Wrightson sells stake in Genesis Research

Rural services firm Wrightson today offloaded its 15.41 per cent shareholding in Genesis Research and Development Corporation.

Wrightson said in a statement to the stock exchange it had signed agreements to sell its stake for 45 cents a share.

Wrightson chief executive Barry Brooks wished the biotech research company well, but said "the priorities of Genesis' R&D programme no longer supported the strategic direction Wrightson wishes to pursue in biotechnology".

Genesis reported a net loss of $13.7 million for its December year, up from a net loss of $12.7m a year earlier. Losses per share widened to 52.4c from 48.6c.

Last year the second phase of a trial of its child eczema drug Avac was abandoned, as were several plant research programmes.

Wrightson bought the stake for $1.31 a share in March 2003.

Shares in Genesis were unchanged at 42c this morning, having ranged between 35c and 85c over the past year.

Meanwhile, Wrightson shares were up 5c at $2.05, having had a 12 month range of $1.17 to $2.08.

- NZPA