Generex Establishes European Subsidiary
SIA "Generex Biotechnology BALTIC" to Focus On Registration Efforts in the Baltic Region and Europe for All Company Developments and Products
WORCESTER, Mass., Sep 2, 2009 (GlobeNewswire via COMTEX) -- Generex Biotechnology Corporation /quotes/comstock/15*!gnbt/quotes/nls/gnbt (GNBT 0.61, +0.00, +0.51%) (www.generex.com), the leader in drug delivery for metabolic diseases through the inner lining of the mouth, today announced that it has incorporated SIA "Generex Biotechnology BALTIC" in the European Union as a wholly-owned subsidiary of Generex.
The purpose of the subsidiary is to harness and develop the local marketplace in the Baltic region and surrounding for the company's flagship product Generex Oral-lyn(TM) and its complementary metabolic disease pipeline products including MetControl(TM), Glucose RapidSpray(TM) and the company's other confectionary products as well as its immunotherapeutic vaccine platform particularly in the influenza application. Generex Baltic will serve as a regulatory arm in this region and benefit from the connection to the European health agency.
"We feel that the establishment of this subsidiary will allow the company to untap a part of the world where governments are eager to implement new treatments to growing pandemics both in diabetes and influenzas," stated Anna Gluskin, Generex's President and Chief Executive Officer. "The other benefit at out disposal is the fact that Latvia is a member of the European Community which may provide a pathway to the regulatory environment throughout the continent."
Generex Baltic will work closely with the established Generex MENA branch office in Dubai to establish marketing and logistical support for products already available for distribution.
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, oral insulin (Generex Oral-lyn(TM)), which is available for sale 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. For more information, visit the Generex website at http://www.generex.com.
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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.