With a high-profile new backer on board Genesis Research is about to get back to business – even if that means shifting its focus.

Investors represented by the May Wang-owned UBNZ Funds Management –the same Chinese company seeking to buy Allan Crafar’s farms – bought more than seven million shares at 6c in the struggling biotech company. 

Genesis announced last month it was suspending operations in New Zealand because of a lack of funding, but UBNZ’s 16.3% stake in the company has given it a new lease of life.

Genesis chief executive Stephen Hall says the cash injection will revitalize the company’s operations.   

Mr Hall says the company is reviewing the possibility of dairy industry product development and research contracts.