Tuesday, June 16, 2009

Generex pulls in $11M in stock sale

By Mass High Tech staff

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Worcester-based Generex Biotechnology Corp. has completed a registered direct offering of 17.2 million shares of common stock at 64 cents per share to certain investors, resulting with net proceeds of $10.8 million.

The offering also included five-year warrants for investors to buy up to 8.6 million shares at 76 cents per share.

Generex officials said in a press release that the company expects to apply part of the $10.8 million to global regulatory development of its oral insulin spray, Generex Oral-lyn. Company president and CEO Anna Gluskin said Generex has raised more than $15 million total, which can be applied to its Phase 3 clinical trials of the insulin spray.

Generex (Nasdaq: GNBT) researches, develops and markets drug delivery systems. The company’s Oral-lyn product, now in Phase 3 clinical trials worldwide for the treatment of Type-1 and Type-2 diabetes, is being sold currently in India and Ecuador.