Xenomics sues Sequenom

Oct 29 2009

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.