Genesis Research Transfers Plant Science Business To AgriGenesis Biosciences
Genesis Research and Development Corporation (NZX/ASX: GEN) confirms that it has completed the transfer of its plant
sciences business to a wholly owned subsidiary, AgriGenesis Biosciences Limited, which is now trading as an
independently managed company. Newly appointed Chief Executive Dr Peter Lee has a mandate to develop and commercialise
the company’s portfolio of products.
Dr Lee, who returned to New Zealand from the U.S. where he had been commercialising new technologies for global markets
in the forest products sector, will report directly to the Genesis Board. Dr Jim Watson will continue as Chief Executive
of Genesis Research with full responsibility for the human health programmes. A corporate services team will support
both companies.
David Irving, Chairman of Genesis Research, said that, in response to expressions of interest by trade investors,
Genesis is considering raising capital in AgriGenesis from trade investors and has appointed ABN AMRO Craigs as an
advisor.
“Although AgriGenesis is a new company, it’s no startup,” said Dr Lee. “It derives immense strength from plant research
programmes undertaken by Genesis over the last nine years and from the strong base of agricultural technology developed
in New Zealand. We have already made significant progress toward our chosen targets which have global commercial
potential.”