Generex Biotechnology Announces Agenda for Shareholder Conference Call on Wednesday August 26th, 2020 at 9:30 AM
- $20 Million Memorandum of Understanding completed with an investor for a strategic upmarket transaction
- $10 Million financing proposal in the same MOU for the acquisition of infectious disease and cancer diagnostics company awaiting EUA approval from FDA for COVID-19 rapid diagnostic assay system
- ALTuCELL acquisition update
- NuGenHealth SaaS Remote Patient Monitoring and Chronic Care Management 50% Partnership
- Completed a Memorandum of Understanding Regarding Development partnership for Ii-Key-SARS-CoV-2 in Malaysia worth up to $150 Million
MIRAMAR, Fla., Aug. 17, 2020 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation () (OTCQB:GNBT) today announced the agenda for the shareholder conference call on Wednesday, August 26th at 9:30 am.
During the call, Generex President & CEO Joe Moscato will provide investors with an update on the significant corporate activities and goals that Generex has accomplished in the last several weeks. Highlights of the discussion include the overview of Generex’s signing of a Non-Binding Memorandum of Understanding concerning up-market financing for $20 million that will be used for Generex corporate initiatives and for the acquisition of a diagnostic company that has a platform for rapid, real-time results for infectious disease and cancer diagnoses. The platform is an integrated, automated system that utilizes real-time polymerase chain reaction technology (RT-PCR) to provide precise and accurate testing results that are available in 24 hours from sample collection. The company has applied for emergency use authorization for its proprietary SARS-CoV-2 detection kit, which it plans to launch through a network of clinical laboratories, including a mobile testing lab that is fully equipped with the platform system. The financing is subject to several contingencies including satisfactory completion of legal and financial due diligence by the investor and Generex’s subsidiary NGIO being listed on Nasdaq.
The Generex team will provide an update on the ALTuCELL acquisition and progress being made with the ALTuCAP technology for cellular therapy.
Mr. Moscato will also discuss the company’s 50% partnership with a software as a Service (SaaS) company to provide chronic care management (CCM) and remote patient monitoring (RPM) that is scheduled to be deployed in collaboration with its partnered clinics in Arizona in the coming weeks.
Lastly, Mr. Moscato will provide details on the signing of a Non-binding Memorandum of Understanding with partners in Malaysia to develop and commercialize the Ii-Key-SARS-CoV-2 vaccine for the Malaysian population. The proposed deal includes full funding for the COVID-19 vaccine development, licensing fees, and sales of commercial vaccine product in Malaysia worth up to $150 million.
Mr. Moscato said, “We are proud and excited about all of the progress we have made at Generex in the last several months, and I look forward to sharing details with shareholders on August 26th.”
Dial-in instructions for the investor conference call will be announced prior to the meeting date.
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.
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
