Genesis Research Share Placement
Auckland, New Zealand, 15 June 2010 – Genesis Research and Development Corporation Ltd (NZSX/
Genesis is in discussions with the new investor about the possible future focus of research and development efforts and the financing required. When discussions are concluded a proposal will be presented to shareholders to approve any new direction for the company and the issuance of further shares to new investors.
Genesis reviewed a number of other proposals that did not involve an ongoing presence of Genesis in New Zealandbut none had comparative potential benefits to current shareholders.
Discussions are continuing with a number of groups who are considering investment in Solirna Biosciences Ltd which would allow the further development of its single stranded gene silencing technology.
Other Genesis assets, including its equity interest in Real Time Genomics and royalty rights, will be retained by Genesis until value can be realised for shareholders.
Genesis Chief Executive, Stephen Hall, said, “It is very pleasing that the new investor appreciates the value and potential of Genesis. We are working with them to assess possible future opportunities and will provide shareholders with further information at the annual meeting which is scheduled to be held on 30th June.”
About GenesisFounded in 1994, Genesis is a New Zealand-based biotechnology company. It has built a broad therapeutic development platform targeting immune disorders and cancer. It has established Solirna Biosciences Ltd which is focusing on developing a novel single stranded gene silencing technology using the RNAi mechanism. Genesis also 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
Stephen Hall, Chief Executive - Genesis Research and Development Corporation Limited, +64 21 715 725