Court Rules in Favor of CytoGenix in $500 Million Breach of Contract Suit.HOUSTON -- CytoGenix, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CYGX) 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 Harris County is a county located in the U.S. state of Texas within the Houston–Sugar Land–Baytown metropolitan area. As of 2000 U.S. Census, the county had a population of 3.4 million (though a 2006 estimate placed the population at nearly 3. 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 Herpes Any virus of the herpesvirus group, which comprises a family of 70 species, 5 of which are pathogenic to humans; the term also refers to any infection caused by these viruses. product in India and in China. Dr. Malcolm Skolnick, CytoGenix, Inc.'s President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , 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 DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. at a fraction of the cost of traditional fermentation fermentation, process by which the living cell is able to obtain energy through the breakdown of glucose and other simple sugar molecules without requiring oxygen. Fermentation is achieved by somewhat different chemical sequences in different species of organisms. 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. : 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. |
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