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Genesis lists with a bang

By Phil Boeyen, ShareChat Business News Editor

Friday 22nd September 2000

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Newly listed bio-tech stock Genesis hit the ground running today, with some of the first trades out of the block adding around $2.50 to the $6.00 listing price.

Within the first 20 minutes after the 10am debut $1.9 million of shares had changed hands, but the price fell quickly to $7.40 from its $8.48 opening.

Prior to listing Genesis CEO, Jim Watson, said that strong support shown by institutional and retail investors in Genesis had resulted in the offer being significantly oversubscribed.

"The demand for Genesis shares by some of the region's largest institutional investors, in what can only be described as an extremely challenging market, is particularly pleasing."

Following the offer and allotment of 5,750,000 new shares in Genesis, around 24.7 million ordinary shares are on issue on the New Zealand and Australian Stock Exchanges.

"Strong support was received from existing domestic institutional and retail shareholders," said Dr atson. "However we were particularly pleased with the equally strong response from new retail and institutional investors in New Zealand and, importantly, Australia. The register now includes some of the largest fund managers in New Zealand and Australia."

Auckland-based Genesis has genomic programmes in human health, forestry and agriculture. In addition to its extensive forestry gene technology, Genesis has a psoriasis therapeutic 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 begun in Wellington.

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