January 20, 2004 13:04:00 (ET)
NEW YORK, NY, Jan 20, 2004 /PRNewswire-FirstCall via COMTEX/ -- Genesis Bioventures, Inc. (GBI, Trade), today announced recent updates from information supplied by its portfolio company, Prion Developmental Laboratories (PDL). PDL has notified the Company that it is in the final stages of validation approval for its Chronic Wasting Disease (CWD) strip test.
CWD is similar to Mad Cow Disease, formally known as Bovine Spongiform Encephalopathy (BSE), but affects deer and elk. The risk of transmission to humans and agriculturally important livestock animals such as cattle is unknown at this time but is cause for serious concern.
The patents pending PDL strip test was utilized by PDL scientists who participated in the testing of deer and elk during the past hunting season in conjunction with the State of Wisconsin Veterinary Diagnostics Laboratory and Wyoming State Diagnostics Laboratory. The CWD Antigen Test Kit is a qualitative test for the detection of the unique identifier of CWD, the pathogenic form of the prion protein, PrPsc. Results from this testing provided positive predictive accuracy greater than 99% and negative predictive accuracy of greater than 96%. The simple, inexpensive test would be practical for use at field testing stations as well as in laboratories. PDL has fulfilled all of the necessary requirements for the validation process and is currently awaiting final conclusions for approval from the United States Department of Agriculture.
Scientists from PDL are in the United Kingdom this week meeting with researchers at the Central Veterinary Laboratory, Weybridge to present the PDL BSE strip test for examination. "Weybridge" as it is known worldwide, first opened in 1917 and is well respected for its veterinary research. The laboratory has conducted extensive research on BSE and instituted a program to specifically investigate the clinical signs, diagnostic methods, pathology, pathogenesis and epidemiology of BSE and the transmission characteristics of the BSE agent in farm animals. This is the third meeting between PDL and Weybridge scientists in the past four months.
Mad Cow Disease and CWD are in the same family of diseases known as transmissible spongiform encephalopathies and share the same characteristics. Although cases of CWD have been documented in the US since 1967, it is only in recent years that an alarming number of animals have been infected in specific areas of the US and Canada. Based on a study by a Colorado State University, the economic impact of CWD could potentially cost the United States $100 billion every year across the country, with rural regions that depend on hunting, wildlife watching and game farms hit the hardest.
Mad Cow Disease has only become a major concern in North America after the discovery of one infected cow in both Canada and the United States last year. The impact of these findings is costing the North American cattle industry millions of dollars daily due to the ban imposed by dozens of countries on the importation of North American beef.
E. Greg McCartney, Chairman and CEO of GBI, stated, "PDL's strip test for CWD is positioned to lead the way in assuring the public that the deer and elk meat it is consuming is safe. Results can be achieved easily and accurately in both laboratories and in the field. The principles of the CWD and BSE tests developed by PDL are the same and we are anticipating positive conclusions from the advancements of both tests."
About Prion Developmental Laboratories
PDL is a private company that was specifically formed to develop a rapid and inexpensive diagnostic test to detect TSE's in animals and to screen human blood and tissue supplies for the presence of prion diseases. Efoora, Inc. (Efoora), a private company located in Buffalo Grove, Illinois owns majority interest in PDL. Genesis Bioventures, Inc. (GBI), the second largest shareholder, owns 33% equity interest.
About Genesis Bioventures
Genesis Bioventures, Inc. (GBI) is a biomedical development corporation focusing on the development and marketing of novel diagnostics and therapeutics. The Company's wholly owned subsidiary, Biomedical Diagnostics, LLC, specializes in the development of cancer diagnostics and recently introduced the MSA as a screen for breast cancer risk. In addition, the Company has equity interest in Prion Developmental Laboratories, Inc., which specializes in the development of diagnostic tests to detect prion disease in cattle, deer, sheep and elk as well as in human blood.
"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.
