capital raising, page-3

genelabs REDWOOD CITY, Calif. – April 21, 2004 – Genelabs Technologies, Inc. (Nasdaq:GNLB) today announced that it has completed the sale of its diagnostics business to MP Biomedicals, LLC. In the transaction, Genelabs sold all of the outstanding common and preferred stock of Genelabs Asia Pte. Ltd. (GLA) to MP Biomedicals. Prior to the sale, GLA, the parent company of Genelabs Diagnostics Pte. Ltd. (GLD), was a wholly-owned subsidiary of Genelabs Technologies. GLD is a Singapore-based company that develops, manufactures, and markets diagnostics products primarily in Europe and Asia.

“The divestment of our diagnostics operations reinforces our intention to maintain a sharp focus on our core drug discovery and development operations,” stated James A.D. Smith, president and chief executive officer. “The sale also provides additional operating cash for these core operations, which include Prestara™, our investigational drug for lupus, and our efforts to discover new treatments for infection with the hepatitis C virus. At the same time, we have provided MP Biomedicals with a new business opportunity. I would like to thank the employees of GLD for their dedication over the years, and wish future success to the GLD staff and to the new owners.”

Genelabs Technologies, Inc. is a biopharmaceutical company pioneering the discovery and development of novel pharmaceutical products to improve human health. We are concentrating our clinical development capabilities on Prestara™, an investigational drug for women with systemic lupus erythematosus and have received an approvable letter for our Prestara New Drug Application from the U.S. Food and Drug Administration. We are concentrating our drug discovery capabilities on novel antiviral compounds for treatment of hepatitis C virus infections.

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Is that why is has taken so long for SLT to negotiate with Genelab for the sale of the Hep E and Hep A diagnostic kits??

NoW GLD has been sold, can we soon see an announcement on the Hep E and Hep A deal for SLT??

Elimbah