The following shareholder update (dated May 24, 2000) appears on the company's website: cytogenix.com
The SEC Saga Continues?
We have so far filed five amendments to our original 10SB, but have yet to
completely satisfy the SEC examiners. It begins to seem that each answer
we provide provokes two new questions.
We take only a little comfort in the fact that we are not alone? the SEC is
badly backed up trying to respond to thousands of filings and amendments
from companies of all types, most of which are dealing with technologies and
structures that everyone understands. As a leading edge biotech, we have a
particular challenge in presenting the specialized nature of genetics and
molecular biology in language that is familiar and understandable to people
whose daily focus is financial data.
Knowledge of other companies? experience and our own persuades us that it
is futile to try to predict how long the process will take, but the fundamentals
of CytoGenix are unchanged. We continue to plow new ground, plant the
seeds, and cultivate the newest technologies, confident of the long-term
rewards for those who persevere. We are conducting experiments in our own
laboratories and have initiated two new sponsored research programs at a
local research institution. The ultimate value of the TroVec technology is in no
way diminished by the current compliance challenge. It is time consuming,
frustrating, aggravating, and expensive. It is also unavoidable in today?s
complex regulatory environment.
We appreciate the assurances, comments, and concerns of our shareholders
as expressed in your calls and emails. Feel free to contact us at any time,
but be assured that any updates and news of progress will be promptly
posted on the website then be the subject of an appropriate press release.
In the interim, we suggest that anyone wishing to trade our stock consider
E-trade. E-trade will execute limit orders (most online brokers won?t) and they
promptly quote the most recent transaction along with high, low and volumes. |
