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Print Edition StoriesWednesday, November 11, 2009
Generex Biotechnology granted extension for Nasdaq compliance
By Mass High Tech staff
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Worcester-based drug delivery technology company Generex Biotechnology Corp. has been granted extra time from the Nasdaq Stock Market to regain compliance.
The company, which makes drug delivery technology focused on absorption through the mouth’s inner lining, has an additional 180 days to boost the price of its common stock to $1 per share for at least 10 consecutive business days. Generex has until May 5, 2010, to regain compliance.
Generex (Nasdaq: GNBT) reported in September that it will raise $11.6 million through a private placement of the company’s common stock and warrants to buy more shares. It held a similar registered direct offering in June, selling 17.2 million shares of common stock at 64 cents per share to certain investors, resulting with net proceeds of $10.8 million. That offering also included five-year warrants for investors to buy up to 8.6 million shares at 76 cents per share.
Generex develops Oral-lyn oral insulin spray, currently in Phase 3 clinical trials in the U.S., and available in India, Algeria, Lebanon and Ecuador.
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