Generex Biotechnology Corporation Receives Funding Commitment

WORCESTER, Mass., April 8, 2010 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (Nasdaq:GNBT) (www.generex.com), the leader in drug delivery for metabolic diseases through the inner lining of the mouth, today announced that it has entered into a common stock purchase agreement with Seaside 88, LP, a private investment limited partnership. Seaside has committed to purchase up to 49,455,130 shares of Generex common stock. Seaside will purchase up to 2,000,000 shares every two weeks in up to 25 tranches (with up to 1,455,130 shares purchased in the final tranche). Today, Generex and Seaside closed the first tranche of 2,000,000 shares for gross proceeds to Generex of $945,180 at a per share price of $0.47259, being 89% of the 10-day volume weighted average trading price (VWAP) of the Company's common stock on the NASDAQ Capital Market immediately prior to the closing.