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GENEREX BIOTECH
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US3714851033 GNBT

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Retour au sujet GENEREX BIOTECHNOLOGY CORP

GENEREX BIOTECH : Détails AK du 14/09/2009

shareif
22 sept. 200909:58

Generex to Raise $12,250,000 in Registered Direct Offering

WORCESTER, Mass., Sep 14, 2009 (GlobeNewswire via COMTEX) -- Generex Biotechnology Corporation /quotes/comstock/15*!gnbt/quotes/nls/gnbt (GNBT 0.72, -0.01, -1.42%) (www.generex.com), the leader in drug delivery for metabolic diseases through the inner lining of the mouth, today announced that it has received commitments from investors to purchase $12,250,000 of securities in a registered direct offering. Generex expects to receive net proceeds of approximately $11,660,000 after deducting placement agent fees and other offering expenses. Generex has entered into securities purchase agreements with the investors pursuant to which Generex has agreed to sell an aggregate of 15,312,500 shares of its common stock and warrants to purchase up to 5,053,125 additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase one-third of a share of common stock, will be sold for a purchase price of $0.80.

The warrants to purchase additional shares will be exercisable at an exercise price of $1.00 per share beginning 183 days after issuance and will expire five years from the date they are first exercisable. All of the securities were offered pursuant to an effective shelf registration statement. Proceeds from the transaction will be used for general corporate purposes. The offering is expected to be consummated by September 14, 2009, subject to customary closing conditions.

Commenting on the capital raise, Anna Gluskin, the Company's President & Chief Executive Officer, stated: "We are now on solid financial ground, allowing us to concentrate our efforts on forwarding our robust portfolio of products. With our recent USFDA approval of a treatment IND for our flagship product, Generex Oral-lyn(TM), we have never been more excited about our company's future and we intend to dedicate all of our efforts toward reaching our commercialization goals for the benefit of all our shareholders."



http://www.marketwatch.com/story/generex-to-raise-12250000-in-registered-d irect-offering-2009-09-14

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