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Genesis IPO Closes After Strong Support

FOR IMMEDIATE RELEASE
Genesis IPO Closes After Strong Support on
Both Sides of Tasman


AUCKLAND, New Zealand – 14 September 2000 – Leading New Zealand biotechnology company, Genesis Research and Development Corporation Limited, confirmed that its NZ$34.5 million initial public share offer closed today.

Genesis offered 5,750,000 shares at a price of NZ$6.00 and enjoyed very strong support from retail and institutional investors in both New Zealand and Australia. The company was particularly pleased with the high level of interest from large Australian institutional investors.

Shareholder statements will be mailed on Tuesday, 19 September.

Trading on both the New Zealand Stock Exchange (NZSE) and the Australian Stock Exchange (ASX) will commence on Friday, 22 September under the code GEN.

The offer was managed by UBS Warburg New Zealand Limited and the organising broker was UBS Warburg New Zealand Equities Limited.

Most of the money raised by the offer will be applied to Genesis’ research and development activities. These include clinical development of immune therapies for psoriasis and asthma, expansion into eczema, the development of Genesis’ forestry genomic platform in a relatively new venture with ArborGen LLC and building new databases and technology to secure a foundation in agriculture and horticulture.

About Genesis
Genesis is a biotechnology company based in Auckland, New Zealand, with genomic programmes in human health, forestry and agriculture. Genesis builds EST databases that provide the genomic platform for discovery of novel genes with commercial value and has considerable experience and expertise in high-throughput DNA sequencing, functional genomics and development of therapeutics. Partnerships with biopharmaceutical, agricultural, horticultural and forestry companies have been important for funding research to effectively develop potential products. In addition to the extensive forestry gene technology, Genesis has a psoriasis therapeutic, PVAC™, in FDA-approved Phase II clinical trials in partnership with the US-based Corixa Corporation, and a Phase I clinical trial for an asthma therapeutic has been initiated in Wellington, New Zealand.
Application has been made to the New Zealand Stock Exchange for permission to quote the shares and for the listing of Genesis Research and Development Corporation Limited. All the requirements of the NZSE in respect of such quotation and listing that can be complied with on or before the date of the publication of this announcement have been duly complied with. However, the NZSE accepts no responsibility for any statement in this announcement.
ENDS


For further information, please contact:
James Watson,
Founder and CEO,
Genesis Research & Development Corporation
Tel: +64 9 373 5600
j.watson@genesis.co.nz Andy Coupe
Executive Director
UBS Warburg New Zealand Limited
Tel: +64 9 913 4878
andy.coupe@ubsw.com Allan Botica
Botica Conroy & Associates
Tel: +64 21 400 5000
allanb@bca.co.nz

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