NEW YORK, Jan. 31 /PRNewswire-FirstCall/ - Genesis Bioventures, Inc. (GBI) today announced that the US Patent and Trademark Office has issued a Notice of Allowance for the Rapid Prion-Detection Assay developed by Prion Developmental Laboratories (PDL), a portfolio company of GBI.
The patent for the Rapid Prion-Detection Assay protects this method of testing for all transmissible spongiform encephalopathies (TSEs) in animals and humans. PDL has already received USDA approval for its chronic wasting disease assay and is currently focusing on rapid diagnostic tests for mad cow disease and other animal TSEs.
Dr. Robert Petersen, CEO of PDL commented, “This is a pivotal patent for the industry and for consumers as it clears the path for producers and meat packers in the United States to economically test all beef produced for consumption and to ensure that exported beef is free from the infectious agent that causes Mad Cow Disease. We believe this is a critically important development that can have substantial economic benefit to the $98 billion United States beef industry by enabling regimens to test every animal before the animal is processed and shipped to food stores or exported to foreign nations.”
Dr. Richard Rubenstein, PDL’s Chief Scientific Officer added, “This is a milestone event for PDL and our entire team. This patent further validates the science behind our effort to supply a simple, cost effective solution to protect the human food supply against Mad Cow Disease and other forms of TSEs. We believe our technology has the potential to become a world leader in numerous commercialized tests for TSEs in the near future.”
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
