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Genesis Shareholders OK Spinout of Company ssRNAi Assets into New Firm


New Zealand's Genesis Research and Development announced last week that its shareholders have voted in favor of the company's proposed spinout of a new company focused on developing its single-stranded RNAi technology.

As reported by RNAi News earlier this month, the long-struggling Genesis recently received a commitment from Japanese biotech firm MediBic Group to invest up to NZ$1 million ($750,000) in the planned subsidiary, Solirna BioSciences (see RNAi News, 10/15/2009).

However, consummation of that deal required approval by Genesis' shareholders.

Last week, the company said resolutions passed at a special meeting that approved the transfer of all of Genesis' ssRNAi technology and intellectual property and the issuance of shares under the arrangement with MediBic.

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