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Generex in Agreement to License RapidMist™ Technology for $10 Million to Amarantus BioSciences for Use With Its Proprietary MANF Proteins
Date:5/31/2011

WORCESTER, Mass. and TORONTO, May 31, 2011 /PRNewswire/ -- Generex Biotechnology Corporation (OTCBB: GNBT) (www.generex.com) today announced that it has entered into a binding letter agreement to license its RapidMist™ buccal drug delivery technologies to Amarantus BioSciences, Inc. (www.amarantus.com), a California-based biotechnology company, for use with its proprietary MANF proteins in exchange for a non-refundable license fee of $10 million.  In addition, the companies will jointly pursue the use of technologies developed by Amarantus for the treatment of diabetes mellitus.  

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MANF is a newly discovered protein by the scientific team at Amarantus that mediates the biological process known as apoptosis (programmed cell death) throughout the body.  This special property has been scientifically demonstrated in various pre-clinical models of human disease, indicating that MANF-based products could have a significant impact on the treatment of a myriad of human diseases as first-in-class treatments. Amarantus' most advanced product development program for MANF centers on the development of a disease-modifying therapy for Parkinson's disease currently funded by the Michael J. Fox Foundation for Parkinson's Research.

Under the terms of the agreement, Generex will grant to Amarantus an exclusive worldwide license for the clinical & regulatory development and commercialization of Generex's proprietary RapidMist™ technologies in connection with any and all therapeutic applications of MANF technologies developed by Amarantus in all fields except the treatment of diabetes.  Amarantus will pay a license fee of $10 Million to Generex, which fee will be paid in Amarantus common stock valued at not less than $5 Million and a three-year promissory note.  In addition, Generex
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SOURCE Generex Biotechnology Corporation
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