MIRAMAR, Fla., Sept. 20, 2019 (GLOBE NEWSWIRE) --
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Posted On: 09/20/2019 11:05:29 AM
MIRAMAR, Fla., Sept. 20, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/ GNBT/quote) today announced that the legal and regulatory process to retire the 20,375,900 “Pool” shares is complete. The Pool shares have been retired back to the “Authorized and Unissued” position in the Generex corporate treasury as requested on 9/12/2019 by Joe Moscato, Generex President & Chief Executive Officer, who controls the Pool shares for the benefit of Generex. As of today, September 20, 2019 the Friends of Generex Pool account shows zero shares, and in the coming days, the market will reflect the Pool retirement with a reduction in our outstanding share count by over 20 million shares.
Mr. Moscato stated, “By retiring the Pool shares, we are returning more value to Generex shareholders as we get closer to our Nasdaq listing, the annual board meeting and our 1:1 dividend scheduled to be paid to our shareholders on October 29th. We are fully confident in our go-forward plans to ignite our diabetes management platform and up-list to Nasdaq; plans are underway for the spin-out of NuGenerex Immuno-Oncology. We are also establishing NuGenerex Health in collaboration with our partners at Arizona Endocrinology Center and Paradise Valley Family Medicine to provide ancillary health and management services to a large population of patients with diabetes. Together with the clinics and the ongoing acquisition of ALTuCELL with their revolutionary cell therapy Altsulin, we have a powerful platform to build out our MSO and HMO model. We are particularly excited about Altsulin, ALTuCELL’s microencapsulated Sertoli cell therapy that offers the potential to cure Type I diabetes; the first in human trials of Altsulin are scheduled to begin in the fourth quarter of this year. We are driving toward success into the future and we will work with our development partners, the NuGenerex Health clinics and their patients to accelerate the clinical development path for Altsulin for Type I diabetes, and for the relaunch of our reformulated Oral-Lyn II buccal insulin spray for Type II diabetes.”
Mr. Moscato stated, “By retiring the Pool shares, we are returning more value to Generex shareholders as we get closer to our Nasdaq listing, the annual board meeting and our 1:1 dividend scheduled to be paid to our shareholders on October 29th. We are fully confident in our go-forward plans to ignite our diabetes management platform and up-list to Nasdaq; plans are underway for the spin-out of NuGenerex Immuno-Oncology. We are also establishing NuGenerex Health in collaboration with our partners at Arizona Endocrinology Center and Paradise Valley Family Medicine to provide ancillary health and management services to a large population of patients with diabetes. Together with the clinics and the ongoing acquisition of ALTuCELL with their revolutionary cell therapy Altsulin, we have a powerful platform to build out our MSO and HMO model. We are particularly excited about Altsulin, ALTuCELL’s microencapsulated Sertoli cell therapy that offers the potential to cure Type I diabetes; the first in human trials of Altsulin are scheduled to begin in the fourth quarter of this year. We are driving toward success into the future and we will work with our development partners, the NuGenerex Health clinics and their patients to accelerate the clinical development path for Altsulin for Type I diabetes, and for the relaunch of our reformulated Oral-Lyn II buccal insulin spray for Type II diabetes.”
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