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Customer Service and Innovative Design the Keys to Success in Outsourcing Drug Development to China, Says Chairman of Commonwealth Biotechnologies, Inc. Dr. Richard Freer Presents CBI’s Western-China Hybrid Business Model at the 10th Shanghai International Biotechnology and Pharmaceutical Forum (Bio-Forum 2008) BIOTECH CHINA 2008 RICHMOND, Va.--(BUSINESS WIRE)--“The benefits of outsourcing drug discovery and pre-clinical services to China are often diminished by a limited attention to service, project management experience and study design,” said Dr. Richard Freer, Chairman and Chief Operating Officer of Commonwealth Biotechnologies, Inc. (“CBI”) (Nasdaq:CBTE). Speaking at the Bio-Forum Conference in Shanghai on May 30, Dr. Freer outlined the business model of CBI’s new China-based initiative, ‘Venturepharm Asia’, stressing the importance of customer service and innovative science in its market strategy.
“Customer service is a key element for success in China and one of the most difficult aspects for Chinese competitors to copy,” said Dr. Freer. “CBI’s western-based business units have built their strong reputation in the contract research market on a commitment to quality, smart design and a collaborative approach to drug discovery. Our new Chinese business unit, Venturepharm Asia, is designed to leverage these core competencies to provide pharmaceutical and biotechnology companies with world’s best drug discovery services and at the most competitive prices in the industry.” Venturepharm Asia has recently procured two pre-clinical chemistry facilities in China to house and expand the business operations of Exelgen and Mimotopes, the small molecule and peptide subsidiaries of CBI. The Company has recruited scientific staff to commence operations in these facilities in Q3 and is actively targeting 1,000 chemists by 2010. Based on current market contract R&D rates of circa USD 80-100,000 per annum per chemist, management believes this is a significant growth opportunity for CBI. Dr. Freer stated that, “Pharmaceutical R&D work outsourced to China-based contract research organizations was worth over $550 million in 2007, up over 25% from 2006. This success has been based on China’s large, technically competent scientific work force, quality facilities, and low costs. We believe that CBI’s ability to add extensive western pharmaceutical R&D experience, reliable project management, excellent customer service and innovative science will differentiate Venturepharm Asia and provide it with a strong competitive advantage in this rapidly growing market.” About Commonwealth Biotechnologies, Inc. Commonwealth Biotechnologies, Inc. (CBI) is a contract research organization and a partner to the global life sciences industry, offering a comprehensive, integrated range of services for the discovery and development of therapeutics, vaccines and diagnostic products. With the insight, innovation and project management skills that come from extensive experience, CBI believes it offers its customers exceptional value whether they are a pharmaceutical giant or an emerging biotechnology company. CBI 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; (4) Exelgen Ltd, Bude, UK, a medicinal and synthetic discovery chemistry business; and (5) Venturepharm Asia, Beijing, China, a contract research subsidiary specializing in process scale-up, formulation development, cGMP manufacturing and clinical trial management. With CBI as your partner, discovery is just the beginning. For more information, visit CBI on the web at http://www.cbi-biotech.com Forward Looking Statements No statement made in this press release should be interpreted as an offer to purchase any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in CBI’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. Specifically, CBI cannot guarantee that: CBI undertakes 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.
Contacts
Commonwealth Biotechnologies, Inc.
Richard Freer, Ph.D.
Chairman & COO
804-648-3820
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