Institutions put $13.8m in Genesis

By DANIEL RIORDAN

Biotechnology company Genesis Research & Development has raised $13.8 million from six institutional investors as it awaits better market conditions for its Stock Exchange listing.

Genesis, now capitalised at more than $100 million, could have raised more but wanted to leave room for the institutions to invest further on listing, says chief executive Jim Watson.

News of the extra investments came as the United States Human Genome project announced the virtual completion of the first rough map of the human genetic code.

Shares in Australian biotechnology companies involved in genomics research rose between 10 per cent and 20 per cent on the news.

Some of Genesis' work is in that area, although Dr Watson said the big spinoffs to companies like Genesis would be greater public awareness of genomics and the benefits of biotechnology.

New to the Genesis share register are Armstrong Jones and Guardian Trust, while Arcus Investment, Axa NZ and NZ Funds Management have made follow-on investments. A sixth investor is keeping its involvement secret.