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Genesis Bioventures Signs Exclusive Agreement to Commercialize Mad Cow Disease Rapid Test in Pacific Rim
NEW YORK, June 16, 2006 /PRNewswire-FirstCall via COMTEX/ -- Genesis Bioventures, Inc. (GBI) (OTCBB:GBIW) today announced that it has granted an exclusive license to Bio Business Development Company (BBDC) to commercialize the Rapid Prion Detection Assays in eighteen countries of the Pacific Rim. The licensed technology has been developed by Prion Developmental Laboratories (PDL), a portfolio company of GBI.
GBI has the exclusive, worldwide sales, marketing and distribution rights to commercialize the recently patented Rapid Prion Detection Assays, including rapid tests for Bovine Spongiform Encephalopathy (BSE or mad cow disease) in cattle and scrapie in sheep. With the agreement announced today, BBDC, a Canadian business development company, becomes GBI's marketing, sales and distribution partner in the Pacific Rim to launch sales of the Rapid Prion Detection Assays.
"Our commercialization strategy is focused on global partnering, which we believe will get us to market quickly at substantially lower costs. Our initial target markets for PDL's Mad Cow Disease Rapid Assay are in the Pacific Rim. BBDC has extensive contacts in Australia, New Zealand, China, and Japan, (which has stringent procedures that require all animals used for food production to be tested for BSE). We are very pleased to have BBDC as our exclusive partner in this region of the world," said Douglas C. Lane, CEO and President of GBI.
"BBDC intends to capitalize on its trade relationships in Asia to advance commercialization of the Rapid Prion Detection products and product sales in the Pacific Rim. This is a timely event as we are seeing increased fears of bird flu drive Pacific Rim consumers away from poultry and toward increased beef consumption," said Mr. Lane. "Consumers worldwide want to be assured that the food they are purchasing for their families is free from disease, and especially free from lethal transmittable diseases such as Mad Cow Disease."
Our patented Rapid Prion-Detection Assay is designed to test for prion diseases, such as mad cow disease, directly at the point-of-kill rather than in a laboratory. The Assay is an easy-to-use rapid strip test that can be administered by trained individuals at slaughterhouses with visual results produced in less than an hour. PDL recently achieved 100% sensitivity and 100% specificity in a trial on confirmed positive and negative samples at the Veterinary Laboratory Agency in Weybridge, UK.
About Prion Developmental Laboratories
Prion Developmental Laboratories, Inc. (PDL) produces tests for Transmissible Spongiform Encephalopathies (TSEs) such as Bovine Spongiform Encephalopathy (BSE or 'Mad Cow") in cattle, Scrapie in sheep and goats, and Chronic Wasting disease (CWD) in deer. Formed in 2001, PDL has developed a number of rapid tests which are manufactured on-site. PDL received USDA approval for its CWD assay in 2004 and recently submitted applications for its BSE and scrapie assays for USDA approval. Approval of the original CWD Rapid test demonstrated the suitability of this platform for all TSE testing. Genesis Bioventures, Inc. has a significant investment in PDL.