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07 March 2005
Auckland, New Zealand, 7 March 2005 – Genesis Research and Development Corporation Ltd (NZSX/ASX: GEN) has been advised by ArborGen, LLC that the other members of ArborGen have taken steps to expel Genesis as a member of ArborGen, and that ArborGen has commenced proceedings against Genesis seeking various orders, including clarification of ownership of intellectual property, and unspecified damages. Genesis strongly refutes the allegations and claims made by ArborGen, which have been the subject of lengthy discussion and negotiation between the parties. Genesis intends to vigorously defend the proceedings and preserve its equity interest in ArborGen. 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 Wrightson (NZSX: WRI), HortResearch, and Landcare Research. ArborGen was created in February 2000 as a joint venture between Genesis (owning 5%) and International Paper Company, MeadWestvaco and Fletcher Challenge Forests (now Rubicon Forest Industries USA Inc) each owning 31.67%. Genesis licensed certain technology to ArborGen and has provided significant research services to ArborGen. 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 |