Generex To Spin Off Worcester Co.
Antigen Express of Worcester will become its own publicly traded company under a planned reorganization of Generex Biotechnology Corp.
Generex, which is based in Ontario, Canada, acquired Antigen Express in 2003. It plans to retain a controlling interest in the Worcester company, which develops immunotherapeutic vaccines.
Generex will narrow its focus to its other businesses: its insulin spray product and the diabetes care company Global Medical Direct, which it acquired a majority stake in last year.
Generex also plans to ask its stockholders to approve a reverse stock split at its June 8 annual meeting. It says the amount of the offering will depend on market conditions. The offering will fund research and development, product commercialization and the Global Medical Direct acquisition.
To go forward with the reverse stock split, the company said it needs to be listed on a national stock exchange, which is contingent on meeting a minimum share price. The company was dropped from the Nasdaq Capital Market in November after its share price fell below the exchange's minimum level.
As another part of its reorganization, the company named Mark Fletcher president and CEO of Generex. Fletcher has held that role on an interim basis for the past six months. It also tapped David Bursegard as chief operating officer and Stephen Fellows, the current vice president of finance, as acting financial officer.
WBJ Web Partners
Most Recent
Most Recent
0 Comments