Klage gegen CytoGenix von 500 MIO Dollar wurde abgeschmettert
| CYGX (OTCBB) |
Court Rules in Favor of CytoGenix in $500 Million Breach of Contract Suit
TUESDAY , DECEMBER 20, 2005 04:02 PM
HOUSTON, Dec 20, 2005 (BUSINESS WIRE) -- CytoGenix, Inc. (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
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.
SOURCE: CytoGenix, Inc.
Juan Ferreira, 800-677-5707
Hier mehr dazu
http://www.wallstreet-online.de/ws/community/...id=1027878&offset=&
