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Genesis Shareholders OK Spinout of Company ssRNAi Assets into New Firm

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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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