CytoGenix Veteran to Charter Independent Technology Commercialization Corporation.
Business Editors & Health/Medical Writers
HOUSTON--(BUSINESS WIRE)--Feb. 12, 2002
CytoGenix Inc. (CYGX) announced today that Executive Vice President and Chairman of the Board of Directors, Dell Gibson, has resigned his office and board seat in order to form an independent company to commercialize the CYGX expression technology in veterinary products for companion animals. Gibson will remain with CYGX and continue to handle press relations, investor relations Investor relations
The process by which the corporation communicates with its investors. and human resources during the transition period.
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. , Dr. Malcolm Skolnick explains, "CytoGenix is fundamentally a research and development company. The breadth of the applications of our platform technology makes assigning priorities for commercialization a formidable task. Recent validations of the efficacy of the CYGX expression systems and the absence of deleterious effects in toxicological animal tests of topical formulations that we have developed support the decision to move ahead promptly to commercialize selected applications."
The products to be developed by the new companies are in the category of oligo mediated intervention (OMI (1) See Open Market.
(2) (Open Microprocessor Initiative, Brussels, Belgium) An organization that functions under the umbrella of the European Commission. It funds projects that research and develop advanced microcontroller technologies. ) therapies, including Triplex triplex /tri·plex/ (tri´pleks) triple or threefold.
triple or threefold. , antisense antisense, DNA or RNA manipulated in a laboratory so that its components (nucleotides) form a complementary copy of normal, or "sense," messenger RNA (mRNA; see nucleic acid). and enzymatic synthesis. These therapies result from introducing single strands of complimentary DNA DNA: see nucleic acid.
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. (cDNA) into targeted cells so that they intercept and disable the messenger RNA mes·sen·ger RNA
See mRNA. (mRNA) that induces the production of disease causing proteins.
Gibson explains, "There are numerous disease states that are expected to respond to OMI therapy in all classes of mammals. The companion animal grouping -- horses, dogs, cats and other household pets -- is a natural place to begin developing commercial products."
Skolnick noted that Mr. Gibson is the most senior member of the original CYGX management team having joined the company when it started operations in January 1996. "Mr. Gibson's participation and leadership from the beginning of the Company have been major contributions to CytoGenix's growth and development. We look forward to working closely with Mr. Gibson and the new endeavor," said Skolnick.
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. For information, call 281/988-6118.