GNBT - Generex announces receipt of $2M or its COVID-19 vaccine development

In a regulatory filing, Generex Biotechnology (GNBT) disclosed the receipt of $2M towards its COVID-19 vaccine development initiatives from its Chinese partners taking the total receipts to $3.1M.In November, the company and its majority-owned subsidiary NuGenerex Immuno-Oncology signed The Ii-Key Innovative Flu Vaccine Development Agreement with a Chinese consortium led by Beijing Youfeng International Consulting Co., Ltd.Per the agreement, Generex was entitled to a licensing fee of $2.5M upon the successful development of the flu vaccine and receipt of commercial approval from the Chinese regulator.In December, an extension agreement allowed the company to receive an upfront licensing fee of $5M.In an update on its COVID-19 vaccine program, Generex said in December, the Ii-Key COVID-19 vaccine with multiple epitopes had the potential to be a complete vaccine and it has filed a trademark application for The Complete Vaccine™.

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Generex announces receipt of $2M or its COVID-19 vaccine development