Genesis Bioventures, Inc. has announced that the Company has signed exclusive worldwide sales, marketing and distribution agreements with Prion Developmental Laboratories Inc. (PDL) to commercialize the recently patented Rapid Prion-Detection Assay tests developed by PDL.
The Rapid Prion-Detection Assay is designed to test for prion diseases, such as mad cow disease, directly at the point-of-kill rather than in a laboratory. The Assay is an easy-to-use rapid test strip that can be administered by trained individuals at slaughterhouses with visual results produced in less than 30 minutes.
"This exclusive sales, marketing and distribution agreement immediately satisfies the short term business objectives of both of our companies and concurrently allows us to focus our resources on continued science, technology and product development opportunities. Through this partnering agreement we will be able to advance the sales, marketing and distribution of our products faster and at lower cost to PDL. We expect the net benefit of this agreement will result in faster time to profitability for the company," said Robert B. Petersen, CEO of PDL.
Dr. Richard Rubenstein, PDL's Chief Scientific Officer, commenting on the agreement with GBI stated, "This agreement offers the opportunity to more rapidly proceed to PDL product sales and distribution and, at the same time, introducing its technology to the marketplace. Furthermore, PDL will now be able to concentrate its efforts on new product and technology developments."
"We are very pleased to announce this agreement with PDL," commented Greg McCartney, Chairman of GBI. "This agreement is the first of many corporate developments we are looking to accomplish this year. The global interest in Bovine Spongiform Encephalopathy (BSE, Mad Cow Disease) is at an all time high. PDL has an outstanding solution to this global problem that, working together, we can bring to market faster."
"As an investor in PDL, we want to help the company management and scientists to be able to focus their efforts in developing world-class, market leading diagnostic products based on their patented technology for human and animal health. Dr. Petersen and Dr. Rubenstein are highly respected scientists in the field. They have demonstrated outstanding capabilities to transform complex science and technology into easy to use commercial products," he continued.