WORCESTER, Mass. and TORONTO, Sept. 6, 2011 /PRNewswire/ -- Generex Biotechnology Corporation (www.generex.com) (OTCBB: GNBT) announced today that, as part of the Company's reorganization plan and following a comprehensive internal review of Company operations and a concomitant needs assessment, the Company has completed the sales of two non-essential commercial real estate properties for aggregate net cash proceeds of just over $1,000,000. The tenanted properties were not occupied by the Company nor otherwise utilized in Company operations.
"The new Generex management team has been working to optimize and focus the Company's operations and the disposition of these assets is part of those efforts," said Mark Fletcher, the Company's President & Chief Executive Officer. "The fair market value monetization of this real estate has augmented the Generex cash position and will permit management to concentrate on our core drug development business."
About Generex Biotechnology Corporation
Generex is engaged in the research, development, and commercialization of drug delivery systems and technologies. Generex has developed a proprietary platform technology for the delivery of drugs into the human body through the oral cavity (with no deposit in the lungs). The Company's proprietary liquid formulations allow drugs typically administered by injection to be absorbed into the body by the lining of the inner mouth using the Company's proprietary RapidMist™ device. Antigen Express, Inc. is a wholly owned subsidiary of Generex. The core platform technologies of Antigen Express comprise immunotherapeutic vaccines for the treatment of malignant, infectious, allergic, and autoimmune diseases. Antigen Express has pioneered the use of specific CD4+ T helper stimulation in immunotherapy. One of its platform technologies relies on inhibition of expression of the Ii pro
|SOURCE Generex Biotechnology Corporation|
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