1 Jul 2009

Genesis Research 'close' to signing deal with investor

12:28 pm on 1 July 2009

Genesis Research & Development is "close" to signing a deal with a large investor to the develop technology that stops diseases forming in the body.

The Auckland-based bio-technology company says it's in final negotiations with a pharmaceutical and venture capital firm to create a subsidiary company that concentrates to gene silencing.

The chief executiveStephen Hall says gene silencing enables individual genes to be turned off, preventing them from making a protein that would otherwise cause a disease.

He says it's an exceptional development amidst a tough economic climate.

Mr Hall also says the company is hopes to raise almost $1 million from shareholders to fund its other ventures.

Genesis shares rose 5.5 cents, or 60%, to 15c after the announcement on Wednesday.