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05 March 2003
Auckland, date 5 March 2003 – Technology New Zealand has awarded Genesis Research and Development Corporation Limited (NZSE /ASX: GEN) a technology development grant of almost $800,000 over two years to support the development of new gene discovery software and capitalise on Genesis’ investment in plant gene databases. “Gene discovery is moving from the laboratory to the computer, as research moves from gene-by-gene analysis to large-scale modelling of the functional interrelationships between genes,” says Dr. Jim Watson, Genesis Chief Executive. Genesis is developing the gene discovery software to increase the value that can be extracted from its plant gene databases and other data sources. To date the Company has invested $35 million in constructing specialised databases of plant genes in arabidopsis, rice, pine, eucalyptus, grasses, fruit and berries. It holds numerous genes with the potential to increase crop yield, control biomass and allowing plants to be used as biofactories to produce high value molecules for industries such as forestry, bio-energy and food technology. Dr. Watson foresees several opportunities to derive future revenue from the gene discovery software: “The time taken to discover and develop plant genes as commercial products will be significantly reduced resulting in cost savings for Genesis as well as increased opportunities to license new plant products. We also anticipate licensing access to the final software product.” Technology New Zealand is part of the government’s Foundation for Research Science and Technology, and has a comprehensive suite of schemes that promotes the development and adoption of advanced technologies by business. Investment by Technology New Zealand through grants such as obtained by Genesis is directed at supporting technical innovation for wealth creation. About Genesis Founded in 1994, Genesis is a New Zealand-based biotechnology company committed to the building of a broad genomic platform for the development of innovative products in health and plant biotechnology. Genesis partners with industry leaders to develop products which have global market potential through the mining of its extensive microbe, plant and mammalian EST databases. The Health Division has three programmes in human clinical development for the treatment of psoriasis, atopic dermatitis (eczema) and asthma, with additional programmes for cancer and other indications in pre-clinical development. The patented BioStore solutions for storage of tissues and living cells are also in pre-clinical development. Collaborations are maintained with Immunex Corporation (NASDAQ: IMNX), Corixa Corporation (NASDAQ: CRXA), SR Pharma (LSE: SPA), and Jurox Pty Ltd. The Plant division has research collaborations with ArborGen, Wrightson (NZSE: WRI), HortResearch, AgResearch, and Landcare. Genesis is also undertaking significant unpartnered research programmes in novel plant hormones. The company has an extensive health and plant patent portfolio. For more information, please visit www.genesis.co.nz Media contacts: Dr James D Watson, Chief Executive, Genesis Research and Development Corporation Limited, +64 9 373 5600 Allan Botica, Botica Butler Raudon Partners, +64 9 303 3862, +64 21 400 500, allanb@botica.co.nz |