Genesis Research Swaps Royalty Stream for Equity Stake
Auckland, New Zealand, 13 February 2009 – Genesis Research and Development Corporation Ltd (NZSX/ASX: GEN) advises that it has agreed to convert its rights to royalties on the sale of software products based on the Cartesian technology developed by Genesis in 2003-4, for an interest equal to approximately 10% of the current outstanding equity of Real Time Genomics, Inc., a new USA based entity backed by Catamount Ventures, a leading San Francisco Venture Capital firm.
The software, which has had substantial new features and capabilities developed by NetValue Ltd, a Hamilton, New Zealand IT developer, is seeing significant market interest based on its ability to rapidly assemble and query genomic datasets. These huge data sets can be processed much more quickly than with other solutions, enabling advanced biological studies in genomes to become a reality.
Genesis Chief Executive, Stephen Hall, said, “Establishment of the USA based business with the backing of a leading Venture Capital firm gives SLIM Search™ the best opportunity to achieve significant rapid customer acceptance.
“While still early in development, we believe that Real Time Genomics, Inc. has enormous potential to become a leader in the bioinformatics world.”
“We are pleased that Genesis is so supportive of our mission” said Graham Gaylard, Chief Executive of NetValue. “We are extremely excited to be partnering with Catamount Ventures to build a world-changing company.”
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 gene silencing technology and RNAi therapeutics for oncology.
The interest in Real Time Genomics, Inc. will be held via a New Zealand based holding company, Gene Value Ltd.
Genesis now holds 27 issued patents. The US Patent and Trademark Office has allowed claims for 10 of these, and the rest are from a number of other countries, including 6 from New Zealand. There are 11 applications pending in the U.S.A. and 8 pending in other countries.
Genesis also has royalty rights for various products that are being developed by other parties in the fields of agriculture, forage grass, forestry, horticulture, etc. resulting from previous collaborations.
For further information see www.genesis.co.nz
NetValue Ltd was incorporated in 2004 with the aim of building a world class software development and online services group. Since inception it has pursued strategic businesses and has acquired several key technology companies including Reel Two Ltd (high end database development and high performance search technology), SLIM Search Ltd, InterSpeed Ltd (website development, hosting and domain name registrar), SitesOnline (website development and hosting), Key Software (accounting and payroll software) and WebAddress Ltd (wholesale domain names).
SLIM Search™ is a next generation search technology for global markets which is very fast, error tolerant and memory efficient, allowing real-time search and analysis. It is an enabling technology for an era of accelerating data generation which is optimised for applications with massive inline data processing requirements.
SLIM Search™ can Search and analyze short genomic reads (~35n), reads generated by 454 Life Sciences technology and huge 10k+ reads, all in real-time.
Compare genomes from all currently sequenced bacteria (comprising a total of 2.2 billion nucleotides) in a 600x600 full genome pairwise test in less than 4 minutes.
For further information see www.netvalue.net.nz and www.slimsearch.com
Stephen Hall, Chief Executive - Genesis Research and Development Corporation Limited, +64 9 373 5600
Graham Gaylard, Chief Executive – NetValue Ltd, +64 7 859 1007