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31 August 2001
Auckland, 31 August 2001— New Zealand biotechnology company, Genesis Research and Development Corporation Limited (NZSE/ASX: GEN), today announced that the arbitrator appointed in respect of certain disputes which had arisen under its 1996 Joint Venture Agreement with Fletcher Challenge Forests Limited (which is now being assigned to Rubicon Limited), has released his decision. The disputes related to the interpretation of certain provisions of the Joint Venture Agreement which affect the sharing of future royalties with Fletcher Challenge Forests Limited and the respective rights of Genesis and Fletcher Challenge Forests Limited to use the jointly owned intellectual property for certain applications. The award confirms previously agreed sharing of any royalties arising from future applications of the jointly owned intellectual property and confirms the rights to develop forestry and non-forestry applications. “The decision is very positive” says Genesis Chief Executive, Dr Jim Watson. “It sets clear guidelines for determining future revenue sharing and clarifies the sole rights of Genesis to utilise the joint venture intellectual property for non-forestry applications, particularly in the agricultural and horticultural areas where Genesis has research projects with various commercial collaborators”. About Genesis Founded in 1994, Genesis is a New Zealand-based biotechnology company committed to the building of a strong genomic platform for the development of innovative products in health and plant biotechnology. Genesis partners with industry leaders to develop products that have global market potential through the mining of its extensive microbe, plant and mammalian EST databases. Genesis has three programs in human clinical development, with additional programs in pre-clinical development and in plant biotechnology. For more information, please visit www.genesis.co.nz Media contacts: Dr Jim Watson, Chief Executive, Genesis Research and Development Corporation Limited, +64 9 373 5600 Allan Botica, Botica Conroy and Associates, +64 9 303 3862, 021 400 500, allanb@bca.co.nz |