who are cbte and gl biochem?

After a little bit of research it seems that Commonwealth Biotechnologies were quickly running out of money earlier this year. If you go to their website and look at their last quarterly report it explains their situation.

It made me wonder why GL Biochem of China would be interested in being taken over by them. The GL Biochem website made this comment in June:

"GL BIOCHEM (SHANGHAI) LTD is pleased to announce that it has executed an agreement to reverse takeover a NASDAQ listed public company near Washington D.C. Upon the completion of this reverse acquisition, the current shareholders of GL BIOCHEM (SHANGHAI) LTD will own close to 80% of the new company.Ultimately, GL BIOCHEM will have 7 holding companies and more than 10 sales offices worldwide spreading across 3 major continents, this will better service our global customers in terms of delivery and distribution leadtime, and further enhanced our position as the global leader in peptide industry."

So, it seems CBTE has the connections and GL Biochem has the cashflow. Nice little merger.

How Biosignal (BOS) is going to fit into all of this is yet to be seen but it's going to be very interesting and hopefully profitable. Early days yet of course.