WORCESTER, Mass., May 27, 2008 (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 Commercial License from the Government of Dubai, United Arab Emirates. Under the auspices of this Commercial License, Generex has established a branch office in exclusive Dubai Healthcare City operating as "Generex Biotechnology Corporation Mena" (i.e., Middle East and North Africa). Generex, through this branch office, will work closely with the regulatory and marketing personnel of Leosons General Trading Company, the Company's licensee in the region for the registration, importation, marketing, distribution, and sale of Generex Oral-lyn(tm), the Company's proprietary oral insulin spray product.
"This augmented presence in the region will assist Generex to bring Generex Oral-lyn and its new paradigm for the treatment of diabetes to the more than 15 million patients with diabetes in the region," said William Abajian, Senior Executive Advisor, Global Strategic Alliances & Business Development for the Company. "We believe that Generex Oral-lyn(tm), as a safe, simple, fast, and effective alternative to prandial injections of insulin, is poised to become a standard element of the treatment paradigm for the estimated 1.5 million Type-1 patients with diabetes in the region, as well as the estimated 2.7 million Type-2 patients with diabetes in the region for whom insulin is a part of the treatment regime," added Mr. Abajian. Generex also believes that, by making its oral insulin product available in place of prandial insulin injections, many more patients with Type-2 diabetes may be willing to include insulin therapy in their treatment paradigms to slow the progression of the disease and the onset of its myriad complications.
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 Phase 3 clinical trials at several sites 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.