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Genesis float well supported

By Phil Boeyen, ShareChat Business News Editor

Thursday 14th September 2000

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Auckland-based biotechnology company, Genesis Research and Development Corporation Limited, has closed its $34.5 million IPO with strong support from retail and institutional investors.

Genesis offered 5.75 million shares at $6.00. The company says it is particularly pleased with the high level of interest from large Australian institutional investors.

Shareholder statements will be mailed on September 19 and trading on the NZSE and ASX will start on Friday, 22 September under the code GEN.

Genesis says most of the money raised will go towards its 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.

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