CytoGenix Veteran to Charter Independent Technology Commercialization Corporation.
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 and human resources during the transition period.
CEO, 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) therapies, including Triplex, antisense and enzymatic synthesis. These therapies result from introducing single strands of complimentary DNA (cDNA) into targeted cells so that they intercept and disable the messenger RNA (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: 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.