Generex Announces Appointment of CEO for Post-Spinout Antigen Express
WORCESTER, Mass. and TORONTO, June 15, 2011 /PRNewswire/ — Generex Biotechnology Corporation (OTCBB: GNBT) (www.generex.com) today announced that Jos van der Woert has been appointed to act as Chief Executive Officer of its wholly-owned subsidiary, Antigen Express, Inc., following its spinout.
From 2003 to 2010, Mr. van der Woert was an executive with Schering-Plough Corporation, concluding his tenure there as General Manager and Group Vice-President, Global Oncology and Virology. From 2001 to 2003, he was Vice-President, Global Brand Management, Oncology of Pharmacia Corporation (acquired by Pfizer Inc. in 2003). Mr. van der Woert spent 17 years as an executive with Bristol-Myers Squibb Company. In 2010, Mr. van der Woert founded Oncologics LLC, a consulting firm providing strategic leadership and therapeutic experience to firms in the oncology field. During his tenure in the oncology field, Mr. van der Woert has been involved in, and led many successful global launches of oncology products and achieved successful partnerships and collaborations in the biopharmaceutical industry.
“We are pleased to have secured the services of an executive of Mr. van der Woert’s experience and expertise,” commented Mark Fletcher, Generex President & Chief Executive Officer. “Upon the rebirth of Antigen Express as a stand-alone public company, Mr. van der Woert, together with Dr. Eric von Hofe as President, will provide the strong and capable leadership necessary to shepherd the company and its proprietary immunotherapeutic vaccine technologies into the future.”
Mr. van der Woert stated: “I am excited to lead the Antigen Express spinoff with its proprietary AE37 cancer vaccine platform technology which holds such tremendous promise as an immunotherapy that may become an integral part of the future treatment paradigm.”
On March 30, 2011, Generex announced its intention to spinout Antigen Express, Inc. as a stand-alone public company and to provide Antigen Express stock dividends to the Generex stockholders following a reverse split of the Generex stock. That reverse stock split was approved by the Generex stockholders on June 8, 2011. Generex will provide further details of the Antigen Express spinout in the coming weeks.
About Generex Biotechnology Corporation
Generex is engaged in the research, development, and commercialization of drug delivery systems and technologies. Generex has developed a proprietary platform technology for the delivery of drugs into the human body through the oral cavity (with no deposit in the lungs). The Company’s proprietary liquid formulations allow drugs typically administered by injection to be absorbed into the body by the lining of the inner mouth using the Company’s proprietary RapidMist(TM) device. The Company’s buccal insulin spray product, Generex Oral-lyn(TM) is in Phase III clinical trials at several sites around the world. Antigen Express, Inc. is a wholly owned subsidiary of Generex. The core platform technologies of Antigen Express comprise immunotherapeutic vaccines for the treatment of malignant, infectious, allergic, and autoimmune diseases. Antigen Express has pioneered the use of specific CD4+ T helper stimulation in immunotherapy. One of its platform technologies relies on inhibition of expression of the Ii protein. Antigen Express scientists, and others, have shown clearly that suppression of expression of the Ii protein in cancer cells allows for potent stimulation of T helper cells and prevents the further growth of cancer cells. For more information, visit the Generex website at www.generex.com or the Antigen Express website at www.antigenexpress.com.
Cautionary Note Regarding Forward-Looking Statements
This release and oral statements made from time to time by Generex representatives in respect of the same subject matter may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as “expects,” “plan,” “believes,” “will,” “achieve,” “anticipate,” “would,” “should,” “subject to” or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Forward-looking statements frequently are used in discussing potential product applications, potential collaborations, product development activities, clinical studies, regulatory submissions and approvals, and similar operating matters. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by Generex with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. Risks and uncertainties relating to the proposed reverse stock split include the risks that (1) Generex will not meet the standards for listing its common stock on a national stock exchange; and (2) Generex will not meet or sustain the minimum share price requirement of a national stock exchange. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. Generex undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Generex cannot be sure when or if it will be permitted by regulatory agencies to undertake additional clinical trials or to commence any particular phase of clinical trials. Because of this, statements regarding the expected timing of clinical trials or ultimate regulatory approval cannot be regarded as actual predictions of when Generex will obtain regulatory approval for any “phase” of clinical trials or when it will obtain ultimate regulatory approval by a particular regulatory agency. Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act.
SOURCE Generex Biotechnology Corporation