Genesis Research and Development Corporation Ltd (NZSX & ASX: GEN) advises that Dr Peter Lee is leaving the position of Chief Executive of AgriGenesis.

Since the formation of AgriGenesis Biosciences Limited as a subsidiary of Genesis Research in 2003, Dr Lee has been responsible for leading a capital-raising programme and for reviewing the commercial focus of the AgriGenesis research programmes. Although the capital raising was not successful, useful feedback was received on the commercial potential of AgriGenesis programmes. This helped determine which projects should be pursued, and discussions continue with interested parties regarding the possibility of developing new collaborations.

A number of research programmes with limited short-term commercial potential were terminated in July. Following the reduction in the number of AgriGenesis projects, it was agreed that AgriGenesis does not require a full time Chief Executive. Dr Jim Watson, Chief Executive of Genesis Research, will control the continuing AgriGenesis projects directly. Dr Lee will be available to support a smooth transition in management of the AgriGenesis projects and to ensure that obligations to clients and partners will be fulfilled.

Dr Jim Watson, said, “The market for new investment in agricultural biotechnology is not strong, so it was necessary to focus our resources on the highest priority projects. Meanwhile AgriGenesis is continuing its research on producing fibres in plant cell walls and utilising plant biomass to produce valuable biomaterials, including biofuels.”

Founded in 1994, Genesis is a New Zealand-based biotechnology company with over 80 staff in the group. It has built a broad genomic platform and has multiple product candidates in development targeting immune disorders and cancer. These are backed by an extensive patent portfolio. Genesis has a potential product in a Phase II clinical trial for the treatment of atopic dermatitis (eczema) with additional programmes for cancer and allergy in pre-clinical development.

Collaborations are maintained with Amgen Inc. (Nasdaq:AMGN), Corixa Corporation (Nasdaq:CRXA), SR Pharma plc (LSE:SPA), Jurox Pty Ltd, EvoGenix Pty Ltd, CSL Australia and AgResearch.

AgriGenesis Biosciences Ltd is a wholly owned subsidiary of Genesis that is focused on using key plant cell signalling genes – novel hormones and transcription factors – that control such commercial traits as growth rates, wood fibre quality, biomass development and flowering control. It has developed comprehensive plant EST databases including the world’s largest EST database for commercial forestry species and has commercial collaborations with ArborGen LLC, Wrightson (NZSX: WRI) and HortResearch.