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Generex Biotechnology Announces a Letter of Intent for a Joint Venture and Licensing Arrangement for Oralin(TM) in India, China and Australia
Thursday June 24, 7:45 am ET
Generex to Receive $25 million License Fee
Letter of Intent also calls for the Purchase of 2 Million Shares of Generex`s Restricted Common Stock at $2.50 Per Share


TORONTO, June 24 /PRNewswire-FirstCall/ -- Generex Biotechnology Corporation (Nasdaq: GNBT - News), a leader in the area of buccal drug delivery, announced today that it has entered into a letter of intent for the establishment of a joint venture between Generex and Sejong Capital Plc. Under the terms of the arrangement, Sejong will invest $25 million in the joint venture, which amount will be paid to Generex as a non-refundable license fee for exclusive rights to commercialize Generex`s flagship product, Oralin(TM) (oral insulin spray) and the RapidMist(TM) Diabetes Management System, in India, China and Australia.
The letter of intent also calls for Sejong to purchase 2 million shares of Generex`s restricted common stock at $2.50 per share for aggregate proceeds to Generex of $5 million.

The joint venture will register, market, distribute and sell Oralin(TM) in India, China and Australia.

"We welcome Sejong`s investment in Oralin(TM) and this opportunity to expedite the clinical development and commercialization of our flagship product", said Anna Gluskin, the President and Chief Executive Officer of Generex. "The joint venture structure will allow us to continue to control and direct the further clinical and regulatory development of Oralin(TM) in these jurisdictions and to participate in commercialization revenues. We believe that this agreement will represent the first in a series of partnerships, and we are seeing increased interest from prospective partners internationally."

There are approximately 70 million people afflicted with diabetes in India, China and Australia. Prevalence of diabetes in the region ranges from 2.5 to 10 percent of the population and is growing. Diabetes can lead to complications such as blindness, heart attack and renal failure. Available data suggests that early and aggressive use of insulin can play a key role in the treatment of both Type 1 and Type 2 diabetes, the postponement and possible prevention of such complications, and an improvement in the quality of life of patients with diabetes. Generex believes that its RapidMist(TM) Diabetes Management System provides a safe, simple and convenient needle-free insulin alternative.

The transactions contemplated by the letter of intent are subject to the settlement of formal agreements.

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