MONMOUTH JUNCTION, N.J.--(BUSINESS WIRE)--Xenomics, Inc. (the “Company”) (XNOM.PK) announced that at a meeting of the Board of Directors (the “Board”) of the Company held on October 2, 2008, the Board advised Dr. Gianluigi Longinotti-Buitoni, the Company’s Chairman, that it will exercise its put option, to the maximum amount, under the Warrant and Put Option Agreement, originally dated as of November 30, 2006, as amended (the “Agreement”), between the Company and Dr. Longinotti-Buitoni. Under the Agreement, the Company is requiring Dr. Longinotti-Buitoni to invest up to $1,000,000 in the Company for the purchase of up to 1,818,181 units, each unit consisting of one share of the Company’s common stock and one warrant, at a purchase price of $0.55 per unit. Each warrant is exercisable to purchase one share of the Company’s common stock at a price of $0.70 per share and expires in November 2012. The purchase of the units by Dr. Longinotti-Buitoni under the terms of the Agreement is not assured as Dr. Longinotti-Buitoni has indicated that he will reply to the Company’s put notice by the end of this week.
