Generex At Odds With TheStreet Writer
Generex Biotechnology Corp., which is based in Canada and has operations in Worcester, is coming back swinging after the publication of a blog post Friday that the company claims was responsible for a 20 percent drop in its stock price.
In the popular investment website TheStreet, senior columnist Adam Feuerstein wrote on Friday that Generex "shut down" a phase III study of its Oral-lyn insulin spray and acknowledged it is "not ready for regulatory approval."
In response Generex issued a press release saying that it closed the phase III trial only after it was completed, on schedule and with results that validated the spray technology. The company said it is continuing with plans to secure approval for Oral-lyn from the U.S. Food and Drug Administration.
The company's stock dropped from 18 cents per share to 12.9 cents after the post was published. By late morning Monday, it was back up to 16 cents.
The argument over Friday's post is not the first conflict between the company and the blogger. In his post, Feuerstein says Generex was already suing TheStreet and him for previous columns on Oral-lyn.
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