Wednesday, January 25, 2012

Insulin spray maker Generex pulls in $3.55M in loans

By Michelle Lang

Generex Biotechnology Corp., of both Worcester and Toronto, is getting a boost of about $3.55 million U.S. dollars (CA $3.6M) through two loans expected to support its redevelopment plans, the company said in a news release today.

The two one-year term loans are secured by Generex’ real estate. The first loan, which closed Thursday, amounts to about $2.47 million U.S. dollars (CA $2.5M). The second, expected to close on Jan. 30, amounts to a total of $1.09 million U.S. dollars (CA $1.1M).

Generex (OTCBB: GNBT) did not disclose the details of its redevelopment plans mentioned by company president and CEO Mark Fletcher in the release.

The company makes Oral-lyn buccal insulin spray, a drug candidate that treats diabetes with a spray mist. Company officials hope it will replace current insulin injections during meals.

Last June, Generex terminated a plan to acquire Kansas company Global Medical Direct Inc., a buyout that had been approved by both companies.

Generex announced a plan to spin out Worcester-based Antigen Express Inc. last March, valuing the business at more than $300 million.


 

Editor's note: Generex announced a plan last March to spin out Antigen Express. It has not yet done so.