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I already got out at $0.41 and took a big loss. I agree that things don't look so rosy for GNBT - to say the least.
Whatever happened to the $1MM they were supposed to receive from China? The previous CC mentioned that they had invoiced for it. I wonder if they ever received the invoiced amount?
I got out this morning. Took a huge loss and glad to be done with this company. Nothing ever comes to fruition with this firm.
Confirms that the deal with China is still active:
On February 28, 2020, we entered into a collaboration agreement (the “Chinese Collaboration Agreement”) with Beijing Zhonghua Investment Fund Management Co., LTD and Sinotek-Advocates International Industry Development Co., Ltd. (together, the “Chinese Parties”) to develop a COVID-19 vaccine using the Ii-Key Peptide vaccine technology of Generex’s majority owned subsidiary, NGIO. Under the Collobaration Agreement, Generex will make the Ii-Key Peptide vaccine technology available to the Chinese Parties. The Chinese parties will provide facilities and personnel for the development of the COVID-19 vaccine under Generex/NGIO technical guidance. The development will include synthesis, analysis and human trials through Phase III, if warranted, in China. The Chinese parties will have exclusive rights to use and commercialize the COVID-19 technology and products in China.
The Chinese Parties have agreed to set-aside $1,000,000 for Generex/NGIO expenses during development and human clinical trials. If development and testing are successful, the parties will enter into further collaboration and technology transfer agreements. In this event, the Chinese Parties will pay, for the benefit of NGIO, the following:
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A technology transfer fee of $5 million;
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A 20% royalty; and
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Its accumulated cost for development of the technology.
The Chinese Collaboration Agreement provides Generex will receive a $2,000,000 breakup fee if China develops a cure for COVID-19. If Generex ceases its participation, Generex would be required to repay all amounts paid by the Chinese Parties on behalf of Generex. The parties activities under the Chinese Collaboration Agreement, including the clinical trials, are subject to approval under China Technology Import Contract Management Regulations as well as the Chinese version of the FDA.
Sure hope so. It would be nice to hear about several other issues:
1. Whatever happened to the partnership with the China affiliates?
2. Did they receive the upfront payment from China?
3. What is the status of the proposal with BARNA?
Nice update - let's hope that the funding comes through from the government. Sure does seem to me like the gov't would be interested in providing some assistance with this.
Guessing that will be our PR on Monday morning. Should give us a kick up a penny or two.
We are overdue for some news. Hopefully some very good news. I added some more today as well.
Suggest we all send an email to investor relations and request that they issue a PR regarding an update to the status of the vaccine and the test kits.
Price is way too low. I added more this morning.
Got it - thanks.
Can someone educate me on what happens to those of us who purchased shares of GNBT after the ex-dividend date. Wil those folks also be issued shares of NGIO?
HaHA - I was a couple minutes too early. Not the PR I was hoping for but at least they are putting themselves out there for the market to see that they are a player in this.
I think that we just need to be patient. My guess is that they are working diligently, but want to have some real "news" before putting out a PR. Things will happen, hopefully, within the next several days that will give us all a much needed boost.
If/when a positive PR is made GNBT is going to take off big time!!!
Should give us a nice bump up today. Could be a breakout.
Seems like Generex has a great future. Possible accumulation now - hopefully we will get a breakout soon.