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Plant Science Business To AgriGenesis Biosciences

Genesis Research Transfers Plant Science Business To AgriGenesis Biosciences

Genesis Research and Development Corporation (NZX/ASX: GEN) confirms that it has completed the transfer of its plant sciences business to a wholly owned subsidiary, AgriGenesis Biosciences Limited, which is now trading as an independently managed company. Newly appointed Chief Executive Dr Peter Lee has a mandate to develop and commercialise the company’s portfolio of products.

Dr Lee, who returned to New Zealand from the U.S. where he had been commercialising new technologies for global markets in the forest products sector, will report directly to the Genesis Board. Dr Jim Watson will continue as Chief Executive of Genesis Research with full responsibility for the human health programmes. A corporate services team will support both companies.

David Irving, Chairman of Genesis Research, said that, in response to expressions of interest by trade investors, Genesis is considering raising capital in AgriGenesis from trade investors and has appointed ABN AMRO Craigs as an advisor.

“Although AgriGenesis is a new company, it’s no startup,” said Dr Lee. “It derives immense strength from plant research programmes undertaken by Genesis over the last nine years and from the strong base of agricultural technology developed in New Zealand. We have already made significant progress toward our chosen targets which have global commercial potential.”

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