Vensearch Capital Corp.

June 09, 2005 16:23 ET

Vensearch and Genetic Diagnostics Inc. Provide Patent Update

TORONTO, ONTARIO--(CCNMatthews - June 9, 2005) -

(Not for dissemination in the United States of America)

Vensearch Capital Corp. (TSX VENTURE:VNS.P) ("Vensearch" or the "Corporation") and Genetic Diagnostics Inc. ("Genetic Diagnostics"), the company that Vensearch has previously announced a proposed business combination with as its Qualifying Transaction (the "Business Combination"), have been informed by counsel for Ingeneus Corp. of the recent issuance of patents which are licensed to Genetic Diagnostics' subsidiary, GDI Technologies Inc.

In Canada, Patent CA2295333 issued covering in solution methods of detecting base sequence in a single stranded or double stranded target. The method involves the use of quenching fluorescent dyes and uncharged backbone or peptide nucleic acid, ("PNA"), probes.

In the United States, US Patents 6,878,815 and 6,900,300 have recently issued. These patents are of paramount importance to Genetic Diagnostics because they comprise composition claims covering specific three stranded and four stranded nucleic acid structures, respectively, such as those at the core of Genetic Diagnostics' licensed technology. US Patent 6,900,300 also comprises method claims covering uses of double stranded probes.

These patents are complemented by a number of issued US patents which occupy the intellectual property space to which Genetic Diagnostics has access. They are US Patent numbers: 6,656,692; 6,613,524; 6,420,115; 6,403,313; 6,265,170; 6,255,050; 6,251,591; 6,060,242; 6,046,004 and 5,846,729.

Additionally, three US patent applications have been allowed and will issue in due course. Two of them are published applications, numbered 20020123066 and 20030113716, respectively. The third application, "Triplex and Quadruplex Catalytic Hybridization" is also allowed, but has not yet been published by the US Patent Office. These patents constitute a rich resource of composition, method, reagent and equipment claims, which Genetic Diagnostics may employ to build its diagnostic business. The patents are supplemented by an array of trade marks and service marks which are made available to GDI Technologies Inc. by Ingeneus Corp. for use in connection with the licensed technology.

Genetic Diagnostics, based in Toronto, is a development stage DNA diagnostics company that has licensed and continues to further develop a revolutionary diagnostic platform that it intends to commercialize in Canada and the United States. For more information contact Stephen Johnston, the President of Genetic Diagnostics, at 416-360-3469 or go to

Vensearch Capital Corp. is a capital pool company listed on TSX Venture. For further information contact Jeffrey Dawson, the Chief Financial Officer of Vensearch at 1 877 932 8858.

As previously announced, completion of the Business Combination is subject to a number of conditions, including but not limited to, TSX Venture acceptance and shareholder approval of the Corporation. The Business Combination cannot close until the required shareholder approval is obtained. There can be no assurance that the Business Combination will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Information Circular of the Corporation to be released in connection with the Business Combination, any information released or received with respect to the Business Combination may not be accurate or complete and should not be relied upon. Trading in the securities of the Corporation should be considered highly speculative.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Factors that might cause a difference include, but are not limited to, market acceptance of principal products, the impact of competitive products and technologies, the possibility of products infringing patents and other intellectual property of fourth parties, and costs of product development. Vensearch will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Vensearch.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Business Combination and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Vensearch Capital Corp.
    Jeffrey Dawson
    Chief Financial Officer
    (877) 932-8858
    Genetic Diagnostics
    Stephen Johnston
    (416) 360-3469