Genesis Research Updates Funding Status
Auckland, New Zealand, 30 June 2009 – Genesis Research and Development Corporation Ltd (NZSX/ASX: GEN) advises that it has received a term sheet for investment in the proposed new subsidiary which will undertake the gene silencing project, as previously disclosed in announcements to the Stock Exchanges. It is expected that the new investment will be finalised within the next few weeks.
Genesis Chief Executive, Stephen Hall, said, “We are pleased with the very strong interest in the single stranded gene silencing technology, for which we have filed patent claims. The proposed investment demonstrates the positive international assessment of the technology by pharmaceutical and venture capital groups.
“Genesis has taken steps to limit any expenditure that is not directly related to the gene silencing project, and will continue to hold a number of assets that do not require any ongoing funding, such as stakes in Real Time Genomics Inc., Pure Power Global and various royalty rights. We plan to hold these assets until they can be realised. The corporate structure will be subject to further review, including merger and acquisition opportunities.
“We also intend to implement a share purchase plan to provide funds until the various assets can be realised.”
Mr Hall noted that shareholders complimented the open discussion at the annual meeting and indicated positive support for the ongoing operations of the company and for the proposed share purchase plan.
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 using the RNAi mechanism.
Genesis holds a shareholding in Real Time Genomics Inc. and also 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
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