WORCESTER, MA, Sept. 29 /PRNewswire-FirstCall/ - Generex Biotechnology Corporation (Nasdaq: GNBT), which is engaged in the research, development, and commercialization of drug delivery systems and technologies, today announced that its Board of Directors has appointed Mark Fletcher as Interim President and Chief Executive Officer effective immediately. The Board also appointed John P. Barratt, an independent director, to serve as Chairman of the Board.
Mr. Fletcher and Mr. Barratt succeed Anna E. Gluskin as Chief Executive Officer and President, and as Chairman, respectively. Ms. Gluskin continues as a director of the company. Mr. Fletcher has served as Generex's Executive Vice-President and General Counsel since joining the company in April 2003. Mr. Fletcher has practiced law since being admitted to the bar in Ontario, Canada, in 1991. Mr. Barratt has served on the Board since 2003, chairing the audit and compensation committees during this period of time.
In addition, the Board has appointed a special committee comprising its three independent directors. The special committee's responsibilities include immediately commencing a search to identify candidates to secure a permanent President and Chief Executive Officer.
"The directors recognize Ms. Gluskin's role as a co-founder of Generex and her contributions since becoming a director and President and CEO in 1997," said Mr. Barratt. "During the past 13 years, Generex has developed core technologies and products that we continue to believe will be the platform for future growth, profitability, and the creation of value for the company's shareholders.
"The Board has concluded, however, that Generex has reached a stage in its maturation where new senior management leadership is now needed for the company to capitalize more effectively on the opportunities that we believe are available to the company. We believe that a tighter focus on the company's core business is needed and we have determined that this can only be achieved under a new President and CEO," Mr. Barratt said.
"At the request of the Board, I have agreed to take on the responsibilities of President and CEO of Generex on an interim basis," said Mr. Fletcher. "I will work with the Board to develop and execute growth strategies that focus on our strengths. I intend to maintain the many important partnerships that we have forged internationally with respect to the development and commercialization of our drug delivery systems and technologies."
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(TM) device. The company's flagship product, buccal insulin (Generex Oral-lyn(TM)), which has been approved for the treatment of subjects with Type-1 and Type-2 diabetes 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 and vaccines 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.
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 in Generex's Form 10-K for the fiscal year ended July 31, 2009 and from time to time thereafter in subsequent 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