TORONTO, June 16 /PRNewswire-FirstCall/ -- Generex Biotechnology Corporation (Nasdaq: GNBT), a leader in the area of buccal drug delivery, today announced that it has entered into a Product Licensing & Distribution Agreement pursuant to which MedGen Corp., with the assistance of Generex, will make application to the Lebanese Ministry of Public Health (http://www.public-health.gov.lb) seeking approval for the commercial sale of Oral-lyn(TM), the Company's proprietary oral insulin buccal spray formulation, in the Republic of Lebanon. Generex has granted to MedGen a license to market, promote, distribute, and sell Oral-lyn(TM) in Lebanon following receipt of the MOPH registration. Generex will manufacture and sell Oral-lyn(TM) to MedGen for resale into the Lebanese market under the license.
In connection with the transaction, MedGen has paid a specified, non- refundable, up-front license fee to Generex. MedGen will also have obligations to purchase specified minimum periodic quantities of Oral-lyn(TM) from Generex.
The Company anticipates that the Lebanese registration will be a springboard to similar registrations and licensing opportunities in other countries in the Middle East.
Lebanon is located in the Middle East at a strategic crossroad between East and West with a population of approximately 3.8 million. Lebanon spends in excess of 12% of its GDP on health, which is the highest rate in the region and higher than those of many other upper-middle income countries (e.g. Canada and France). The proportion of government budget allocated to the health sector exceeds 6% and spending on pharmaceuticals alone exceeds 25% of the total.
MedGen is a full-service, privately-held, Lebanese-registered corporation, with expertise in providing international consulting services to the medical and pharmaceutical industries. It specializes in facilitating the exchange of ideas, products, and services across borders, and assisting in the dissemination of the latest advances in the medical and pharmaceutical fields to various parts of the globe with a particular emphasis on the regions of the Middle East and Africa. In particular, MedGen seeks to source new and innovative medical and pharmaceutical technologies and products and to introduce them to the Middle East and Africa, regions often overlooked by multinational pharmaceutical concerns.
About Generex
Generex is engaged in the research and development 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(TM) device. The Company's flagship product, oral insulin (Oral-lyn(TM)), is in various stages of clinical trials around the world.
For more information, visit the Generex Web site at http://www.generex.com .
Safe Harbor Statement: This release and oral statements made from time to time by Generex representatives concerning 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 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
CONTACT: Shayne Gilliatt, 1-800-391-6755, or +1-416-364-2551, of Generex
Biotechnology Corporation; or Ed Lewis, +1-212-732-4300, elewis@ceocast.com of
CEOcast, Inc. for Generex Biotechnology Corporation
Web site: www.generex.com
