3 May 2010

Genesis Research closes NZ operations

1:48 pm on 3 May 2010

Genesis Research & Development has closed its New Zealand operations, with the loss of nine jobs.

The New Zealand-based biotechnology company has struggled in recent years to fund its projects and get them to market.

Chief executive Stephen Hall says its gene silencing technology arm, Solirna, has been affected by lack of cash.

Genesis Research lost $1.2 million in 2009 - an improvement on a loss of $7.5 million a year earlier.