UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) November 17, 1998
COMMONWEALTH BIOTECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in Charter)
Virginia
(State or Other 56-1641133
Jurisdiction of 001-13467 (IRS Employer
Incorporation) (Commission File Number) Identification No.)
911 East Leigh Street, Suite G-19,Richmond, Virginia 23219
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (804) 648-3820
N/A
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
99.1 Press Release, dated November 17, 1998, relating to
the receipt by the Registrant of a report relating to
HepArrest, the Registrant's lead human pharmaceutical.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COMMONWEALTH BIOTECHNOLOGIES, INC.
By: /s/ Robert B. Harris, Ph.D.
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Robert B. Harris, Ph.D.
President
November 17, 1998
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EXHIBIT INDEX
Number Description of Exhibit
99.1 Press Release, dated November 17, 1998, relating
to the receipt by the Registrant of a report relating to
HepArrest, the Registrant's lead human pharmaceutical.
RICHMOND, Va. (November 17, 1998)
Commonwealth Biotechnologies, Inc. (Nasdaq SmallCap Market: CBTE) has
received a report from Mattson Jack Group, Mendon, NY, an independent consulting
firm, indicating that the company's lead human pharmaceutical, HepArresttm
pending, may have significant market potential. The report states that the
market potential for HepArrest, assuming approval by the Food and Drug
Administration may exceed $250 million dollars per year. There can be no
guaranty, however, that HepArrest will receive FDA approval or widespread market
acceptance.
HepArrest is meant to be used in acute surgical situations where the
anticoagulant effects of heparin must be reversed. Although the duration of any
action of heparin is fairly short, it's not short enough for many cardiovascular
procedures. When surgery is over, restoration of clotting function is critical
to prevent unwanted bleeding and post-surgical complications.
"The Company believes that HepArrest may eventually replace the currently
available drug, protamine," said Dr. Robert Harris, the company's President and
co-inventor of HepArrest. "Physicians are loathe to use protamine because of its
potential side-effects. HepArrest is presently in the development stage, but so
far, it has met all our expectations, without exhibiting the side effects
associated with protamine administration."
CBI is currently seeking strategic partners to commercialize HepArrest,
and has engaged the services of the Mattson Jack Group, to represent it during
negotiations.
Headquartered in Richmond, Virginia, Commonwealth Biotechnologies, Inc.
was founded in 1992 and provides comprehensive research and development services
to more than 500 private, government and academic customers in the global
biotechnology industry.
This press release includes certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. When used, statements
that are not historical in nature including "anticipated," "estimate," "should,"
"expect," "believe," "intend" and similar expressions are intended to identify
forward-looking statements. Such statements are, by their nature, subject to
certain risks and uncertainties. Among the factors that could cause actual
results to differ materially from those projected are the following: (i) failure
to obtain FDA approval of HepArrest, (ii) the failure to develop commercial
acceptance of HepArrest, and (iii) the failure to develop financing and/or other
business relationships to commercialize the use of HepArrest. Other risks,
uncertainties and factors that could cause actual results to differ materially
from those projected are detailed from time to time in reports filed by the
company with the Securities and Exchange Commission, including Forms 8-K, 10-QSB
and 10-KSB.
