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18 February 2000
Provides intellectual capital and research capabilities New Zealand biotech company, Genesis Research and Development Corporation, today announced that it has become a 5% equity partner in ArborGen, a world-leading forestry biotechnology joint venture. The other equity partners in ArborGen are International Paper (USA), Westvaco Corporation (USA), Fletcher Challenge Forests Limited and Genesis. ArborGen will produce and market elite tree seedlings to improve forestry health and productivity for the global forestry market. Genesis will provide input to ArborGen through ongoing genomics research and development capabilities and through the intellectual property of the forestry genomics data base it has developed in association with Fletcher Challenge Forests. Genesis will receive payment for its intellectual property through ongoing royalties from the sale of seedlings incorporating any current or new Genesis technology, and payment for ongoing scientific services. Initial operations on ArborGen’s science platform have already commenced. "This is a major achievement for New Zealand science. It demonstrates how science can deliver value to primary industries where New Zealand has inherent advantages," says Dr James Watson, Founder and Chief Executive of Genesis. "It illustrates how new genomic-based companies like Genesis are creating value not only for their shareholders, but also for the industries that adopt this new technology." "Our understanding of genomics and Fletcher Challenge Forests’ forestry expertise will make a significant contribution to forest health and productivity world-wide. This wider alliance extends our credentials as a genomic discovery company skilled in turning intellectual property into economic value." Genesis and Fletcher Challenge Forests have been active partners since 1995. During this time, Genesis used its biotechnology expertise to identify and understand many key biological functions of commercial forestry trees. Genesis’ research has resulted in one of the largest inventories of forestry genomic knowledge in the world. About Genesis Genesis is a biotechnology company based in Auckland, New Zealand with genomic programmes in human health, forestry and agriculture. Genesis works with partners in these research areas to develop its gene technology-based platforms. Partnerships have been important for funding research to effectively develop potential products. In addition to the extensive forestry gene technology, Genesis has a psoriasis therapeutic, PVAC, in FDA-approved Phase II trials in partnership with Corixa Corporation in the United States and an asthma therapeutic in early clinical trials in Wellington, New Zealand. About Fletcher Challenge Forests Limited Fletcher Challenge Forests, part of the Fletcher Challenge group, is a New Zealand-based company focusing on developing solid wood products for the Australasian, North American and Asian markets. The Fletcher Challenge Group employs some 15,000 people worldwide in building, paper, energy and forestry businesses. About International Paper International Paper (www.internationalpaper.com) is the largest worldwide producer of printing paper, packaging and forest products. The company also operates specialty businesses in global markets as well as a broadly based distribution network. The company, with its headquarters in the United States at Purchase, N.Y., has operations in 31 countries, employs more than 80,000 people, and exports its products to more than 130 nations. About Westvaco Westvaco (www.westvaco.com), headquartered in New York, NY, is a major producer of paper, envelopes, packaging and specialty chemicals. The company owns 1.5 million acres of timberlands in the United States and Brazil and has manufacturing facilities in those two countries as well as in Europe. International business accounts for approximately 25 percent of Westvaco's annual sales and the company has customers in more than 70 countries. More information from: James D. Watson, Chief Executive, Genesis Research & Development Corporation, + 64 9 373 5600, j.watson@genesis.co.nz |