Commonwealth Biotechnologies, Inc. Completes Acquisition of Mimotopes Pty Ltd,
News Feb 13, 2007
Commonwealth Biotechnologies, Inc. (CBI) has announced that it has acquired all of the outstanding capital stock of Mimotopes Pty Ltd (Mimotopes), a global leader in high quality research-grade peptide products and applications for the drug discovery industry.
Upon completion of the transaction, Mimotopes’ Executive Director Dr. Paul D’Sylva, was appointed to the Board of Directors of CBTE and installed as Chief Executive Officer of the combined entity.
Dr. D’Sylva brings to the company a strong commercial focus and a wealth of experience in capital raising, financial management, and business development.
According to Dr. D’Sylva, “CBI’s expertise in proteomics, immunology and genomics coupled with Mimotopes’ expertise and proprietary technologies in peptide and synthetic chemistry provides a solid foundation upon which to grow an integrated research services company targeting the $5 billion and growing market for drug discovery outsourcing.
The business model for CBI will be to maintain a disciplined approach to providing dedicated research services to the drug discovery industry on a fee-for-service basis in order to maximize revenue and profit growth.”
The transaction positions CBI for sustained growth through the:
• Realization of cost synergies and revenue synergies that will accelerate cash flow growth;
• Provision of a trained and experienced sales and marketing force with offices located across the United States, the United Kingdom and Australia; and
• Alignment of business product and service capabilities with industry growth.
Dr. Richard Freer, Chairman and COO of CBI, said that “We at CBI are very excited about the potential this new combined entity has to grow its top line revenue and bottom line result. The synergies between the companies, the addition of new management skills, partnerships with major life science companies, and a global sales presence, are all reasons to be optimistic for the future.”
As genome editing technologies advance toward clinical therapies, they are raising hopes of a completely new way to treat disease. However, challenges need to be addressed before potential treatments can be widely used in patients. To tackle these challenges, the National Institutes of Health has launched the Somatic Cell Genome Editing program, which has awarded multiple grants including more than $3.6 million to assess the safety of genome editing in human cells and tissues.