GNBT plans major announcement pre-market |
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By Patrick Crutcher | |
Sunday, 10 October 2010 22:52 | |
Following the departure of Anna Gluskin as CEO, GNBT gave shareholders a "corporate update addressing management's strategic initiatives for growth" last week. They outlined a 3-prong approach to their “buccal drug delivery platform”. Two of the approaches concerned partnering and collaborations. GNBT is looking to find a strategic partner to further(fund?) the development and distribution of Generex Oral-lyn(TM) and other novel applications. Specifically, GNBT is looking for a US/EU partner for Oral-lyn(TM), their insulin spray for the treatment of Type I and Type II diabetes. For this to be eventually approved and marketed, GNBT will likely the need the help of a major pharmaceutical company.
Don’t forget this fact though: in their letter to shareholders, they also spoke of letting investors know the status of a reverse stock split prior to October 15th. You can be sure that if they announce a reverse stock split, it is going to drop 10-20% barring any other actionable news. They spoke of it being between 1-for-2 ~ 1-for-10. Final vote on this issue has yet to come. They made two other announcements to put on your calendar. On Tuesday(10/12/10), GNBT will be holding a conferencall/webcast to field questions. The following week on Tuesday(10/19/10), GNBT will be giving a live video webcast from the NASDAQ Marketsite at 1PM EDT.
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