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Genesis Awarded $800,000 Grant

Genesis Awarded $800,000 Grant For Software Development Initiative

Technology New Zealand has awarded Genesis Research and Development Corporation Limited (NZSE /ASX: GEN) a technology development grant of almost $800,000 over two years to support the development of new gene discovery software and capitalise on Genesis’ investment in plant gene databases.

“Gene discovery is moving from the laboratory to the computer, as research moves from gene-by-gene analysis to large-scale modelling of the functional interrelationships between genes,” says Dr. Jim Watson, Genesis Chief Executive.

Genesis is developing the gene discovery software to increase the value that can be extracted from its plant gene databases and other data sources. To date the Company has invested $35 million in constructing specialised databases of plant genes in arabidopsis, rice, pine, eucalyptus, grasses, fruit and berries. It holds numerous genes with the potential to increase crop yield, control biomass and allowing plants to be used as biofactories to produce high value molecules for industries such as forestry, bio-energy and food technology.

Dr. Watson foresees several opportunities to derive future revenue from the gene discovery software: “The time taken to discover and develop plant genes as commercial products will be significantly reduced resulting in cost savings for Genesis as well as increased opportunities to license new plant products. We also anticipate licensing access to the final software product.”

Technology New Zealand is part of the government’s Foundation for Research Science and Technology, and has a comprehensive suite of schemes that promotes the development and adoption of advanced technologies by business.

Investment by Technology New Zealand through grants such as obtained by Genesis is directed at supporting technical innovation for wealth creation.

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