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Exhibit 99.1
BIOLABS CHANGES NAME TO GENESIS BIOVENTURES
REFLECTS COMPANY'S MISSION AS FINANCIAL ACCELERATOR OF BIOTECH INNOVATORS
NEW YORK, NY, Nov. 28 /PRNewswire/ - BioLabs, Inc. (OTC:BILB - NEWS) is
pleased to announce that effective today it will be doing business under the new
name Genesis Bioventures ("GBI"). The Company plans to formally change its
corporate name to Genesis Bioventures, Inc. as soon as it has obtained the
approval of its shareholders.
"Our new name, Genesis Bioventures, represents an important milestone in the
Company's repositioning and future growth," said Greg McCartney, Chairman of
GBI, "and more accurately reflects its corporate mission as a financial
accelerator in the biotechnology sector."
"Genesis Bioventures is focused on selecting promising biotechnology companies
for strategic equity investments," said Dr. Linda Allison, President and CEO of
GBI, "but a financial investment is really only the beginning. As part of our
business strategy, we provide our portfolio companies with access to qualified
advisors with extensive business management and product development expertise. I
believe that our new name reflects our unique approach to fostering new
companies in the biotech sector. By working closely with our portfolio companies
from the earliest stages, right from the genesis of their product development
plans, we plan to accelerate the commercialization of their novel therapeutic
and diagnostic products."
The companies being selected for investment by GBI focus on major medical needs
in the areas of oncology, neurology and infectious diseases. GBI's portfolio
companies are developing products, such as diagnostic assays, that have
relatively short development timelines or novel therapeutics that could
substantially improve treatment of critical diseases. GBI intends to leverage
the scientific expertise of promising developmental stage biotech companies by
supplying the essential business and product development expertise often lacking
at this stage, thereby ensuring that they realize their full market valuation
more quickly. This will be a substantial benefit both to GBI's investors, as
well as to the patients who will ultimately benefit from these new medical
products.
Portfolio Companies
At present, Genesis Bioventures holds equity positions in three portfolio
companies:
- Biotherapies, Inc. (27% equity interest): A private biotechnology company
in Michigan that is developing Mammastatin, a naturally occurring protein
that is absent or at low levels in most women with breast cancer or at
risk for the disease. Biotherapies is developing this proprietary protein
technology as a potential therapeutic for controlling breast cancer.
- Biomedical Diagnostics, LLC (50% equity interest): Established as a joint
venture with Biotherapies, this company is developing diagnostics based on
Biotherapies' protein technology. The Mammastatin Serum Assay (MSA) test,
the first product in development, is a potential screening diagnostic for
assessing breast cancer risk.
- Prion Developmental Laboratories, Inc. (25% equity interest): A private
biotechnology company in Maryland that is developing rapid diagnostic
tests for prion diseases. The initial products in development include a
pre-symptomatic test for BSE (Bovine Spongiform Encephalopathy) in
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cattle, commonly known as "Mad Cow Disease", as well as a diagnostic to
detect prion diseases in the human blood supply.
All investor inquiries can be made to Lisa Baumgartner at Ruder-Finn at (212)
593-6352 or by e-mail to [email protected]. For additional information,
please call Genesis Bioventures at (604) 542-0820 or view GBI's web site at
www.genesisbioventures.com.
"Safe Harbor" Statement Under The Private Securities Litigation Reform Act of
1995: Any statements in this press release that relate to the Company's
expectations are forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995. Since this information may involve
risks and uncertainties and are subject to change at any time, the Company's
actual results may differ materially from expected results. Additional risks
associated with Genesis Bioventures' business can be found in its periodic
filings with the SEC.
