Genelabs Technologies Announces Sale of Equity in Taiwan-Based Biotechnology Company
REDWOOD CITY, Calif., January 29, 2007 /PRNewswire-FirstCall/ -- Genelabs Technologies, Inc. announced today that it has sold substantially all of its remaining equity in Genovate Biotechnology Co., Ltd. ("Genovate"), a leading Taiwan-based specialty pharmaceutical company formed by Genelabs in 1995. In the transaction, Genelabs sold 7.1 million shares of Genovate stock for 10.00 New Taiwan Dollars per share, before deducting fees and taxes, which is equivalent to approximately U.S. $2.17 million in gross proceeds.
Genelabs Technologies, Inc. is a biopharmaceutical company focused on the discovery and development of pharmaceutical products to improve human health. We have built drug discovery capabilities that can support various research and development projects. Genelabs is currently concentrating these capabilities on discovering novel compounds that selectively inhibit replication of the hepatitis C virus and advancing preclinical development of compounds from this hepatitis C virus drug discovery program, while also developing a late-stage product for lupus. We believe that these high-risk, potentially high reward programs focus our research and development expertise in areas where we have the opportunity to generate either first-in-class or best-in-class products that will address diseases for which current therapies are inadequate. For more information, please visit www.genelabs.com.
NOTE ON FORWARD LOOKING STATEMENTS AND RISKS: This press release contains forward-looking statements including statements on the objectives of our research programs. These forward-looking statements are based on Genelabs' current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from the statements made. Uncertainties and risks include, without limitation, Genelabs' capital requirements and history of operating losses and failures or delays in the hepatitis C or lupus programs. Please see the information appearing in the Genelabs' filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, under the captions "Risk Factors" and "Forward-Looking Statements" for more discussion regarding these uncertainties and risks and others associated with the company's research programs, early stage of development and other risks which may affect the company or cause actual results to differ from those included in the forward-looking statements. Genelabs does not undertake any obligation to update these forward-looking statements or risks to reflect events or circumstances after the date of this release.
Contact: James A. D. Smith, President and Chief Executive Officer, +1-650-562-1424.
CONTACT: James A. D. Smith, President and Chief Executive Officer,+1-650-562-1424
Web site: http://www.genelabs.com//
Ticker Symbol: (NASDAQ-NMS:GNLB)
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Posted: January 2007