Genesis' statement to NZX gives no reasons for the merger's failure.
Genesis Research and Development, which is planning a ‘reverse takeover’ of Australian medical researcher Mariposa Health, has batted insolvency claims after getting a ‘please explain’ notice from NZX Market Supervision.
It lasted longer than it originally thought it would, but Genesis Research is finally shutting down its New Zealand operations after running out of cash.
The listed research company indicated in February last year that it did not have the funds to continue for another 12 months, but it kept going for another 14 before this morning’s announcement.
Biotech company Genesis Research (GEN) has announced a Japanese based investment fund will progressively provide up to $1million to establish a new subsidiary to help develop its gene silencing technology.
(Updated) The defaulting of a $2 million payment to biotechnology company Genesis Research and Development Corp continues to weigh heavily on the business, as its cash reserves run too low to sustain operations.
The company has reported a $7.5 million loss for the year, compared to a $0.8 million loss in 2007.
But the real concern for the company is its cash balance, which fell from $5.8 million at the end of 2007 to $0.9 million in 2008.