Joint Venture with Beijing based Venturephar...
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Commonwealth Biotechnologies, Inc. Completes Divestment of Bioanalytical and Genetic Testing Business Assets

RICHMOND, Va.--(BUSINESS WIRE)--Commonwealth Biotechnologies, Inc. (“CBI”) (NASDAQ: CBTE - News) is pleased to announce that it has completed the divestment of the assets (excluding land and buildings) of its bioanalytical and genetic testing business units, CBI Services and Fairfax Identity Laboratory (FIL) for a cash consideration and an ongoing lease commitment for 5 years. The purchaser of the business assets and lessee, Bostwick Laboratories Inc, is a national pathology laboratory, headquartered in Richmond, VA.Dr. Richard J. Freer, COO of CBI said, “The sale of these business units satisfies a key condition precedent in CBI’s acquisition of GL Biochem, announced on June 8, 2009. The divestment of the assets of CBI Services and FIL is in line with CBI’s strategy to create the global leader in pre-clinical peptide synthesis and development.”Dr. Paul D’Sylva, Director said that, “CBI’s balance sheet and profit/loss statement will be significantly strengthened through this transaction because it eliminates ongoing earnings losses, provides significant ongoing fees through a leaseback from a national pathology laboratory, provides up-front cash, and allows CBI to retain its high value land and building assets. The company is now ideally positioned to close its transformational deal with GL Biochem and accelerate its growth as the world leading peptide...
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