WORCESTER, Mass., Feb. 17, 2009 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (Nasdaq:GNBT) (www.generex.com), the leader in drug delivery for metabolic diseases through the inner lining of the mouth, today announced it has received a US$500,000 purchase order from The Saudi Import Company-Banaja (www.banaja.com), a pharmaceutical products distributor in the Kingdom of Saudi Arabia. The bulk of the order has been shipped by Generex's Middle Eastern branch office, Generex MENA (Middle East and Northern Africa), which received a Commercial License from the Government of Dubai, United Arab Emirates in 2008 and opened an office in Dubai Healthcare City. The purchase order placed by Banaja consists of quantities of the Company's confectionary products, including Glucose RapidSpray(tm) (www.GlucoseRapidSpray.com), GluocBreak(tm) and BaBoom EnergySpray(tm) (www.BaBoomEnergySpray.com) amongst other consumer health-related products packaged exclusively for Generex MENA.
The Saudi Import Company-Banaja is one of the largest pharmaceutical and consumer drug distributors in the Kingdom of Saudi Arabia. It has offices and warehouses in six cities throughout Saudi Arabia and is associated with, and distributes on behalf of, large pharmaceutical companies within the region.
"We are not simply pleased by the size of this order," said Bill Abajian, Sr. Executive Advisor, Global Business Development and Licensing for the Company, "but by the relationship with a distributor who is able to promote Generex's products and elevate them to become a recognized brand amongst the other pharmaceutical participants around the globe."
Generex MENA is responsible for over 20 countries and has relationships with 31 distributors for each of the various product lines and territories who have already begun commercializing the Company's confectionary product lines, and out of those countries, eight are actively pursuing regulatory approval for Generex Oral-lyn(tm), the Company's proprietary oral insulin spray product, and have filed the Generex Oral-lyn dossier with their respective regulatory authorities.
About Generex Biotechnology Corporation
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 India and Ecuador for the treatment of subjects with Type-1 and Type-2 diabetes, is in Phase III clinical trials at several sites around the world. For more information, visit the Generex website at http://www.generex.com.
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Safe Harbor Statement
This release and oral statements made from time to time by Generex representatives in respect of 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.