GNBT - Generex Biotechnology
Provides a Summary of Its Investor Conference Call Held on July 25,
2019
- Filing up-list application to Nasdaq
- Details on 1:1 Shareholder stock dividend
- Spin-out of NuGenerex Immuno-Oncology as a separately-traded
public company
- Merger of NGIO with Kiromic
- Payoff of notes
- Recording available at www.generex.com
MIRAMAR, FL -- July 26, 2019 -- InvestorsHub NewsWire -- Generex
Biotechnology Corporation (www.generex.com) (GNBT)
today provided a summary of the investor conference call held
yesterday, July 25, 2019 at 4:00 pm during which Joseph Moscato,
Generex President & Chief Executive Officer updated investors
on the company’s plans for the GNBT up-list and the previously
declared 1:1 share dividend. He also provided guidance on the
proposed timing for the NuGenerex Immuno-Oncology (NGIO) spinout
and subsequent planned merger with Kiromic.
Mr. Moscato stated: “Many thanks to our shareholders and
interested parties for calling in yesterday to hear about our
progress in achieving stage 3 of our plan to bring Generex back to
the Nasdaq. For those who could not join the call, I am providing
this summary. The full recording of the call is now available on
our corporate web site, and the transcript will be available early
next week.”
“First, I am happy to report that Generex has paid the Nasdaq
up-list application fee, and we expect the review process to take
30 to 60 days. As announced, we have worked with Donahoe Associates
on our up-list application, and we will keep our shareholders
apprised of our progress. Following a successful up-list of GNBT to
the Nasdaq national market, the 1:1 share dividend will be paid the
following day, with the ex-date two days following payment of the
dividend. Note that the record date for the dividend was July 24,
2019, so anyone who held shares on that date is eligible for the
dividend. If anyone sells shares between the record date and the
ex-date, the purchaser of the shares is entitled to the dividend.
The Company will provide further guidance on the treatment of the
dividend shares through a future press release.”
“As a reminder, Generex renamed its wholly-owned cancer
subsidiary Antigen Express as NuGenerex Immuno-Oncology (NGIO),
which we plan to build into a multi-platform cancer immunotherapy
company. Generex has identified a public company into which we plan
to merge NGIO and launch a new research effort to expand the
oncology indications and applications for AE37 to complement our
research partnership agreement with Merck to study the combination
of AE37 in combination with Merck’s checkpoint inhibitor,
Ketruda® (pembrolizumab) for the treatment of
triple negative breast cancer; the trial is currently screening
patients for enrollment. Additionally, NGIO is working with our
licensing partner Shenzhen Bioscien, a Chinese biopharmaceutical
company, to develop AE37 for the treatment of prostate cancer.
Under terms of the agreement, Shenzhen is to pay for the commercial
development of AE37, conducting clinical trials in the EU and in
China under ICH guidelines. Shenzhen holds the exclusive license
for the use of AE37 for the treatment of prostate cancer only in
China; Generex retains rights to the clinical data as well as
global market rights for AE37 in the prostate cancer market outside
of China.”
“On February 25, 2019 Generex paid a dividend in our new cancer
company, whereby Generex shareholders received 1 share of NGIO for
every 4 shares of GNBT. Those shares are now book-shared with
Generex’s transfer agent, which is holding them in GNBT
shareholders accounts; the shares will have value once we take NGIO
public. The Company is working with the auditors and legal to
coordinate the documentation, applications, and regulatory filings
necessary for the spin-out. We are planning to execute the NGIO
spin-out in the next 60 to 90 days and we will inform shareholders
as we proceed through the process.”
Once the spin-out is accomplished, we plan to finalize a merger
agreement with Kiromic, a clinical-stage immuno-oncology company
with multiple, patented proprietary platforms, including CAR-T, CAR
NK, an oral vaccine delivery system, and DIAMOND AI, an artificial
intelligence system with a multifaceted predictive algorithm.
Kiromic was granted the last orphan indication for ovarian cancer
by FDA. In addition to advancing the ovarian cancer program, NGIO
plans to advance Kiromic’s proprietary CAR-T and CAR NK
technologies into proof of concept clinical trials.”
“Finally, I am happy to announce that we have paid off two note
holders and will pay off the third noteholder early next week to
clean up the balance sheet and add further value that will be a
benefit for our up-list application to Nasdaq.”
In closing, Generex is nearing the final steps in our
three-stage plan to return the Company to Nasdaq, and we are proud
to have returned value to our loyal shareholders. We plan to
continue executing our plan to build a new Generex that provides
end to end solutions for physicians and patients. As always, if
shareholders have questions or comments, please feel free to
contact me.”
About Generex Biotechnology Corp.
Generex Biotechnology is an integrated healthcare holding company
with end-to-end solutions for patient centric care from rapid
diagnosis through delivery of personalized therapies. Generex is
building a new kind of healthcare company that extends beyond
traditional models providing support to physicians in an MSO
network, and ongoing relationships with patients to improve the
patient experience and access to optimal care.
In addition to advancing a legacy portfolio of immune-oncology
assets, medical devices, and diagnostics, the Company is focused on
an acquisition strategy of strategic businesses that complement
existing assets and provide immediate sources of revenue and
working capital. Recent acquisitions include a management services
organization, a network of pharmacies, clinical laboratory, and
medical device companies with new and approved products.
Our newly formed, wholly-owned subsidiary, NuGenerex
Distribution Solutions (NDS), integrates our MSO network with a
pharmacy network, clinical diagnostic lab, durable medical
equipment company (DME-IQ) and dedicated call center.
About Olaregen Therapeutics
Olaregen Therapeutix, Inc. is a regenerative medicine company
focused on the development, manufacturing and commercialization of
products that fill unmet needs in the current wound care market.
Generex aims to provide advanced healing solutions that
substantially improve medical outcomes while lowering the overall
cost of care. Olaregen's first product
introduction, Excellagen (flowable dermal
matrix) is a topically applied product for dermal wounds and other
indications. Excellagen is a FDA 510K cleared
device for a broad array of dermal wounds, including partial and
full thickness wounds, pressure ulcers, venous ulcers, diabetic
ulcers, chronic vascular ulcers, tunneled/undermined wounds,
surgical wounds (donor sites/ grafts, post-Mohs surgery, post-laser
surgery, podiatric, wound dehiscence), trauma wounds (abrasions,
lacerations, second-degree burns and skin tears) and draining
wounds, enabling Olaregen to
market Excellagen in multiple vertical markets.
Additionally, Excellagen can serve as an
Enabling Delivery Platform for pluripotent stem cells,
antimicrobial agents, small molecule drugs, DNA-Based Biologics,
conditioned cell media and peptides. Olaregen's initial focus will
be in advanced wound care including diabetic foot ulcers (DFU),
venous leg ulcers and pressure ulcers. Future products focusing on
innovative therapies in bone and joint regeneration comprise the
current pipeline. Generex's mission is to become a significant
force in regenerative medicine and advance the science of
healing.
About our Service-Disabled Veteran-Owned Small Business
(SDVOSB)
This a Service-Disabled Veteran-Owned Small Business (SDVOSB) that
specializes in the sale, marketing, and distribution of innovative
medical products through a nationwide network of veteran owned
distribution services.
About Pantheon Medical
Pantheon Medical is a manufacturer of a physician friendly,
“all-in-one”, integrated kit that includes plates, screws, and
tools required for orthopedic surgeons and podiatrists conducting
foot and ankle surgeries. Generex is developing and submitting
several new product lines to the FDA which will include cannulated
surgical screws, plates, and implants.
About MediSource Partners
MediSource Partners is a 10-year-old private company, currently
contracted with over 25 vendors (including Pantheon Medical) for
nationwide distribution of implants and devices for spine, hips,
knees, foot, ankle, hand, and wrist surgeries. Additional product
lines include biologics (blood, bone, tissue, stem cells), durable
medical equipment, and soft goods. Generex also supplies kits to
process bone marrow aspirates and platelet rich plasma biologics at
the time of surgery.
Cautionary Note Regarding Forward-Looking
Statements
This release and oral statements made from time to time by
Generex representatives in respect of the same subject matter may
contain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
can be identified by introductory words such as "expects," "plan,"
"believes," "will," "achieve," "anticipate," "would," "should,"
"subject to" or words of similar meaning, and by the fact that they
do not relate strictly to historical or current facts.
Forward-looking statements frequently are used in discussing
potential product applications, potential collaborations, product
development activities, clinical studies, regulatory submissions
and approvals, and similar operating matters. Many factors may
cause actual results to differ from forward-looking statements,
including inaccurate assumptions and a broad variety of risks and
uncertainties, some of which are known and others of which are not.
Known risks and uncertainties include those identified from time to
time in the reports filed by Generex with the Securities and
Exchange Commission, which should be considered together with any
forward-looking statement. No forward-looking statement is a
guarantee of future results or events, and one should avoid placing
undue reliance on such statements. Generex undertakes no obligation
to update publicly any forward-looking statements, whether as a
result of new information, future events or otherwise.
Generex claims the protection of the safe harbor for
forward-looking statements that is contained in the Private
Securities Litigation Reform Act.
Generex Contact:
Generex Biotechnology Corporation
Joseph Moscato
646-599-6222
Todd Falls
1-800-391-6755 Extension 222
investor@generex.com
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