Forum Archive Index - April 2000

["Ben Dutton" <bendutton@sharechat.co.nz>]

Hi Scoot,

That transaction appears to be AXA Funds Management buying a stake - full
press release below.

Benjamin Dutton


AXA Takes Stake In NZ Biotechnology Company

Press Release Genesis Research and Development Corporation  19/04/00
16:37:00
Invests $3.5 million in Genesis Research and Development Corporation Limited
AUCKLAND, New Zealand - 19 April 2000 - Leading institutional investor AXA
Funds Management has invested $3.5 million in New Zealand biotechnology
company, Genesis Research and Development Corporation Limited, acquiring a
parcel of 614,035 shares at $5.70.
Dr James Watson, Founder and CEO of Genesis, says the transaction is
evidence of the growing interest from institutional investors in
discovery-based biotechnology organisations with the ability to deliver a
range of products with exciting commercial potential.
"We're very pleased to be an investor in Genesis, which we believe has an
excellent long-term growth outlook in a sector which offers many diversified
opportunities," says Andrew Bascand, New Zealand Equity Manager for AXA
Funds Management. "We believe the near term horizon for Genesis is excellent
and we look forward to participating in the company's growth as it moves
into the next phase of its development."
Dr Watson says the investment represents a major step forward for the
company and is a clear vote of confidence in the strength of its research
and development programme and the value inherent in its pipeline of
products. "We are delighted to have AXA on board. As we move forward we plan
to secure greater value from our scientific programme to consolidate and
build on the growing interest from the investment community."
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 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, PVACTM, in FDA-approved Phase II
clinical trials in partnership with the US-based Corixa Corporation, and
clinical trials for an asthma therapeutic in Wellington, New Zealand are
being planned.
ENDS


----- Original Message -----
From: scoot
To: sharechat@sharechat.co.nz
Sent: Wednesday, April 19, 2000 8:33 PM
Subject: [sharechat] genesis


For those who follow GRD on the secondary board.
One transaction today 614,035  @ $3,499,999.50
source http://www.directbroking.co.nz/
scoot


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