NEW YORK--()--Xenomics, Inc. (Pink Sheets:XNOM.PK)(FWB:XE7) a developer of trans-renal molecular diagnostic technologies, announced today that it has filed a complaint against Sequenom, Inc. (Nasdaq: SQNM) in the Supreme Court of the State of New York alleging that Sequenom fraudulently misrepresented to Xenomics the status of its testing for Down Syndrome and based upon such conduct, Xenomics was induced to enter into a license agreement with Sequenom thereby giving up various valuable patent rights. In addition, Xenomics is alleging that Sequenom breached the license agreement entered into between the parties by fraudulently misrepresenting the status of Sequenom. Xenomics is seeking money damages together with punitive damages for Sequenom’s willful fraud in an amount not to exceed $300,000,000 as well as the termination of the license agreement between the parties. On September 28, 2009, Sequenom announced that the Federal Bureau of Investigation and U.S. Attorney’s office were investigating it with respect to its alleged successful Down Syndrome test.
About Xenomics, Inc. and TrovaGene, Inc.
The company has focused on the development of DNA and RNA-based tests using Trans-renal DNA (Tr-DNA) or RNA (Tr-RNA). Its patented technology uses safe and simple urine collection and can be applied to a broad range of applications, including tumor detection and monitoring, infectious disease detection, prenatal testing, tissue transplantation, genetic testing for forensic identity determination, drug development, and research to counter bioterrorism. Its TrovaGene, Inc. subsidiary was formed principally to provide a mechanism to change the company’s corporate domicile from Florida to Delaware and the company’s corporate name by statutory merger. The company’s founding scientists were the first to report that fragments of DNA from normal cell death cross the kidney barrier and can be detected in urine. The company believes that its technology will open significant new markets in the molecular diagnostics field. The company has been issued three U.S. patents covering different applications of the technology for molecular diagnostics and genetic testing and a European patent for the company's prenatal testing applications, as well as numerous pending patent applications.
Statements about the company's expectations, applications of its technology, markets, and other statements that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management's current beliefs, assumptions, estimates and projections. Actual results may differ materially from those projected in the forward-looking statements for various reasons, including risks associated with product development, government regulation, market acceptance, dependence on key personnel, obtaining financing and other factors.