Genesis Research and Development, a New Zealand-based RNAi drug developer, released last week its financial results for 2005, and said that it is on track for initiating a phase I clinical trial as early as the first quarter of next year.

For 2005, Genesis said total revenues fell to NZ$2.6 million ($1.7 million) from $2.9 million, reflecting the completion of certain research collaborations and a reduction in interest income as a result of lower cash funds.