Key Developments For Commonwealth Biotechnologies, Inc
Commonwealth Biotechnologies, Inc (CBTE.O) (Consolidated Issue listed on NASDAQ Capital Market)
Commonwealth Biotechnologies, Inc. Completes Divestment Of Bioanalytical And Genetic Testing Business Assets
Commonwealth Biotechnologies, Inc. announced 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 five years. The purchaser of the business assets and lessee, Bostwick Laboratories Inc, is a national pathology laboratory, headquartered in Richmond, VA.
Commonwealth Biotechnologies, Inc. Announces Resignation Of James H. Brennan AS CFO-Form 8-K
Commonwealth Biotechnologies, Inc. reported in its Form 8-K that on October 15, 2009, it received a letter of resignation from its Chief Financial Officer (CFO), James H. Brennan. Mr. Brennan's last day of service will be November 30, 2009.
Commonwealth Biotechnologies, Inc. Announces Definitive Share Purchase Agreement to Acquire GL Biochem (Shanghai) and Associated Businesses
Commonwealth Biotechnologies, Inc. announced that it has executed a definitive agreement to acquire all of the outstanding shares of GL Biochem (Shanghai) Ltd, (GL) as well as all of the outstanding shares of GL Biochem (Danyang) Ltd, GL Peptide (Binhai) Ltd, and 86% of the shares of GL Peptide (Shanghai) Ltd, three businesses affiliated with GL (collectively, the GL Group). The GL Group is a global supplier of research-grade peptide products and peptide reagents. The terms of the acquisition were not disclosed.
Commonwealth Biotechnologies, Inc. Announces Completion Of Stock Issuance and Receipt Of Intellectual Property
Commonwealth Biotechnologies, Inc. (CBI) announced that as of July 22, 2009, it has entered into definitive agreements with Biosignal Ltd, an Australian biotechnology company (Biosignal), pursuant to which Biosignal completed a $2,600,000 investment in CBI and agreed to assign its intellectual property related to Biosignal's biofilm technology. Pursuant to the terms of a share subscription agreement, Biosignal purchased 2,600,000 shares of CBI's common stock, without par value, for a purchase price of $2,600,000, paid in the form of a 12 month unsecured convertible note bearing interest at 10% per annum. In addition, CBI and Biosignal entered into a Deed of Assignment pursuant to which Biosignal will convey certain intellectual property and contracts related to the development and possible exploitation of Biosignal's biofilm technology subject tot the satisfactory completion of due diligence and other conditions. Biosignal will retain licensed rights to use this intellectual property to service some contracts that are not assigned to CBI.
Commonwealth Biotechnologies, Inc. Enters Into Agreement To Sell the Assets Of Its CBI Services and Fairfax Identity Laboratories Divisions
Commonwealth Biotechnologies, Inc. announced that an agreement has been signed with Bostwick Laboratories, Inc. (Bostwick) for the sale of the assets of CBI's Fairfax Identity Laboratories (FIL) and CBI Services divisions. Bostwick has agreed to purchase such assets for a purchase price of $1,075,000.00, in cash and certain royalty payments to the CBI over a five-year period. In addition, CBI will lease to Bostwick the building located at 601 Biotech Drive, Richmond, Virginia, housing the CBI Services and Fairfax Identity Laboratories. The sale is expected to close in the third fiscal quarter of 2009.
