NEW YORK, NY, March 16 /PRNewswire-FirstCall/ - Genesis Bioventures, Inc. (GBI) is pleased to announce that the Rapid Prion Detection Assays developed by Prion Developmental Laboratories (PDL), a portfolio company of GBI, have been successfully tested at the Veterinary Laboratories Agency in Weybridge, England.
The BSE Assay, designed to detect the prion disease, Bovine Spongiform Encephalopathy (BSE) or Mad Cow disease, achieved the diagnostic test performance which allows PDL to apply for regulatory approval. The results that were achieved establish the Rapid Assay in the same performance class as the leading commercially approved tests presently being used in the cattle industry worldwide, but with a faster turn around time.
“We are satisfied with the performance of our assay,” said Dr. Rubenstein, Chief Scientific Officer of PDL. “Dr. Petersen and I have worked over the last six months to increase the sensitivity and specificity of the assay that led to these results. We are equally pleased to announce that the Scrapie assay for sheep also achieved comparable results. “
“The results we achieved on the positive and negative samples for both BSE and Scrapie meet the regulatory requirements the assays must demonstrate to achieve approval to sell the tests in all major markets in the world, including the US, Canada, Japan, and the European Community,” said Dr. Petersen, CEO of PDL. “Over the coming months we will be working closely with GBI and regulatory agencies in the major markets to prepare and submit approval applications for both tests.”
“These results complement the Chronic Wasting Disease rapid assay that PDL completed last year that received USDA approval,” said Greg McCartney President and CEO of GBI. We are very pleased that this phase of the test development is completed and we can now seek regulatory approvals for commercialization.”
About Prion Development Laboratories
PDL is a leading biotechnology company that researches, develops and produces advanced diagnostic and food safety monitoring tests for human and animal diseases caused by prions. Genesis Bioventures, Inc. has a significant investment in PDL.
About Genesis Bioventures, Inc.
Genesis Bioventures, Inc. is a biomedical development corporation focusing on the development and marketing of novel diagnostics and therapeutics in oncology and neurodegenerative diseases.
Statements in this press release that are not strictly historical facts are “forward looking” statements (identified by the words “believe”, “estimate”, “project”, “expect” or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
CONTACT: GBI Investor Relations: (604) 542-0820, gbi@gnsbio.com, www.gnsbio.com Experigen: (310) 443-4100, info@experigen.com, www.experigen.com
Genesis Bioventures, Inc.
CONTACT: GBI Investor Relations: (604) 542-0820, gbi@gnsbio.com,www.gnsbio.com; Experigen: (310) 443-4100, info@experigen.com,www.experigen.com
