Avid Bioservices Inc (CDMO): Antigen Express parent has $2M financing...

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biopharm

Re: biopharm post# 171044

Saturday, 04/19/2014 8:03:55 PM

Saturday, April 19, 2014 8:03:55 PM

Antigen Express parent has $2M financing deal

March 27, 2014

A Toronto-based biotechnology company has reached a $2 million financing agreement that will provide cash for its operations, including Worcester subsidiary Antigen Express Inc.

Generex Biotechnology Corp. said Thursday that institutional investors have agreed to buy 2,075 shares of convertible preferred stock and other securities. The company did not name the investors.

Generex said cash from the financing will allow it to fund clinical and regulatory work important to both Generex and Antigen Express.

Antigen Express is working on vaccines that aim to prod the body's own defenses to fight cancer.

Generex lost $3.6 million during the fiscal second quarter ended Jan. 31. The company ended the quarter with about $3 million in cash.

Contact Lisa Eckelbecker at leckelbecker@telegram.com. Follow her on Twitter @LisaEckelbecker.

http://www.telegram.com/article/20140327/NEWS/303279768/1237

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