WORCESTER, Mass., April 1, 2008 (PRIME NEWSWIRE) -- Generex Biotechnology Corporation (Nasdaq:GNBT), the leader in drug delivery for metabolic diseases through the inner lining of the mouth, and SciGen, Ltd. (ASX:SIE) (www.scigenltd.com) announced today that the parties have entered into a product licensing and distribution agreement under which SciGen will procure governmental approvals for the importation, marketing, distribution, and sale of Generex Oral-lyn(tm), the Company's proprietary oral insulin spray product, in the People's Republic of China, Hong Kong, and the following additional countries: Indonesia, South Korea, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
SciGen is a fully integrated biotechnology company globally developing, manufacturing, and marketing biopharmaceuticals. SciGen is a Singapore-based company with offices in the United Kingdom and subsidiary companies in South Korea, Hong Kong, India, the Philippines, Vietnam, Australia, Israel, and the United States, joint ventures in China, partners in Poland, and distributors in all countries in the Asia Pacific region. SciGen's focus is in the areas of endocrinology, oncology, and immunology. Its product portfolio includes vaccines and therapeutics.
The principal stockholder of SciGen is Bioton S.A. (WSE:BIO) (www.bioton.pl), a biotechnology corporation. The principal shareholder in Bioton is PROKOM Investments S.A. (www.prokom.com.pl).
Pursuant to the terms of the Agreement, SciGen will seek governmental approvals for the sale of Generex Oral-lyn in the territory using SciGen's own recombinant human insulin product. SciGen will supply its recombinant human insulin and Generex will formulate and fill Generex Oral-lyn for marketing and distribution by SciGen in the territory.
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. For more information, visit the Generex website at www.generex.com.
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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.