Genesis R&D Awaits Japan Investor Infusion To Resume Operations
This article was originally published in PharmAsia News
Executive Summary
Genesis Research and Development, New Zealand's first biotech listed on stock markets, says it will have to suspend operations as it awaits necessary cash investments
Genesis Research and Development, New Zealand's first biotech listed on stock markets, says it will have to suspend operations as it awaits necessary cash investments. CEO Stephen Hall said a Japanese firm has invested in one of his firm's subsidiaries, Solirna Bioscences, created a year ago to develop gene-silencing technology as a cancer treatment. The Japan firm already invested U.S.$361,000, but has not committed to an additional investment of at least another U.S.$216,000, which Genesis considers necessary to continue. The investor needs to be satisfied with progress of the data on the project, Hall says. (Click here for more) "Kiwi Biotech Firm On Hold As It Waits For New Funding" - New Zealand Herald (5/4/10) |