Solidifying its hold on the small-cap health-care sector, Miramar, Fla-based Generex Biotechnology Corporation (OTC:GNBT) shared with the world the news that it has acquired an additional 38% of Olaregen Therapeutix for a total Generex ownership of approximately 99% after the share exchange at $2.50 a share for GNBT stock. It was a cashless transaction.
Generex also included in its news release that it paid the final payment of $138,000 to clear over $1 million in debt from the books to further strengthen the Generex balance sheet as its application is being processed to list on the NASDAQ index.
Said CEO Joseph Moscato,"We are thrilled to acquire an additional 38% of Olaregen as we launch ExcellagenÒ into the marketplace. Today’s buyout of the Olaregen shareholders was unexpected and we are very happy that those shareholders believe enough in the Generex strategy that they exchanged their private shares for Generex public shares further demonstrating to us and our shareholders the value we are creating."
Shares in GNBT rocketed 18 cents, or 9%, in the final hour of trading Monday to $2.23, on volume of 70,000 shares.
