Genesis IPO Closes After Strong Support
FOR IMMEDIATE RELEASE
Genesis IPO Closes After
Strong Support on
Both Sides of Tasman
AUCKLAND,
New Zealand – 14 September 2000 – Leading New Zealand
biotechnology company, Genesis Research and Development
Corporation Limited, confirmed that its NZ$34.5 million
initial public share offer closed today.
Genesis offered 5,750,000 shares at a price of NZ$6.00 and enjoyed very strong support from retail and institutional investors in both New Zealand and Australia. The company was particularly pleased with the high level of interest from large Australian institutional investors.
Shareholder statements will be mailed on Tuesday, 19 September.
Trading on both the New Zealand Stock Exchange (NZSE) and the Australian Stock Exchange (ASX) will commence on Friday, 22 September under the code GEN.
The offer was managed by UBS Warburg New Zealand Limited and the organising broker was UBS Warburg New Zealand Equities Limited.
Most of the money raised by the offer will be applied to Genesis’ 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.
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, horticultural 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, PVAC™, 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 been
initiated in Wellington, New Zealand.
Application has
been made to the New Zealand Stock Exchange for permission
to quote the shares and for the listing of Genesis Research
and Development Corporation Limited. All the requirements
of the NZSE in respect of such quotation and listing that
can be complied with on or before the date of the
publication of this announcement have been duly complied
with. However, the NZSE accepts no responsibility for any
statement in this announcement.
ENDS
For further
information, please contact:
James Watson,
Founder
and CEO,
Genesis Research & Development
Corporation
Tel: +64 9 373
5600
j.watson@genesis.co.nz Andy Coupe
Executive
Director
UBS Warburg New Zealand Limited
Tel: +64 9
913 4878
andy.coupe@ubsw.com Allan Botica
Botica
Conroy & Associates
Tel: +64 21 400
5000
allanb@bca.co.nz