Houston, TX (4 September, 2007) CytoGenix, Inc. (CYGX.OB)
Litigation was initiated in March 2004 over the validity of license agreements between CytoGenix (licensor) and William Waldroff (licensee) for use of CytoGenix ssDNA expression technology in shrimp and horse therapeutic applications. Applied Veterinary Genomics, Inc. (AVGI), as sublicensee, was a third party in this action. A jury trial held in February 2005 resulted in entry of a judgment against CytoGenix requiring performance on the contracts and payment of attorney fees. CytoGenix subsequently appealed this decision and in December 2006 the Texas 1st Court of Appeals reversed the trial court's judgment, finding no need for CytoGenix to perform on the contracts and no need for either party to pay the opposing party's attorney fees. Waldroff and AVGI filed a motion for a rehearing; CytoGenix filed a timely response to that motion. On March 3, 2007, the Court of Appeals denied Waldroff/AVGI's Motion for Rehearing. Waldroff/AVGI filed a petition for review before the Supreme Court of Texas. The high court subsequently dismissed that petition on June 15, 2007. The 1st Court of Appeals issued a Mandate on August 31, 2007 finalizing and formally dismissing the matter. CytoGenix expects to recover the bond posted for the appeal in due course.
Media Contact: Greg Taylor (713) 789-0070
