WORCESTER, Mass., Dec. 13, 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 received a $400,000 purchase order for the Company's over-the-counter products, including Glucose Rapid Spray(tm), from Leosons General Trading Company ("Leosons"), its Marketing and Distribution Partner in the Middle East.
Leosons, a leading distributor of North American healthcare products in the region and the Company's Marketing and Distribution partner in the Middle East, recently entered into a collaboration with Sheikh Saeed Bin Obaid Al Maktoum, a member of the Royal Family of United Arab Emirates. Recently, the two parties have established Medpro LLC with offices to be set up in the Dubai Healthcare City. Medpro is expected to market the Company's products.
"We are excited to secure a significant purchase order in the short time since we announced our collaboration," said Anna Gluskin, President & Chief Executive Officer of Generex. "The Middle East represents a significant market due to the large number of patients with diabetes, for both Generex Oral-lyn and our OTC product line."
Recently, Generex announced that the Ministry of Health of the United Arab Emirates, Drugs Control Department issued a non-objection letter to the Imperial College London Diabetes Centre to import Generex Oral-lyn, Generex's proprietary oral insulin spray product, into Abu Dhabi. The Manager of the Drugs Control Department indicated that importation of Generex Oral-lyn can be done via the issuance of a purchase order from the Imperial College London Diabetes Centre to a drug store or pharmacy licensed by the Ministry of Health of the United Arab Emirates.
About Leosons
Leosons is a 25-year-old private multinational operating company in the Middle East focusing on the pharmaceutical and healthcare industry. Leosons distributes 15 healthcare-related products which are considered category leaders.
About Generex
Generex is engaged in the research, development, and commercialization 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 and which was approved for sale in India in October 2007, is in various stages of clinical development around the world. In June 2007 the Company announced that patient dosing in a global Phase III clinical trial of Generex Oral-lyn will commence before year end. For more information, visit the Generex website at http://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 undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. 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.