9401 Courthouse Road
Chesterfield, VA 23832
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Commonwealth Biotechnologies, Inc., a biotech contract research organization located in Chesterfield County, has raised $2.5 million through the sale of common stock and warrants to several accredited investors.
The company will use a portion of the new money to enhance its bio-defense capabilities by expanding, upgrading and equipping its accredited biosafety level 3 laboratory suite. Specifically, the company will install new BSL-3 virology and a BSL-3 bacteriology production suites to service new contract work received by CBI. The company expects to use additional investment funds to expand its marketing activities, particularly in the area of e-commerce, but also in more traditional methods of marketing. The company will use the bulk of the investment funds as general working capital.
“We are pleased that CBI is attracting institutional investors,” added Richard J. Freer, Chairman and COO. “We believe that having institutional buyers as investors in CBI adds a level of stability that will benefit all of CBI’s shareholders. ”
For more information visit http://www.cbi-biotech.com/.
Date Posted: 6/2/2004