EXPM:GNBTQ - Post by User
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Red~Oneon Feb 17, 2021 7:20pm
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Generex announces receipt of $2M for its COVID-19 vaccine
Generex announces receipt of $2M for its COVID-19 vaccine
Generex announces receipt of $2M or its COVID-19 vaccine development
In a regulatory filing, Generex Biotechnology (OTCQB:GNBT) disclosed the receipt of $2M towards its COVID-19 vaccine development initiatives from its Chinese partners taking the total receipts to $3.1M.
In November, the company and its majority-owned subsidiary NuGenerex Immuno-Oncology signed The Ii-Key Innovative Flu Vaccine Development Agreement with a Chinese consortium led by Beijing Youfeng International Consulting Co., Ltd.
Per the agreement, Generex was entitled to a licensing fee of $2.5M upon the successful development of the flu vaccine and receipt of commercial approval from the Chinese regulator.
In December, an extension agreement allowed the company to receive an upfront licensing fee of $5M.