Generex Biotechnology Announces Filing of Its Form 10-K Annual Report for the Fiscal Year Ended July 31, 2006
Tuesday October 17, 9:15 am ET
No "Going Concern" Qualification in Auditor's Report Reflecting Company's Strong Financial Condition
TORONTO--(MARKET WIRE)--Oct 17, 2006 -- Generex Biotechnology Corporation (NASDAQ:GNBT - News), the leader in drug delivery for metabolic diseases through the inner lining of the mouth, announced today that it has filed its Form 10-K Annual Report for the fiscal year of the Company ended July 31, 2006 with the United States Securities and Exchange Commission.
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The audited financial statements included in the Annual Report disclose that the Company had cash, cash equivalents, and short-term investments in excess of $52 million as at July 31, 2006 which was the strongest financial position in the Company's history. Unlike previous reports, the auditor's report in respect of those financial statements does not include a "going concern" qualification.
"We are pleased to file an Annual Report reflecting such a robust financial condition," said Anna Gluskin, the Company's President & Chief Executive Officer. "With these resources, we are very well positioned to continue the development and commercialization of Generex Oral-lyn(TM), our flagship oral insulin spray product, as well as the other products in our drug delivery platform pipeline and the immunotherapeutic vaccine R&D programs of our Antigen Express subsidiary, including breast and prostate cancer and avian influenza vaccines." |
