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Commonwealth Biotechnologies Signs $1.5M in Biodefense Contracts for October

NEW YORK, Oct. 14 (GenomeWeb News) - R&D services firm Commonwealth Biotechnologies said today that it has signed $1.5 million in new biodefense-related contracts for October.

The company said that the contracts will support further development and validation of detection assays based on its mass spectrometry and DNA sequence analysis platforms.

Further details on the contracts, scheduled to be completed by the third quarter of 2004, were not released. Commonwealth Biotechnologies said it expects the contracts to be renewed going forward into 2005.

The company said that it has brought in nearly $7 million in revenues from long-term contract work so far in 2003.

Commonwealth Biotechnologies also released its unaudited financials for the third quarter and year to date today. The company said it expects to report net income for the third quarter of $84,000 on revenues of $1.38 million. For the year, it expects to report a loss of around $94,000 on gross revenues of about $3.8 million, compared to a loss of $232,000 and revenues of $3.45 million for 2002.

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