Innovation in New Zealand

Here's a nice announcements from one of New Zealand's biotechs:

Genesis Research and Development Corporation Ltd (NZSX/ASX: GEN) today reported a cash balance at 30 June 2011 of $178,000 (31 December 2010: $338,000) and a Net Loss for the period of $148,000 (30 June 2010: Net Loss $511,000).

The net loss was substantially reduced following the termination of all staff. Costs include stock exchange and share registry fees, insurance, legal and other corporate costs.

In other words, it's just a shell with just another 6 months to run (HT one of my non-academic colleagues, who pointed this one out to me while swapping share market trading stories, I trade as well, for the record). But of course we need to train more scientists and engineers, yadda, yadda, yadda.... Why the NZX doesn't put this out of its misery is a mystery to me.