WORCESTER, Mass., June 15, 2009 (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, announced today that it has consummated the previously announced registered direct offering of 17,200,000 shares of its common stock to a select group of accredited investors at $0.6389 per share. In addition, the Company issued to the investors warrants to acquire up to 8,600,000 shares of the Company's common stock at $0.76 per share. The warrants are exercisable for a period of five years commencing 183 days after the closing date. The offering resulted in gross proceeds of approximately $11 million and, after deducting placement agent's fees and estimated offering expenses, the Company received not proceeds of $10.8 million. Midtown Partners & Co., LLC served as placement agent for the offering.
