gdepc..The point that you miss is that CYGX wanted financing and tried over and over to get it. The failure has to be blamed on the CFO that's his job and he did not do it. Remember MS saying he would have finance in 30-60 days. I wonder who gave him that information. Remember this:
CytoGenix Engages Jesup & Lamont as Financial Advisor and Placement Agent
Houston, TX, (June 29, 2004) Cytogenix, Inc. (OTCBB: CYGX)
CytoGenix, Inc. (OTCBB: CYGX) announced today that it has engaged the services of Jesup & Lamont Securities Corp., New York, New York, as exclusive financial advisor and placement agent for the purpose of raising equity capital to support the Company's on-going product development efforts.
CytoGenix is conducting pre-clinical product development studies preliminary to filing for Investigational New Drug Applications before the Food and Drug Administration for the Company's lead compounds against bacterial infections, sepsis and herpes.
The Company also expects to use a portion of funds to build a DNA manufacturing facility. Frank Vazquez, Chief Operations Officer of CytoGenix explained, "As we approach clinical trials for our products, our need for clinical grade DNA will expand. It will be more cost effective for us to produce the necessary quantities ourselves rather than purchase needed supplies in the market. We also expect to utilize excess capacity to service the growing DNA market."
Malcolm Skolnick, President and CEO of CytoGenix stated, "We are pleased that our Company's progress has enabled us to secure the assistance of an investment banking firm with Jesup & Lamont's experience and expertise. These funds will be used to accelerate product development and clinical trials required by the FDA so that we may market our DNA therapeutic compounds."
Established in 1877 and headquartered in New York City, Jesup & Lamont is a full service brokerage and investment banking firm providing institutional sales and trading services, equity research, and financial advisory services in connection with a broad range of corporate finance matters.
CytoGenix, Inc. is a biopharmaceutical company that develops and markets innovative products and services based on its proprietary DNA expression technology. CytoGenix has products in pre-clinical development including, anti-herpes, anti-psoriasis and anti-inflammatory topical creams. The company owns a US patent for its core DNA expression technology and has 40 international or US pending patent applications.
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