LAIYANG, China, Nov. 21, 2007 (PRIME NEWSWIRE) -- Genesis Pharmaceuticals Enterprises, Inc. (OTCBB:GTEC) ("Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced that it signed a cooperation agreement with The Institute of Microbiology, Chinese Academy of Sciences (IMCAS), a research institution in China that performs a wide spectrum of basic and applied research in the field of microbiology.
According to the cooperation agreement, Genesis and IMCAS will build a "Genesis Pharmaceuticals Industrialization Model" to do joint research with the goal of commercializing pharmaceutical discoveries. This Industrialization Model is IMCAS' first cooperative arrangement with a pharmaceuticals manufacturing company.
Genesis will fund the Industrialization Model's daily operations and research and development activities. Once new drugs have completed a first stage of experiments in the Industrialization Model, they will be delivered to Genesis's factory for further testing to determine the viability of commercial wide-scale production. Genesis' research and development staff will work with researchers from IMCAS to resolve issues that arise during the process of designing the manufacturing process for new drugs. Genesis will have the first right to purchase patents for any products developed by the Industrialization Model and IMCAS.
"We are very pleased that IMCAS chose Genesis to be its partner in the commercialization of new drug discoveries," said Mr. Cao Wubo, Chairman and CEO of Genesis Pharmaceuticals Enterprises, Inc. "Because IMCAS is the national leading research institution in the field of microbiology, we believe collaboration will bring valuable research and develop expertise to Genesis and strengthen our own R&D force. This will extend our company's use of cutting edge technologies as well as solidify our leading position in the Chinese pharmaceutical market."
About IMCAS
The Institute of Microbiology, Chinese Academy of Sciences (IMCAS) was founded on December 3, 1958. It is a national comprehensive research institution that performs a wide spectrum of basic and applied research in the field of microbiology. IMCAS hosts 300 faculty and staff, including 5 CAS academicians. Currently, it has three key laboratories: State Key Laboratory of Microbial Resources, State Key Laboratory of Plant Genomics, and CAS Key Laboratory of Systematic Mycology and Lichenology as well as nine research centers which carry out studies on microbial resources, microbial genomics, agricultural biotechnology, bio-energy and industrial biotechnology, environmental biotechnology, extremophiles, microbial metabolic engineering, molecular virology, and molecular immunology, As the national leading research and development organization in China, IMCAS successfully developed SARS vaccine.
As the national leading research institution in the field of microbiology, the IMCAS is committed to the advancement of science and technology. During the last 40 years, it has attained a number of developmental achievements in molecular evolution, pathogenicity, and cross-species propagation, as well as antiviral fields which can be the initial force for industrialization process.
About Genesis Pharmaceuticals Enterprises
Genesis Pharmaceuticals Enterprises, Inc. is a U.S. public company engaged in the research, development, production, marketing and sales of pharmaceutical products in the People's Republic of China. Its operations are located in Northeast China in an Economic Development Zone in Laiyang City, Shandong province. Genesis is a major pharmaceutical company in China producing tablets, capsules, and granules for both western and Chinese herbal-based medical drugs. The Company maintains a representative office in the U.S. For more information, refer to http://www.Genesis-China.net
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to introduce, manufacture and distribute new drugs. Actual results may differ materially from predicted results, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's ability to obtain raw materials needed in manufacturing, the continuing employment of key employees, the failure risks inherent in testing any new drug, the possibility that regulatory approvals may be delayed or become unavailable, patent or licensing concerns that may include litigation, direct competition from other manufacturers and product obsolescence. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.