NEW YORK -- Genesis Bioventures Inc. today announced that the U.S. Patent and Trademark Office has issued a notice of allowance for the Rapid Prion-Detection Assay developed by Prion Developmental Laboratories.

The patent for the Rapid Prion-Detection Assay protects this method of testing for all transmissible spongiform encephalopathies (TSEs) in animals and humans. PDL, a portfolio company of Genesis Bioventures, has already received USDA approval for its chronic wasting disease assay and is currently focusing on rapid diagnostic tests for bovine spongiform encephalopathy (mad cow disease) and other animal TSEs.

"This is a pivotal patent for the industry and for consumers as it clears the path for producers and meat packers in the United States to economically test all beef produced for consumption and to ensure that exported beef is free from the infectious agent that causes mad cow disease," said Robert Petersen, CEO of PDL. "We believe this is a critically important development that can have substantial economic benefit to the $98 billion U.S. beef industry by enabling regimens to test every animal before the animal is processed and shipped to food stores or exported to foreign nations."

Richard Rubenstein, PDL's chief scientific officer said, "This is a milestone event for PDL and our entire team. This patent further validates the science behind our effort to supply a simple, cost-effective solution to protect the human food supply against mad cow disease and other forms of TSEs. We believe our technology has the potential to become a world leader in numerous commercialized tests for TSEs in the near future."

Prion Developmental Laboratories is a leading biotechnology company that researches, develops and produces advanced diagnostic and food safety monitoring tests for human and animal diseases caused by prions. Genesis Bioventures Inc. has a significant investment in PDL.

Genesis Bioventures Inc. is a biomedical development corporation focusing on the development and marketing of novel diagnostics and therapeutics in oncology and neurodegenerative diseases.

SOURCE: Genesis Bioventures Inc. via PR Newswire.