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17 February 2005
Auckland, New Zealand, 17 February 2005 – Genesis Research and Development Corporation Ltd (NZSX/ASX: GEN) ended the year to 31 December 2004 with a cash balance of $10.9 million (31 December 2003: $23.0 million). Revenue from collaborations, licence fees and interest for the 12 months to 31 December 2004 was $4.4 million (2003: $9.9 million). The decline was due to the completion of certain research collaborations and a reduction in licence fees as a result of completed programmes. Overall expenditure reduced to $18.1 million (2003: $22.7 million). The resulting net deficit for the period of $13.7 million (2003 deficit: $12.7 million) includes research costs for programmes that have now been terminated including the Phase II trials in atopic dermatitis and several plant research programmes. Genesis Chief Executive, Stephen Hall, said, “The termination of the AVAC paediatric atopic dermatitis programme in December 2004 was a significant disappointment but the ongoing programmes are making good progress. The company currently has 53 employees and has continued to reduce its direct costs and overheads. The 2004 result includes provision for impairment of certain fixed assets resulting from the decisions to terminate several programmes and a building lease.” Genesis now holds 51 issued patents. The US Patent and Trademark Office has allowed claims for 17 of these, and the rest are from a number of other countries, including 13 from New Zealand. There are 33 applications pending in the US, and more than 70 pending in other countries. About Genesis Founded in 1994, Genesis is a New Zealand-based biotechnology company. It has built a broad therapeutic development platform targeting immune disorders and cancer and is developing RNAi therapeutics for immune disorders. The company has an extensive patent portfolio. Collaborations are maintained with Amgen Inc. (Nasdaq:AMGN), Corixa Corporation (Nasdaq:CRXA), SR Pharma plc (AIM:SPA), Jurox Pty Ltd, and AgResearch. AgriGenesis Biosciences Ltd is a wholly owned subsidiary of Genesis that is focused on using key plant cell signalling genes – novel hormones and transcription factors – to control commercial traits including flowering control, cold tolerance, growth rates and cell-wall lignin and cellulose content in commercial species. It has developed comprehensive plant EST databases including the world’s largest EST database for commercial forestry species. It has commercial collaborations with ArborGen LLC, Wrightson (NZSX: WRI), HortResearch, and Landcare Research. For more information, please visit www.genesis.co.nz and www.agrigenesis.co.nz Media contacts: Stephen Hall, Chief Executive - Genesis Research and Development Corporation Limited, +64 9 373 5600 |