Genesis Bioventures Announces Agreement to Manufacture Mad Cow Disease Rapid Assay Test Kits
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."
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