Delayed Contract Work to Begin at Commonwealth Biotechnologies, Inc.
Thursday April 28, 11:01 am ET
Work Delayed Since 3Q 2004 to Begin in May, 2005
RICHMOND, Va.--(BUSINESS WIRE)--April 28, 2005--Commonwealth Biotechnologies, Inc. (NASDAQ: CBTE - News), today announced that work pertaining to assay of human clinical trial samples will get underway in May. This particular contract was awarded to CBI in July, 2004 and all run-up work in anticipation of receipt of the clinical trial samples in September, 2004 was completed by August, 2004. However, the entire clinical trial program was delayed while the sponsor dealt with regulatory issues. These issues have now been resolved, and the first samples are expected at CBI in May.
The assay work for the clinical trial represents a significant revenue stream for CBI, totaling nearly $ 900,000 over a 9 month period. Almost 8 months has elapsed since the original anticipated start date for the clinical trial and CBI's anticipated revenues from these analyses (about $730,000) has also been delayed for the same time.
"We are very excited that the analytical work for this clinical trial can finally get underway," explained Robert B. Harris, President and CEO, CBI. "Lack of revenues from this contract have negatively impacted CBI's anticipated top and bottom line performance for the past 3 quarters, but now we look forward to making up lost ground." |
