Genesis Research and Development Corporation Ltd (GEN) announces that it has signed a Memorandum of Understanding with Mariposa Health Ltd to merge with Mariposa. Mariposa is an unlisted public Australian based pharmaceutical development company with several development projects. The lead product is TA-270 which is being developed as a tablet formulation for the treatment of chronic obstructive lung disease (COPD) and neutrophilic asthma. COPD is the 4th major cause of death in the developed world with a significantly growing incidence. TA-270 has been the subject of 9 human clinical trials including in excess of 700 subjects. Mariposa also has rights to an immune modulator to Golden staph (staphylococcus aureus) and a further compound awaiting patent submission.
Genesis Chief Executive, Stephen Hall, said “Genesis has been reviewing a number of investment opportunities in the Life Sciences and other industries, and has determined that Mariposa is the best prospect for Genesis shareholders. It has a well-developed lead product and other projects that can progress into human clinical trials in the near future.
Founded in 1994, Genesis is a New Zealand-based biotechnology company. It has established Solirna Biosciences Ltd which is focusing on developing a novel single stranded gene silencing technology using the RNAi mechanism. Genesis also holds an equity interest in Real Time Genomics Inc. and has royalty rights resulting from previous collaborations for various products that are being developed by other parties in the fields of agriculture, forage grass, forestry, etc.
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