Genesis Research sets up unit to help commercialise ideas

By NZPA

Thursday 26th September 2002

New Zealand biotechnology company Genesis Research is hoping to improve its ability to make money from its ideas by establishing a strategic development unit.

Genesis chief executive Jim Watson said in a statement today that the unit aimed to enhance the listed company's commercial capability.

The strategic development unit comprised Andrew Shenk, former head of Genesis' plant division, and Genesis director Douglas Williams, who announced his resignation today as senior vice-president of basic research at Amgen, the world's largest biotech company.

"(Dr Williams') experience, commercial acumen, international reputation and network of contacts will be of incalculable benefit as Genesis looks to evolve a stage further from being a New Zealand-based discovery company into an organisation developing commercial products for the international market," Dr Watson said.

"It's evident to all that the biotech sector is currently in a global slump.

"Rather than simply riding that out, the board determined to use the opportunity to make Genesis more competitive scientifically and able to respond more rapidly to emerging commercial opportunities.

"Earlier this year we appointed a US-based business development unit, which has been looking to identify new partnership opportunities. The strategic development unit will be instrumental in translating the feedback and prospects identified in North America into realisable projects and goals."

Genesis posted a loss of $5.26 million for the half year to June 30, wider than the previous year's $1.68 million loss, because of research and administration costs of $14 million.

However, Genesis has a strong balance sheet of $42 million, enough to sustain its research and development programme for a number of years.

The company is beginning phase two of clinical trials for its psoriasis drug PVAC in the United States, with results expected in mid-2003.

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