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05 March 2003
Auckland, 5 March 2003 – Genesis Research & Development Corporation Limited (NZSE / ASX: GEN) has received notice that Wrightson Ltd (NZSE: WRI) is seeking to acquire 19.9% of its shares through a stand in the market. In advance of that offer, Genesis has today made a press release in relation to its Phase I safety trial in Atopic Dermatitis recently conducted in Wellington. In addition, Genesis has been informed by Technology New Zealand that it will be awarded a grant for $800,000 over a two-year period to develop gene discovery software. Genesis recently released its full year results for the year to 31 December 2002 which showed that at year end the Company retained cash balances of $36.3 million which equates to $1.39 per issued share. We note that the Company has recently been trading at values which are at a discount to its cash asset backing. It has been the view of the Board and management that the share market has consistently undervalued the intellectual property within the Company. It should be noted that Genesis and Wrightson have had a scientific collaboration agreement in the area of pasture grasses for a number of years. About Genesis Founded in 1994, Genesis is a New Zealand-based biotechnology company committed to the development of innovative products in health and plant biotechnology from its broad genomic platform. The Health Sciences Division focuses on signalling pathways involved in immune diseases and cancer and has an extensive patent portfolio. It has three programmes in human clinical development utilising PVAC™ and AVAC for the treatment of psoriasis, atopic dermatitis (eczema) and asthma. The patented BioStore solutions for storage of tissues and living cells are also in pre-clinical development. Collaborations are maintained with Immunex (Amgen) Corporation (NASDAQ: AMGN), Corixa Corporation (NASDAQ: CRXA), SR Pharma (LSE: SPA), and Jurox Pty Ltd. The Plant Sciences division is focussing on key cell signalling genes – novel hormones and transcription factors - to control commercial traits including growth rates and wood fibre quality in trees, nutritional content of forage grasses, flowering control and stress tolerance. It has research collaborations with ArborGen LLC, Wrightson (NZSE: WRI), HortResearch, AgResearch and Landcare. Genesis is also undertaking significant unpartnered research programmes in novel plant hormones. 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 Conroy and Associates, +64 9 303 3862, +64 21 400 500, allanb@bca.co.nz |