Navigation Links
Generex Announces Approval of Adjournment Proposal and Adjourned Special Meeting Date
Date:9/17/2010

WORCESTER, Mass., Sept. 17 /PRNewswire/ -- Generex Biotechnology Corporation (NasdaqCM: GNBT), (www.generex.com) today announced that it convened a special meeting of stockholders (the "Special Meeting") on September 17, 2010 at 10:00 a.m. (local time) at the Meeting Rooms, Westin Harbour Castle Hotel, 1 Harbour Square, Toronto, Ontario Canada M5J 1A6.  The Special Meeting was called to approve an amendment to Generex's Restated Certificate of Incorporation (i) to effect a reverse stock split of the common stock, at an exchange ratio of not less than 1-for-2 and not more than 1-for-10 at any time prior to September 16, 2011 (the implementation of the reverse stock split, ratio and timing of which will be subject to the discretion of the Board of Directors), and (ii) following the reverse stock split, if implemented, to reduce the number of authorized shares of common stock from 750,000,000 to 500,000,000 unless the Board of Directors utilizes a ratio of not more than 1-for-2, in which case, the number of authorized shares of common stock will be maintained at 750,000,000.

As previously announced, the only proposal submitted for the stockholders' consideration at the Special Meeting, prior to its adjournment, was the proposal to adjourn the Special Meeting to a later date to allow Generex to solicit additional proxies for the reverse stock split proposal described above (the "Adjournment Proposal"). The Adjournment Proposal was approved by more than a majority of shares of Generex common stock present, in person or represented by proxy, at the Special Meeting and entitled to vote on the Adjournment Proposal.

As a result of the approval of the Adjournment Proposal by Generex's stockholders, the Special Meeting has been adjourned until Friday, October 15, 2010, at 10:00 a.m. (local time), at the Meeting Rooms, Westin Harbour Castle Hotel, 1 Harbour Square, Toronto, Ontario Canada M5J 1A6.  The record date for the Special Meeting remains August 17, 2010.

Generex cautions stockholders that there can be no assurance that the adjournment of the Special Meeting will result in Generex obtaining a sufficient number of votes in favor of the above-mentioned reverse stock split proposal.  Nor can there be any assurance that the reverse stock split, if implemented, will have the desired effect of sufficiently raising the common stock price to meet The Nasdaq Capital Market's $1.00 minimum bid price requirement for continued listing.

The Board of Directors of Generex has not withdrawn, modified or qualified its unanimous recommendation that the stockholders of Generex vote "FOR" the reverse stock split proposal.

Generex has filed with the SEC a definitive proxy statement dated August 23, 2010, as revised on August 27, 2010, and other relevant materials in connection with the special meeting.  Investors and security holders are urged to read the definitive proxy statement and other relevant materials filed by Generex with the SEC carefully because they contain important information about the proposed reverse stock split. Investors and security holders may obtain free copies of the definitive proxy statement and other documents filed with the SEC by Generex through the Web site maintained by the SEC at http://www.sec.gov. In addition, investors and security holders will be able to obtain, without charge, a copy of the definitive proxy statement from Generex by submitting a written request to the Secretary of Generex at Generex Biotechnology Corporation, 33 Harbour Square, Suite 202, Toronto, Ontario, Canada M5J 2G2, by calling 305-918-7000 or via the Internet at www.generex.com/proxy.

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).  Generex's proprietary liquid formulations allow drugs typically administered by injection to be absorbed into the body by the lining of the inner mouth using Generex's proprietary RapidMist™ device.  Generex's flagship product, buccal insulin (Generex Oral-lyn™), which has been approved in India, Lebanon, Algeria, and Ecuador for the treatment of subjects with Type-1 and Type-2 diabetes, is in Phase III clinical trials at several sites around the world. Antigen Express, Inc. is a wholly owned subsidiary of Generex.  The core platform technologies of Antigen Express comprise immunotherapeutics for the treatment of malignant, infectious, allergic, and autoimmune diseases.  For more information, visit the Generex website at www.generex.com or the Antigen Express website at www.antigenexpress.com. Information contained in, or accessible through, the websites of Generex or Antigen Express is not incorporated herein and is not a part of the proxy soliciting material.

Safe Harbor Statement

This release and oral statements made from time to time by Generex representatives in respect of the same subject matter may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements can be identified by introductory words such as "expects," "plans," "intends," "believes," "will," "estimates," "forecasts," "projects," or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts.  Forward-looking statements frequently are used in discussing potential product applications, potential collaborations, product development activities, clinical studies, regulatory submissions and approvals, and similar operating matters. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not.  Known risks and uncertainties include those identified from time to time in the reports filed by Generex with the Securities and Exchange Commission, which should be considered together with any forward-looking statement.  No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements.  Generex undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.  Generex cannot be sure when or if it will be permitted by regulatory agencies to undertake additional clinical trials or to commence any particular phase of clinical trials.  Because of this, statements regarding the expected timing of clinical trials cannot be regarded as actual predictions of when Generex will obtain regulatory approval for any "phase" of clinical trials.  Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act.


'/>"/>
SOURCE Generex Biotechnology Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Generex Announces Presentations of Novel Vaccine Strategies
2. Generex Announces Distribution Agreement for Generex Oral-lyn™ in Chile
3. Generex Biotechnology Corporation Initiation Coverage Review Issued By Scimitar Equity, LLC
4. Eddingpharm (Cayman) Inc. Announces Closing of Series B Funding
5. Alere Inc. Announces Pricing of Senior Subordinated Notes Offering; Offering Size Increased to $400.0 Million
6. Solta Medical Announces FDA 510(k) Clearance of Fraxel re:store Dual Laser System for the Treatment of Actinic Keratosis
7. LightPath Technologies Announces Fourth Quarter and Fiscal 2010 Financial Results
8. PDL BioPharma Announces Retirement of $54.3 Million of 2.75% Convertible Notes Due 2023
9. Mettler-Toledo International Inc. Announces Webcast of Presentation at UBS Global Life Sciences Conference
10. Caraco Pharmaceutical Laboratories, Ltd. Announces Appointment of Eddie Munson to Board of Directors
11. HydroCision Announces New Investment to Accelerate Growth of Novel Fluidjet Technology for Minimally Invasive Spine Surgery
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/10/2016)... Calif. , Feb. 10, 2016 /PRNewswire/ ... a synergistic confluence of various technologies that ... propositions, previously unavailable. These opportunities create a ... convergence, in turn, drives the development of ... scenario is characterized by technology convergences, which ...
(Date:2/10/2016)... PRINCETON, New Jersey and OR AKIVA, ... Regentis Biomaterials Ltd., a leader ... of its Series D investment round on February 5, ... Haisco Pharmaceutical Group ("Haisco"), a leading Chinese pharmaceutical ... Medica Partners, SCP Vitalife Partners, Generali Financial Holdings and ...
(Date:2/10/2016)... DIEGO , Feb. 10, 2016 ALSP, Inc. ... , MD as Consultant for Medical Affairs in preparation for ... Michael Pierschbacher , PhD, CEO, stated, "We are pleased ... We look forward to working with an individual of such ... We look forward to drawing deeply on his broad experience ...
Breaking Medicine Technology:
(Date:2/10/2016)... ... February 10, 2016 , ... 10 Best Water ... three leading bottled water brand owners that topped the list as a result of ... optimize conversion. The premier brand was Tibet 5100, a top notch water company that ...
(Date:2/10/2016)... ... ... Ongoing news of the ravages of traumatic brain injury (TBI) among former ... takes a closer look at cases of TBI being managed by their members. The ... the aging population, and identifies the challenges associated with their care. , During the ...
(Date:2/10/2016)... ... 10, 2016 , ... Gout is like no other joint pain. It strikes ... with intense swelling and redness. It is triggered by the crystallization of uric acid ... the most susceptible, according to the February 2016 issue of Harvard Men's Health Watch. ...
(Date:2/10/2016)... (PRWEB) , ... February 10, 2016 , ... ... four time Emmy award winner and inspirational speaker Jan Fox will serve as ... by Speaking Boldly will provide participants with tools to more effectively communicate with ...
(Date:2/10/2016)... ... February 10, 2016 , ... A national ergonomics pioneer ... Expo event March 9-11, 2016. Hosted by Ohio's Bureau of Worker's Compensation, the ... the longest running and largest worker's compensation event in Ohio, organizers of the ...
Breaking Medicine News(10 mins):