Business Wire - November 20, 2001
Under the terms of the agreement, Biosystems and Logizan will co-sponsor a clinical trial of the product in China. Upon successful completion of these trials, Biosystems will be the exclusive distributor for the product in mainland China, Hong Kong and Taiwan.
Hepatitis B is a potentially fatal liver disease. Approximately 350-400 million people around the world are long-term carriers of the virus, one-third of whom may be expected to develop serious progressive liver disease. Seventy-five percent of the world's hepatitis B virus carriers live in Asia and the Western Pacific. According to World Health Organization, Hepatitis B affects at least 20% of the general populations of some regions of China.
Dr. James Wang, CEO and President of Genesis commented, "We are excited about the possibility of introducing a herbal product to the millions of people in China, Hong Kong and Taiwan infected with Hepatitis B. Although individual patient testimonies have shown promising results utilizing this herbal formula for the treatment of viral Hepatitis, a clinical trial has not been conducted. Once product testing in a clinical setting in Shanghai, China is completed and the effectiveness is verified, we will be able to offer a treatment that is much less expensive than traditional pharmaceutical preparations. Ultimately this means that we can distribute the product to larger numbers of people."
About Genesis Technology Group, Inc.
The mission of Genesis Technology Group, Inc. is to accelerate the success of technology companies by acquisition and development. The Company develops, invests in, and operates technology related companies in the US, China, Taiwan, Hong Kong and Singapore. The Company strategy includes the internal development and operation of subsidiaries within the Company corporate family, as well as investment in other technology companies directly, and through other venture capital arrangements. The Company strategy also envisions and promotes opportunities for synergistic business relationships among all of the companies within its family. For more information on the company, please visit http://www.genesis-technology.net.
About Biosystems Technologies, Inc.
Biosystems Technologies, Inc. is engaged in the commercialization, marketing and distribution of biomedical products and technologies used to diagnose and treat HIV/AIDS, cancer and other immune-related diseases. Biosystems Technologies seeks to harness the latest scientific discoveries to commercialize and market the potential of proprietary technologies that will form the basis of a range of new and potentially effective treatments for a variety of diseases. The company's Web site is available at http://www.biosystems-technologies.com.
This announcement contains forward-looking statements that involve risks and uncertainties, including those relating to the company's ability to grow its business and in particular to operating a biotechnology company, which may involve additional regulatory approvals and procedures. In addition, the company must verify the effectiveness of any products prior to offering them the public. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the company's limited operating history, the limited financial resources, domestic or global economic conditions, activities of competitors, the presence of new or additional competition, and changes in Federal or State laws and conditions of equity markets. 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 Securities & Exchange Commission.
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