Press Release: Rodman and Renshaw Initiates Coverage of Generex Biotechnology
Rodman and Renshaw Initiates Coverage of Generex Biotechnology With Market Outperform Rating and $6.00 Price Target WORCESTER, MA - Generex Biotechnology Corporation (NASDAQ: GNBT), the leader in drug delivery for metabolic diseases through the inner lining of the mouth, announced today that Rodman & Renshaw, a New York-based investment bank, initiated coverage of the Company with a "Market Outperform" rating and an 18-month price target of $6.00. The report was issued by Navdeep S. Jaikaria, Ph.D., a Managing Director in the Equity Research Division. The reported noted that, "Our analysis indicates that Generex's oral insulin, Oral-lyn, could be a significant player in the non-injectable insulin market. We believe that Oral-lyn's product profile, combined with strong clinical data and expected rapid growth in the global diabetic population, could result in > $600 MM in revenues by 2013. Generex also has two other smaller products in diabetes and an early-stage cancer vaccine pipeline." The report also stated that, "We believe that Generex's Oral-lyn has advantages over other non-injectable insulin solutions. While many of these systems deliver insulin to the lungs and bronchial tree, Oral-lyn delivers insulin to the oral mucosa, avoiding the potential risks of chronic lung tissue exposure to insulin. Additionally, pharmacokinetic studies have shown that Oral-lyn reaches peak circulating levels in 30 minutes compared to 60 minutes with injected insulin. This more rapid onset will offer patients a better quality of life by providing more flexibility at meal times, and better glycemic control." About Rodman & Renshaw: Rodman & Renshaw, LLC is a privately held, full-service investment bank committed to fostering the long-term success of emerging growth companies through capital raising, strategic advice, insightful research, and the development of institutional support. Rodman employs dedicated, experienced, and talented professionals within its equity research, corporate finance, and sales & trading divisions. 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 RapidMistâ„¢ device. The Company's flagship product, oral insulin (Generex Oral-lynâ„¢), which is available for sale in Ecuador for the treatment of patients with Type-1 and Type-2 diabetes, is in various stages of clinical trials around the world. For more information, visit the Generex website at 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 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.