WORCESTER, Mass., Aug. 6, 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 that it has today consummated a registered direct offering of 8,558,013 shares of its common stock to a select group of accredited investors at $0.6602 per share. In addition, the Company issued to the investors warrants to acquire up to 2,995,305 shares of the Company’s common stock at $0.79 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 $5,650,000 and, after deducting placement agent’s fees and estimated offering expenses, the Company received net proceeds of approximately $5,336,000. Midtown Partners & Co., LLC served as placement agent for the offering.
