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29 March 2005
Auckland, New Zealand, 30 March 2005 – Genesis Research and Development Corporation Ltd (NZSX/ASX: GEN) today announced that it has sold its Cartesian software technology and related patent rights to Reel Two, a San Francisco based developer of data-mining products for the life sciences. “Reel Two has worked closely with Genesis to develop the Cartesian software and is the ideal party to take the product to market,” said Stephen Hall, Chief Executive of Genesis. Reel Two will assume full responsibility for product development and marketing, and will share revenues with Genesis. Cartesian software has been designed to perform very fast searching of genetic sequences. This has potential applications to dramatically increase research productivity when analysing gene expression and constructing maps between genomes. In internal use at Genesis Research and Development Corporation the Cartesian software reduced analysis and computation time by many orders of magnitude, reducing tasks that had previously taken many months on a large computer cluster down to hours on a single machine. “Cartesian was designed to address the challenging bioinformatics issues facing Genesis researchers. We plan to leverage this experience and are actively seeking licensing and partnership opportunities with research institutes, biotech firms and pharmaceutical companies,” said Michael Faust, Chief Executive of Reel Two. |