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Genesis R&D Inks Deal to Sell 7.4M Shares of Stock

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Genesis Research and Development announced this week that it has signed an agreement to sell roughly 7.4 million of its shares to an undisclosed investor in exchange for NZD$ 446,278 ($311,729).

The private placement, the New Zealand-based company said, is expected to close within the next two weeks.

Genesis said it is in discussions with the new investor about the company's possible future focus of research and development efforts. "When discussions are concluded, a proposal will be presented to shareholders to approve any new direction for the company and the issuance of further shares to new investors," it said.

Last month, Genesis said that it had suspended its operations due to a "lack of funding," and that work on a single-stranded RNAi technology it had been conducting on behalf of its subsidiary Solirna Biosciences had also ceased (GSN 5/6/2010).

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