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18 February 2007
Auckland, New Zealand, 16 February 2007 – Genesis Research and Development Corporation Ltd (NZSX/ASX: GEN) today reported a cash balance at 31 December 2006 of $9.0 million (31 December 2005: $5.1 million). Revenue from collaborations, grants, sale of technology and interest for the 12 months to 31 December 2006 was $10.8 million (2005: $2.6 million) including the sale of forestry technology to ArborGen, LLC. The net recurring cash burn of $4.6 million (excluding one-time costs) was held below budget but includes expansion of the oncology programme. The resulting net surplus for the year was $3.3 million (2005 deficit: $7.1 million). Genesis Chief Executive, Stephen Hall, said, “The internal therapeutic development programmes are making good progress. The team developing Zyrogen (which has potential as a therapeutic target for osteoporosis and autoimmune disorders such as systemic lupus erythematosis) has recently achieved several development milestones. A number of external groups have shown interest in collaboration opportunities for this project.” “The cancer therapeutic programme has identified some very promising targets which are being validated in further models.” “In addition, the company is actively exploring in-licensing opportunities to broaden the Genesis pipeline of projects.” “The biofuels programme which has demonstrated the viability of producing ethanol, unsulphonated lignin and xylose from shrubby willow was transferred to BioJoule Ltd, a joint venture with Lake Taupo Development Company. There continues to be interest from outside investors who are keen to participate in the development of a domestic ethanol industry based on BioJoule technology.” 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 focusing on developing RNAi therapeutics. AgriGenesis is a subsidiary company focused on plant biotechnology. The BioJoule joint venture is utilising shrubby willow to produce ethanol, unsulphonated lignin and xylose. Genesis now holds 22 issued patents. The US Patent and Trademark Office has allowed claims for 9 of these, and the rest are from a number of other countries, including 5 from New Zealand. There are 8 applications pending in the U.S. and more than 27 pending in other countries. For more information, please visit www.genesis.co.nz Media contacts: Stephen Hall, Chief Executive - Genesis Research and Development Corporation Limited, +64 9 373 5600 Aki von Roy, Chairman- Genesis Research and Development Corporation Limited, +64 21 133 1076 Download Financial Statements |