A biotechnology company has decided to leave New Zealand and suspend its operations in the country after the company lost nine scientists from its ranks recently. Genesis CEO Stephen Hill termed that biotech business was full of risks and the global crisis had made it very difficult to raise funding for research purposes.

The company's ongoing projects needed a lot of fund infusion and were still in the early stages of development. A Japanese investor in this project was contemplating about investing more funds in the project. A source informed that future research and development may take place at another location.

Hill felt that the investors in New Zealand were not excited in the research and were not willing to support a long term research project. He stressed that investors in other locations such as US were more mature and understood the rewards and risks associated with research in a better manner.

The assets, royalty rights and equity interests of the company will be transferred to another organization. The shareholders of the company would receive shares in the other company while continuing to hold share in the current company.

These changes needed share holder approval and then the assets could be sold off at the right time. Genesis Research had reported a loss of $1.2 million in 2009 which was much better than a loss of $7.5 million in the year 2008.