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Auckland, New Zealand, 5 August 2009 – Genesis Research and Development Corporation Ltd (NZSX/ASX: GEN) today confirmed that terms have been finalised with a Japanese based investment fund for the establishment and funding of a new subsidiary company to develop its gene silencing technology. Initial funding has been provided to pay Genesis for contract research services that are undertaken for the subsidiary.
The investment fund plans to provide progressive funding of the subsidiary of up to $1 million. Genesis has agreed to transfer all its Intellectual Property and patent rights relating to RNAi and the new single stranded gene silencing technology to the new subsidiary, named Solirna Biosciences Ltd (soli: plural of solo) in recognition of the delivery of dual single strands of RNA to achieve gene inhibition through the RNAi mechanism. Genesis Chief Executive, Stephen Hall, said, “A number of international groups have shown significant interest in this new technology. We are very pleased to have agreed these terms which will allow the technology to be developed with the necessary funding. “Completion of all aspects of the transaction requires finalisation of certain documentation and approval of Genesis shareholders which will be sought at a special meeting to be held in September. Full details of the transaction will be provided to shareholders in explanatory notes for the special meeting.” 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 a novel single stranded gene silencing technology using the RNAi mechanism. Genesis holds an equity interest in Real Time Genomics Inc. and has royalty rights resulting from previous collaborations for various products that are being developed by other parties in the fields of agriculture, forage grass, forestry, etc. For further information see www.genesis.co.nz Media contacts: Stephen Hall, Chief Executive - Genesis Research and Development Corporation Limited, +64 21 715 725 Aki von Roy, Chairman- Genesis Research and Development Corporation Limited, +64 21 556 659 |