NEW YORK, Oct. 10, 2006 (PRIMEZONE) -- Genesis Bioventures, Inc. (GBI) (OTCBB:GBIW) announced today that Prion Developmental Laboratories ("PDL"), its minority owned subsidiary company, entered into a contract manufacturing agreement with InBios International, Inc. ("InBios"), a leading biotechnology company in Seattle, Washington, to manufacture PDL's Mad Cow Disease ("BSE") and other TSE Rapid Diagnostic Tests.
Under the terms of the agreement InBios will manufacture PDL's BSE Rapid Diagnostic Tests to PDL's design specifications and quality control acceptance criteria. InBios will validate the manufactured BSE Rapid Assay tests meet or exceed PDL's performance criteria. Immediately following manufacture validation InBios will produce BSE Rapid Diagnostic Tests for PDL's customer evaluations, regulatory approvals, and customer sales.
"This is an important step in our commercialization of PDL's BSE Rapid Assay, and completes our search with PDL to identify a top manufacturing company to produce our quality product for us," said Douglas C. Lane, CEO and President of Genesis Bioventures. "InBios is an outstanding biotechnology company comprised of experienced scientists, professionals and executives. They were selected because of their experience and ability to manufacture the diagnostic test strips and because of their experience with the FDA and USDA in test approval. With this manufacturing agreement in place we are on track to initiate sales in 2007 under our worldwide exclusive distribution and sales license with PDL."
"With the identification of a quality manufacturing firm, PDL is looking forward to rapid progress in obtaining approval for its Rapid TSE diagnostic tests, including tests for Mad Cow and scrapie," said Robert B. Petersen, Ph.D., CEO of Prion Developmental Laboratories, Inc.
Estela Raychaudhuri, President and CEO of InBios said, "We are delighted to be working with Genesis Bioventures on this project; the availability of a rapid test for the diagnosis of mad cow disease is an important advance in animal and human public health."
About InBios International, Inc.
InBios International, Inc. is a medical diagnostic company that specializes in developing, manufacturing and marketing medical diagnostic tests for the detection of infectious diseases based on proprietary technologies useful in the development of rapid and ELISA based immunodiagnostic assays. InBios also engages in contract manufacturing and assay development for companies who wish to outsource this part of their business, and has two FDA cleared products.
About Prion Developmental 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 commercialization of novel diagnostics and therapeutics in oncology and neurodegenerative diseases.
This press release may contain statements that constitute "forward-looking statements" as defined under U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "establish," "project" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from Genesis' historical experience and its present expectations or projections. These risks include, but are not limited to: actual use of the Rapid Prion Detection assays in slaughterhouses; actual commercialization of assays for transmissible spongiform encephalopathies in animals and humans; GBI's ability to transition its corporate restructuring; to generate revenues and net income; ability to obtain personnel and directors familiar with investment, biotechnology, and pharmaceutical industries; commercialization of products through Prion Developmental Laboratories; our ability to become an industry leader; changes in economic conditions; the competitive environment within the biomedical industry; GBI's ability to capture market share; the effectiveness of GBI's advertising and marketing programs; ability to raise additional capital; ability to achieve earnings goals; regulatory and legal changes; ability to penetrate developing and emerging markets; litigation uncertainties; and other risks discussed in GBI's filings with the SEC, including the Annual Report on Form 10-KSB, Quarterly Reports on Form 10-QSB, and Current Reports on Form 8-K, which reports are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.