Generex pulls in $11M in stock sale

By Mass High Tech staff

Video Gallery

MHT's Galen Moore: New 'hyperlocal' web trend

MHT's Marc Songini: Technology to keep seniors healthy

MHT's Efrain Viscarolasaga: How social networking is changing business

Post-buyout, Atrium Medical plans new site [February 10, 2012]

Zalicus, Hydra team up on pain treatment [February 10, 2012]

Ironwood stock offering aims for $80M [February 10, 2012]

iRobot share price falls 33 percent on defense outlook [February 9, 2012]

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.

Comments

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.