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Generex Receives $11 Million in Warrant Exercises
Posted on 2006-02-28 08:47:00
Generex Biotechnology Corporation announced today that it has received an aggregate of $11 million as a result of the exercise by existing company investors of previously issued warrants. The receipt of these funds has put the company's cash-on-hand at more than $31 million, its strongest cash position in more than four years.
"We are very pleased to have achieved such a strong cash position," said Anna Gluskin, the company's President & Chief Executive Officer. "The availability of such significant funding puts us in a very good position to continue our global endeavors to commercialize Generex Oral-lyn, our proprietary oral insulin product, and the work of our Antigen Express subsidiary on its proprietary novel synthetic peptide vaccine programs for avian influenza and breast cancer."
Generex is engaged in the research and development of drug delivery systems and technologies. Generex has developed a proprietary platform technology for the delivery of drugs into the human body through the oral cavity (with no deposit in the lungs). The company's proprietary liquid formulations allow drugs typically administered by injection to be absorbed into the body by the lining of the inner mouth using the company's proprietary RapidMist device. The company's flagship product, oral insulin (Oral-lyn), which has been approved for commercial sale in Ecuador for the treatment of patients with Type-1 and Type-2 diabetes, is in various stages of clinical trials around the world. Antigen Express is a wholly owned subsidiary of Generex. The core platform technologies of Antigen Express comprise immunotherapeutics for the treatment of malignant, infectious, allergic, and autoimmune diseases.
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