J.M. Dutton & Associates Announces Investment Opinion: CytoGenix Rating Maintained at Speculative Buy by Dutton & Associates.

EL DORADO HILLS, Calif. -- J.M. Dutton & Associates updates its initiating coverage of CytoGenix (OTCBB:CYGX) with its rating maintained at Speculative Buy and a price target of $1.00. The 20-page report by J.M. Dutton senior analyst Sherry Grisewood, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Multex, and other leading financial portals.

CytoGenix has developed a core technology platform that enables the control of gene expression. CytoGenix employs its technology platform, a single-stranded DNA (ssDNA) expression system, in the development of gene-based therapeutics based on gene silencing (blocking) and other gene-modification applications involving DNA and RNA-based oligonucleotides. The use of directed DNA-based oligonucleotide (oligodeoxynucleotide or ODN) technologies is a relatively new and promising discipline in the field of genomics. However, for all their promise, these technologies, especially those involving RNA, have proven difficult to develop into viable commercial products and have had only limited success in the clinic. Challenges facing developers of these technologies include RNA's inherent instability, immunogenicity, susceptibility to undesired enzymatic effects and difficulty in delivery. Because CytoGenix's technology controls gene expression from inside the cell, we believe the Company may be capable of developing therapeutic products that circumvent these problems. We also believe that CytoGenix is a technology leader among the handful of companies developing therapeutics around ODN technology. Although still at a very early stage and currently undercapitalized, we believe CytoGenix's current market value does not adequately represent the value of leadership position in ODN-based technology nor the progress the Company made during the past year. Therefore, we continue to rate the shares a Speculative Buy with a $1 price target.

About Dutton & Associates

Dutton & Associates is one of the largest independent investment research firms in the U.S. Its 25 senior analysts are primarily CFAs and have expertise in many industries. Dutton & Associates provides continuing analyst coverage of over 70 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $33,000 prepaid before commencement of our research activities. We received $47,000 from the Company for eight reports and requisite Research Notes commencing 7/17/2002, and do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.