Contract signed with CannScience Innovations Inc.
WORCESTER, Mass. and TORONTO, Sept. 2, 2015 /PRNewswire/ -- Generex Biotechnology Corporation (www.generex.com) (OTCQB: GNBT) today announced that its previously announced intention to implement a buccal cannabis co-development arrangement with CannScience Innovations Inc. (www.cannsci.com) has been formalized.
Generex and CannScience have entered into a binding Co-Development and Technology Licensing Agreement. Pursuant to the Agreement, Generex has licensed its proprietary RapidMist™ drug delivery platform technologies to CannScience for the co-development of products for the buccal delivery of cannabinoids and cannabinoid-derived products and granted an exclusive license to CannScience for the commercialization of such products in Canada in exchange for royalty payments. Generex and CannScience will co-own the intellectual property created by this co-development effort and will share profits from the global commercialization of the products.
CannScience is a research & development biopharmaceutical company established to conduct research, and undertake the development of, therapeutic products based on the extracts from medicinal cannabis. The company is developing proprietary technologies and owns know-how related to the chemistry and pharmacology of medicinal cannabis. CannScience is working on integrating various medical devices and drug delivery technologies for the delivery of medications for various patient populations.
"With this co-development program, Generex and CannScience seek to benefit from the growing global trend towards legalization of cannabis, particularly for medicinal purposes," commented Mark Fletcher, Generex President & Chief Executive Officer. "Our goal here is to develop products combining proprietary formulations and devices for the buccal delivery of dose-specific cannabinoids into the human body with no deposit into the lungs, thereby offering a safe, simple, fast, and efficacious alternative to smoking or edibles with their attendant uncertainties in respect of onset of action and dose control."
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™ device. Antigen Express, Inc. is a wholly owned subsidiary of Generex. The core platform technologies of Antigen Express comprise immunotherapeutic vaccines for the treatment of malignant, infectious, allergic, and autoimmune diseases. Antigen Express has pioneered the use of specific CD4+ T-helper stimulation technologies in immunotherapy. One focuses on modification of peptides with Ii-Key to increase potency, while a second relies on inhibition of expression of the Ii protein. Antigen Express scientists, and others, have shown clearly that suppression of expression of the Ii protein in cancer cells allows for potent stimulation of T-helper cells and prevents the further growth of cancer cells. For more information, visit the Generex website at www.generex.com or the Antigen Express website at www.antigenexpress.com.
Cautionary Note Regarding Forward-Looking Statements
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," "plan," "believes," "will," "achieve," "anticipate," "would," "should," "subject to" 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 or ultimate regulatory approval cannot be regarded as actual predictions of when Generex will obtain regulatory approval for any "phase" of clinical trials or when it will obtain ultimate regulatory approval by a particular regulatory agency. Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act.
SOURCE Generex Biotechnology Corporation