Houston, TX, (December 20, 2005) Cytogenix, Inc. (CYGX.OB)
Houston, (December 20, 2005) CytoGenix, Inc. (CYGX.OB) announced today that a suit brought by the US Virgin Island firm of Phanuel Pursuits, L.L.C. against Cytogenix, Inc., the officers and one director has been vacated and dismissed by the District Court of Harris County, Texas 334th Judicial District.
The Court granted summary judgment motions in favor of Cytogenix and against Phanuel Pursuit's cause of action. The Court also found no evidence to support Phanuel Pursuit's allegations and dismissed claims against the individual officers and director. Phanuel Pursuits was demanding damages in excess of $500 million claiming breach of option contracts calling for Phanuel Pursuits to obtain regulatory approval for the distribution of Cytogenix' herpes product in India and in China.
Dr. Malcolm Skolnick, CytoGenix, Inc.'s President and CEO commented, "We are pleased to put this suit behind us. We welcome the opportunity to devote our full attention to advancing our science, developing our products and running our business".
About CytoGenix: CytoGenix, Inc. is a Houston-based biopharmaceutical company that develops and markets innovative products and services based on its proprietary ssDNA _expression technology. The company has developed a breakthrough synthetic process for large-scale production of high purity DNA at a fraction of the cost of traditional fermentation methods. CytoGenix currently has one issued US patent and 41 international or US pending patent applications claiming methods and materials in connection with this platform technology.
SAFE HARBOR: Except for statements of historical fact, the statements in this press release are forward-looking. Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to, general economic conditions, risks associated with the acceptance of new products, competition, and other factors more fully detailed in the company's filings with the Securities and Exchange Commission.
Additional information about CytoGenix and its technology can be found on the website at www.cytogenix.com.
Contact: CytoGenix, Inc., Communications Director - Juan Ferreira, (800) 677-5707
