WORCESTER, Mass., Oct. 18, 2007 (PRIME NEWSWIRE) -- Generex Biotechnology Corporation (Nasdaq:GNBT), the leader in drug delivery for metabolic diseases through the inner lining of the mouth, announced today that it has entered into an exclusive Product Licensing & Distribution agreement with Adcock Ingram Limited and Adcock Ingram Healthcare (Pty) Ltd. (www.adcock.co.za) for the marketing, distribution, and sale of Generex Oral-lyn, the Company's proprietary oral insulin spray product, in South Africa and 6 other neighboring countries: Lesotho, Swaziland, Botswana, Namibia, Mozambique, and Zimbabwe.
Adcock Ingram, part of the Tiger Brands Group, is a leading South African pharmaceutical company with an 11.4% share of the private healthcare market. Adcock Ingram has an extensive range of prescription, generic, and over-the-counter products and also provides life saving hospital equipment and diagnostic products and services.
According to the latest edition of the Diabetes Atlas 2007, the prevalence of diabetes in South Africa is 4.5% while 8% of the population suffers from impaired glucose tolerance (IGT). The prevalence of diabetes in each of the other countries is: Lesotho, 4%; Swaziland, 3.8%; Botswana, 4.2%; Namibia, 4%; Mozambique, 3.1%; and Zimbabwe, 3.6%. The average prevalence of IGT in those six countries is 7.78%.
"We are delighted to have licensed Generex Oral-lyn to Adcock Ingram, a well-established and brand name entity, to advance the commercialization of Generex Oral-lyn in South Africa," said Anna Gluskin, Generex's President & Chief Executive Officer. "The alliance is important to the Company as Adcock Ingram brings a vast knowledge of the local market and also the treatment of diabetes. More so, it represents another significant market that Generex has been able to procure to treat those living with diabetes."
About Generex
Generex is engaged in the research and development of drug delivery systems and technologies. Generex has developed a proprietary platform technology for the delivery of drugs into the human body through the oral cavity (with no deposit in the lungs). The Company's proprietary liquid formulations allow drugs typically administered by injection to be absorbed into the body by the lining of the inner mouth using the Company's proprietary RapidMist(tm) device. The Company's flagship product, oral insulin (Generex Oral-lyn(tm)), which is available for sale in Ecuador for the treatment of patients with Type-1 and Type-2 diabetes, is in various stages of clinical trials around the world. In June, 2007 the Company announced the commencement of a global Phase III clinical trial of Generex Oral-lyn(tm) in the third quarter of 2007 with patient dosing to commence before yearend. For more information, visit the Generex website at www.generex.com.
Safe Harbor Statement: This release and oral statements made from time to time by Generex representatives concerning the same subject matter may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plans," "intends," "believes," "will," "estimates," "forecasts," "projects" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Forward-looking statements frequently are used in discussing potential product applications, potential collaborations, product development activities, clinical studies, regulatory submissions and approvals, and similar operating matters. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by Generex with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. Generex cannot be sure when or if it will be permitted by regulatory agencies to undertake additional clinical trials or to commence any particular phase of clinical trials. Because of this, statements regarding the expected timing of clinical trials cannot be regarded as actual predictions of when Generex will obtain regulatory approval for any "phase" of clinical trials. Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act.