WORCESTER, Mass. and TORONTO, Sept. 15, 2011 /PRNewswire/ -- Generex Biotechnology Corporation (www.generex.com) (OTCBB: GNBT) today provided an update on the status of the previously announced spinout of its wholly-owned subsidiary, Antigen Express, Inc. (www.antigenexpress.com).
The Company is in the midst of a detailed and comprehensive review of several transaction opportunities, including both shell companies and operating biotech companies with synergistic intellectual properties, in each case Securities and Exchange Commission registrants and Depository Trust Company eligible companies, into which Antigen Express will be merged.
"We are undertaking our due diligence examination of available alternatives with a view to identifying an appropriate transaction for the Antigen Express spinout," stated Mark Fletcher, Generex President & Chief Executive Officer. "We will proceed with expedition to negotiate an agreement with the target company, complete the merger of Antigen Express into that company, and conduct an initial fund raising. If the merger and the initial fund raising are successful, we will then seek a listing of the merged company's stock on a national stock exchange."
Generex will provide further updates as the transactions progress.
Mr. Fletcher has previously stated regarding the spinout: "The transformation of Antigen Express into a separate, publicly traded entity is the centerpiece of the Generex strategic development plan. For too long, Antigen Express and its promising immunotherapeutic vaccine technologies have been overshadowed by the Generex buccal drug delivery platform technologies. We believe this spinout will help to unlock the true value of this dynamic company for our stockholders as it creates a pure play in immunotherapeutic vaccines for which we have already received an appraisal o
|SOURCE Generex Biotechnology Corporation|
Copyright©2010 PR Newswire.
All rights reserved