Generex Biotechnology Updates Agenda for Shareholder Conference Call on Wednesday August 26th, 2020 at 9:30 AM
Press Release | 08/19/2020
Letter of Intent (LOI) signed with potential partners in China to develop the Ii-Key-SARS-CoV-2 vaccine for China with a proposed $5 million upfront payment upon contract signing and minimum of $400 million if the vaccine is proven successful in clinical trials.
$20 Million Memorandum of Understanding completed with an investor for a strategic upmarket transaction, including a $10 Million financing proposal 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. 19, 2020 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) today updated 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 diagnostic 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.
In a new development, Generex has engaged with a potential partner in China and signed a LOI to develop the Ii-Key-SARS-CoV-2 vaccine for the Chinese market. The terms of the deal are currently being negotiated, however, when contracts are completed, and as outlined in the LOI, Generex will receive a $5 million upfront payment, and the Chinese partners will fund and conduct the clinical, manufacturing, laboratory, and regulatory work necessary to receive regulatory approval in China. Upon approval by the Chinese FDA, the LOI envisions manufacturing at least 200 million vaccine doses, with Generex receiving a minimum of $2 per dose of Ii-Key-SARS-CoV-2 vaccine.
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.
Mr. Moscato will also 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 continue our efforts to realize the true value of our assets and intellectual properties for our dedicated shareholders, and we are optimistic that our discussions and negotiations regarding the development of our Ii-Key-SARS-CoV-2 vaccine will come to fruition shortly. I look forward to sharing details with shareholders on August 26th.
