Genesis Bioventures enters into strategic agreement
NEW YORK, NY, June 2 /PRNewswire-FirstCall/ -- As previously announced,
Genesis Bioventures, Inc. (AMEX:GBI), and Corgenix Medical Corporation
(Corgenix) (OTCBB:CONX) have entered into an Agreement and Plan of Merger that
the parties are seeking to complete on or about August 31, 2004.
GBI today announced that it and Corgenix have entered into a Cooperation
Agreement (the "Agreement") with Prion Developmental Laboratories, Inc. (PDL)
and Efoora, Inc. (Efoora), collectively the "Parties". GBI owns approximately
33% of PDL. PDL is a subsidiary of Efoora dedicated to the design, development,
and production of rapid diagnostic tests for Transmissible Spongiform
Encephalopathies (TSE's) in animals and humans. Sixty percent of the shares in
PDL are owned by Efoora, a developer of rapid diagnostic tests and biosensors
for a variety of diseases, including HIV, hepatitis B and C, substance abuse,
Bovine Spongiform Encephalopathy, and Chronic Wasting Disease, with the balance
of PDL shares held by directors, officers and management of PDL.
The Agreement provides for financial, scientific and technical cooperation
between the Parties, with emphasis on research and product development,
testing, quality assurance, regulatory approval, delivery methods and product
commercialization activities of PDL. PDL recently received USDA approval for
its rapid strip test to detect Chronic Wasting Disease, which is similar to Mad
Cow Disease, but affects deer and elk.
The Agreement also contemplates that the Parties will explore and establish a
potential mechanism for GBI/Corgenix, when and if the merger has been
completed, to have an effective first opportunity to acquire all of the
interests of Efoora and the other PDL shareholders in PDL, pursuant to an
exchange of securities, or if such a transaction cannot be arrived at, for each
of Efoora and GBI/Corgenix to have an opportunity to acquire all of the
interests of the other in PDL for cash.
Greg McCartney, Chairman of GBI, said, "This agreement illustrates the
commitment of GBI, Corgenix, PDL and Efoora to combine their expertise to
achieve maximum success for each company and their respective shareholders." About Genesis Bioventures Genesis Bioventures, Inc. (GBI) is a biomedical development corporation
focusing on the development and marketing of novel diagnostics. The Company's
wholly owned subsidiary, Biomedical Diagnostics, LLC, specializes in the
development of cancer diagnostics with its first product being the MSA as a
screen for breast cancer risk. In addition, the Company has equity interest in
Prion Developmental Laboratories, Inc., which specializes in the development of
diagnostic tests to detect prion disease.
About Corgenix Corgenix is a leader in the development and manufacturing of anti- Phospholipid
test kits, being the first on the market with an FDA cleared assay for
anti-Cardiolipin (aCL), and is still the only manufacturer of both an FDA
cleared anti-Phosphatidylserine (aPS) and an anti-Prothrombin (aPT) test kit. Corgenix is based in metropolitan Denver and its primary area of focus is
providing state-of-the-art products for the serologic diagnosis and management
of cardiovascular disease, vascular biology, liver disease and autoimmune
disorders. Corgenix diagnostic products are commercialized for use in clinical
laboratories throughout the world.
About Prion Developmental Laboratories and Efoora Prion Developmental Laboratories, Inc. (PDL) is a subsidiary of Efoora Inc. dedicated to the design, development, and production of rapid diagnostic tests
for Transmissible Spongiform Encephalopathies (TSE's) in animals and humans. PDL utilizes the manufacturing technology of the Efoora subsidiary Virotek, the
wholly owned, in-vitro diagnostic and medical device- manufacturing subsidiary
of Efoora. For more information, please visit http://www.prionlabs.com/ or
http://www.efoora.com/ ------------------------------------------------------------------------- "Safe Harbor" Statement Under The Private Securities Litigation Reform
Act of 1995: Any statements in this press release that relate to the
Company's expectations are forward-looking statements, within the meaning
of the Private Securities Litigation Reform Act of 1995. Since this
information may involve risks and uncertainties and are subject to change
at any time, the Company's actual results may differ materially from
expected results. Additional risks associated with Genesis Bioventures'
business can be found in its periodic filings with the SEC.
CONTACT:
GBI Investor Relations, (604) 542-0820, , http://www.gnsbio.com/
Aurelius Consulting Group, 800-644-6297, ,
http://www.runonideas.com/
de Jong & Associates, (760) 943-9065, , http://www.dejong.org/ DATASOURCE: Genesis Bioventures, Inc.
CONTACT: GBI Investor Relations, (604) 542-0820, , http://www.gnsbio.com/; Aurelius Consulting Group, 800-644-6297, , http://www.runonideas.com/; de Jong & Associates, (760) 943-9065, , http://www.dejong.org/
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