Generex Biotechnology Announces Plans for NuGenerex Immuno-Oncology Spinout through a Targeted Acquisition of a Public Company and Planned Merger with Kiromic
10:42 AM ET, 08/16/2019 - GlobeNewswire
Filing of up-list application to NasdaqRecord date for dividend is August 30, 2019Pay date for 1:1 shareholder stock dividend set for October 29, 2019Ex-dividend date for 1:1 shareholder stock dividend set for October 30, 2019Effect of Dividend on GNBT Shares Outstanding-- Retiring 21 million “Pool Shares”-- Exclusion of insiders, noteholders, pool holders, acquisitions
MIRAMAR, Fla., Aug. 16, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology (www.generex.com) (OTCQB:GNBT) today announced that the Company has identified a public, development stage company that is fully reporting and current on its filings with the SEC, and DTC eligible that will serve as a vehicle for the spin-out of its subsidiary NuGenerex Immuno-Oncology (NGIO) as a separate public company. Generex is in final negotiations to retain the controlling interest of the outstanding shares of the acquisition target and expects to complete the contracts and file a super 8K in the coming weeks. Generex and its shareholders who have received the 1:4 NGIO dividend will initially hold 100% of the NGIO shares following the acquisition, which will set the stage for the subsequent planned merger with Kiromic.
Generex has renamed its wholly-owned subsidiary Antigen Express as NuGenerex Immuno-Oncology in preparation for the planned spin-out, which will include the Ii-Key technology and AE37 immunotherapeutic vaccine program. NGIO is currently working in a research collaboration with Merck on a phase II trial, Establishing the Recommended Biologic Dose for AE37 Peptide Vaccine in Combination with Pembrolizumab (Keytruda) That Will Enhance the Tumor-specific Immune Response and Demonstrate Efficacy in Patients With Advanced Triple-negative Breast Cancer (NSABP FB-14); the trial is currently screening patients for enrollment. Additionally, Antigen Express signed a licensing agreement with Shenzhen Bioscien, a Chinese biopharmaceutical company, to develop AE37 for the treatment of prostate cancer. Further, the Ii-Key technology is being expanded to additional therapeutic cancer biomarker targets, an effort that will expand following the merger with Kiromic.
Kiromic is a clinical-stage immuno-oncology company with multiple, patented proprietary platforms, including CAR-T, CAR NK, an oral vaccine delivery system, and DIAMOND AI, an artificial intelligence system with a multifaceted predictive algorithm. Kiromic has used the DIAMOND AI technology to identify and validate several cancer biomarkers, including SP17, which was granted the last orphan indication for ovarian cancer by FDA. In addition to advancing the ovarian cancer program, NGIO plans to advance Kiromic’s proprietary CAR-T and CAR NK technologies into proof of concept clinical trials.
Joseph Moscato, Generex President & Chief Executive Officer, stated, “Spinning out our immuno-therapy platform assets—AE37 and Ii-Key—and combining them with Kiromic’s multiple, patented proprietary immuno-oncology platforms, we are excited about the possibilities for this new cutting-edge immunotherapy company, NuGenerex Immuno-Oncology. We are also evaluating additional companies, technologies, and immunotherapy platforms that will augment the NGIO spin-out. I am also delighted that our GNBT shareholders will be the shareholders of NGIO, and as we fully fund the development of our combined platforms, NGIO will also be eventually trading on the Nasdaq like GNBT.”
Mr. Moscato continued, “In other news, I would like to report that Generex has come to terms with the shareholders of Olaregen Therapeutix to acquire the remaining 38% of the company for a total Generex ownership of approximately 99% after the share exchange at $2.50 a share for GNBT. Further details will be provided in a press release next week together with an 8k filing on the transaction. Also, we are pleased that today we paid and satisfied a note with a note holder using $900,000 in cash to further strengthen our balance sheet as the Nasdaq listing application is being processed.”
10:42 AM ET, 08/16/2019 - GlobeNewswire
Filing of up-list application to NasdaqRecord date for dividend is August 30, 2019Pay date for 1:1 shareholder stock dividend set for October 29, 2019Ex-dividend date for 1:1 shareholder stock dividend set for October 30, 2019Effect of Dividend on GNBT Shares Outstanding-- Retiring 21 million “Pool Shares”-- Exclusion of insiders, noteholders, pool holders, acquisitions
MIRAMAR, Fla., Aug. 16, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology (www.generex.com) (OTCQB:GNBT) today announced that the Company has identified a public, development stage company that is fully reporting and current on its filings with the SEC, and DTC eligible that will serve as a vehicle for the spin-out of its subsidiary NuGenerex Immuno-Oncology (NGIO) as a separate public company. Generex is in final negotiations to retain the controlling interest of the outstanding shares of the acquisition target and expects to complete the contracts and file a super 8K in the coming weeks. Generex and its shareholders who have received the 1:4 NGIO dividend will initially hold 100% of the NGIO shares following the acquisition, which will set the stage for the subsequent planned merger with Kiromic.
Generex has renamed its wholly-owned subsidiary Antigen Express as NuGenerex Immuno-Oncology in preparation for the planned spin-out, which will include the Ii-Key technology and AE37 immunotherapeutic vaccine program. NGIO is currently working in a research collaboration with Merck on a phase II trial, Establishing the Recommended Biologic Dose for AE37 Peptide Vaccine in Combination with Pembrolizumab (Keytruda) That Will Enhance the Tumor-specific Immune Response and Demonstrate Efficacy in Patients With Advanced Triple-negative Breast Cancer (NSABP FB-14); the trial is currently screening patients for enrollment. Additionally, Antigen Express signed a licensing agreement with Shenzhen Bioscien, a Chinese biopharmaceutical company, to develop AE37 for the treatment of prostate cancer. Further, the Ii-Key technology is being expanded to additional therapeutic cancer biomarker targets, an effort that will expand following the merger with Kiromic.
Kiromic is a clinical-stage immuno-oncology company with multiple, patented proprietary platforms, including CAR-T, CAR NK, an oral vaccine delivery system, and DIAMOND AI, an artificial intelligence system with a multifaceted predictive algorithm. Kiromic has used the DIAMOND AI technology to identify and validate several cancer biomarkers, including SP17, which was granted the last orphan indication for ovarian cancer by FDA. In addition to advancing the ovarian cancer program, NGIO plans to advance Kiromic’s proprietary CAR-T and CAR NK technologies into proof of concept clinical trials.
Joseph Moscato, Generex President & Chief Executive Officer, stated, “Spinning out our immuno-therapy platform assets—AE37 and Ii-Key—and combining them with Kiromic’s multiple, patented proprietary immuno-oncology platforms, we are excited about the possibilities for this new cutting-edge immunotherapy company, NuGenerex Immuno-Oncology. We are also evaluating additional companies, technologies, and immunotherapy platforms that will augment the NGIO spin-out. I am also delighted that our GNBT shareholders will be the shareholders of NGIO, and as we fully fund the development of our combined platforms, NGIO will also be eventually trading on the Nasdaq like GNBT.”
Mr. Moscato continued, “In other news, I would like to report that Generex has come to terms with the shareholders of Olaregen Therapeutix to acquire the remaining 38% of the company for a total Generex ownership of approximately 99% after the share exchange at $2.50 a share for GNBT. Further details will be provided in a press release next week together with an 8k filing on the transaction. Also, we are pleased that today we paid and satisfied a note with a note holder using $900,000 in cash to further strengthen our balance sheet as the Nasdaq listing application is being processed.”
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