EXHIBIT 99.1
Published on May 8, 1998
Former Governor George Allen Joins Board of Directors
For Commonwealth Biotechnologies, Inc.
RICHMOND, Va. - Commonwealth Biotechnologies, Inc. (CBI), announced today that
former Virginia Governor George Allen is the newest member of the Company's
board of directors. Allen's appointment was announced today during the
groundbreaking ceremony for CBI's future headquarters at Gateway Centre in
Chesterfield County.
As Virginia's 67th Governor, Allen prioritized economic development and job
creation. His administration generated $14 billion in new investments and
300,000 net new private sector jobs for the Commonwealth during his term in
office from 1994 to 1998.
"CBI is an inspiring success story of a small group of enterprising
scientists becoming one of the leaders of biotechnology in Virginia," said
Allen. "Their growth is a testament to all the hard work of its existing team
and visionary leadership of its four founding partners: Dr. Richard J. Freer,
Dr. Robert B. Harris, Dr. Gregory A. Buck and Thomas R. Reynolds. It will be
a pleasure to join the board of this creative, innovative company which will
continue to grow and serve the people and companies throughout the U.S. and
around the world."
CBI's new $4 million, 32,000 square-foot corporate office and laboratory
complex will allow CBI to add 15 to 20 people to its current staff of 40 over
the next 12-18 months.
CBI received the 1998 Greater Richmond Technology Council Award in the Emerging
Technology category.
CBI was founded in 1992 and provides research and development services to more
than 400 private, government and academic customers in the global biotechnology
industry. Since then, CBI has grown from a single employee to a staff of 40
employees, including 7 doctoral scientists who direct research in bioorganic
chemistry, biochemistry, molecular biology, genetic testing, immunochemistry and
related areas.
CBI's revenues have grown from approximately $300,000 in 1993, to $1.761 million
in 1997. The company became public in October 1997, and has 1,620,514 shares
outstanding.