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Genesis Bioventures announces late stage development of real time rapidstrip test for Mad Cow

NEW YORK, NY, Jun 4, 2003 /PRNewswire-FirstCall via COMTEX/ -- Genesis Bioventures, Inc. (AMEX: GBI), today announced that its portfolio company, Prion Developmental Laboratories (PDL) is in late stage development of its rapid lateral flow tests for transmissible spongiform encephalopathies (TSE's) such as Bovine Spongiform Encephalopathy (BSE), commonly known as Mad Cow Disease and Chronic Wasting Disease (CWD).

Mad Cow Disease has become a major concern in North America after the discovery last month of an infected cow in Alberta, Canada. The diagnosis was not made until nearly four months after the cow was slaughtered and sent to a rendering plant. Authorities are tracking the history of the animal to determine its origins and to locate the offspring. So far, more than 1,900 animals linked to the infected cow have been quarantined and more than 1,160 animals have been needlessly slaughtered since all test results to this date from these animals have been negative.

CWD, although present in North America for decades, has recently made headlines as deer and elk are being infected at an alarming rate in the United States and Canada. The risk of transmission to agriculturally important livestock animals, such as cattle, is unknown, but the co-habitation of these animals and cattle is cause for concern. Testing of deer and elk is one practical mechanism for ensuring that they do not pass the disease to our livestock species or acquire it from them.

PDL is a private company that was specifically formed to develop a rapid and inexpensive diagnostic test to detect TSE's in animals and to screen human blood and tissue supplies for the presence of prion diseases. Efoora, Inc. (Efoora), a private company located in Buffalo Grove, Illinois owns majority interest in PDL. Genesis Bioventures, Inc. (GBI), the second largest shareholder, owns 33% equity interest.

The PDL test could potentially reduce the number of animals not already destined for the slaughterhouse from being culled because every cow at the slaughterhouse would be tested before leaving the facility. The test results would be available before any animals left the slaughterhouse allowing any infected animals to be removed from the system and avoiding millions of dollars in lost revenues everyday in the cattle industry. Canada estimates the industry is losing $20 million dollars per day for every day that an export ban is imposed. The US cattle industry is worth $80 billion per year.

The PDL test, manufactured by the proprietary methods developed at Efoora's subsidiary company, Virotek LLC, would be the first practical 'real- time' test for these diseases. Initial results could possibly develop in as little as five minutes, with sample preparation taking approximately thirty minutes. The cost effective, easy-to-use test would be practical for meat processing facilities or CWD testing stations on a global basis.

The CWD assay has been presented to the USDA, the States of Colorado, Wisconsin, and Wyoming Departments of Natural Resources. The assay was well received by all and validation for USDA approval will be undertaken in June 2003. Following successful completion of the validation, PDL Management anticipates rapid approval by the USDA. PDL has applied for the most recent validation series for its BSE assay in the European Union. Following validation, PDL will apply for USDA approval for this test.

The US market consumes more than 70 percent of Canada's beef product exports. In 2002, the US imported more than 1 million cows and 1 billion pounds of beef from Canada, according to the National Cattlemen's Beef Association. Canada performed BSE tests on approximately 900 of the 11 million cows in the country last year. The US tested 19,900 cattle out of 96 million animals. E. Greg McCartney, Chairman and CEO of GBI, commented, "The only way to be sure that meat consumed by the general population is free of TSE's is to test every animal, period. The recent discovery of Mad Cow Disease in Canada, previously considered to be a BSE free country, proves that testing is necessary. It is up to governments to protect the people and mandate the use of rapid tests such as the ones developed by PDL, saving the industry and governments untold millions from lost revenue and unemployment."

About Genesis Bioventures

Genesis Bioventures, Inc. (GBI) is a biomedical development corporation focusing on the development and marketing of novel diagnostics and therapeutics. The Company's wholly owned subsidiary, Biomedical Diagnostics, LLC, specializes in the development of cancer diagnostics and recently introduced 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 in cattle, deer, sheep and elk as well as in human blood.

"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, [phone], [e-mail],
www.gnsbio.com
Aurelius Consulting Group, 800-644-6297, [e-mail]
de Jong & Associates, [phone]

SOURCE Genesis Bioventures, Inc.


CONTACT: GBI Investor Relations, 604-542-0820, [e-mail],

www.gnsbio.com; Aurelius Consulting Group, 800-644-6297,
[e-mail]; de Jong & Associates, 760-943-9065
(GBI)

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