Business Wire , 05/17/2002
CytoGenix Announces Introduction of Drug Target Validation Services for the Pharmaceutical Industry.
COPYRIGHT 2002 Business Wire
Business Editors/Health & Medical Writers HOUSTON--(BUSINESS WIRE)--May 17, 2002
CytoGenix Inc. (OTCBB:CYGX) announces the introduction of a new Drug Target Validation service geared to reducing drug discovery time and money. Using its proprietary single stranded DNA expression technology, CytoGenix offers results in weeks rather than months. The Company operates under GLP quality standards and guarantees customer satisfaction.
"We know that target validation is critical to the continued success of pharmaceutical companies. The market potential for target validations is significant. Our market research indicates that the industry is spending at least $500 million for these services currently," states Malcolm Skolnick, CytoGenix president and CEO. "We have structured our offering very simply as a contract service. There are no licensing fees, no milestone payments and no complex equity deals. We will down regulate genes of interest for a fee. And as with any other business, we expect to attain economies of scale in our labs as customers provide us with multiple projects."
Yin Chen, Ph.D., CytoGenix vice president of research and development, adds "Our expression system is very efficient and we have achieved ranges between 50-95% down-regulation of proteins. We are working towards improving this by optimizing our conditions and expanding applications to different cell lines."
CytoGenix Inc. is a Houston-based biopharmaceutical company that develops and markets innovative products and services based on its proprietary ssDNA expression technology. CytoGenix currently has one issued US patent and 36 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 Web site at www.cytogenix.com.
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