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Healthcare Biotechnology

Generex Biotechnology Corp is a Biotechnology company which is primarily engaged in the research and development of drug delivery systems and technologies. It mainly focuses on developing technology for the administration of formulations of large molecule drugs to the oral (buccal) cavity using a hand-held aerosol applicator. The company operates in the single segment being the Research and... see more

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Generex Biotechnology Corp > Generex announces receipt of $2M for its COVID-19 vaccine

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Post by Red~One on Feb 17, 2021 7:20pm

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.

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