Generex Biotechnology Corporation (OTCMKTS:GNBT) announced recently that it has registered a decline of 9.09% in its short interest. Though the company doesn’t have a noteworthy business operation, it has recorded a market cap of $3.52 million.
In the past, Generex was fully engaged in research and product development and distribution of drug delivery systems and other advanced technologies for the treatment of patients with metabolic and immunological medical conditions. But with continuous negative earnings, the firm has shifted to its proprietary technology. The company currently administers formulations of huge molecule drugs to the oral cavity using its technology and a hand-held aerosol applicator.
Generex recently also issued a 2017 year-end summary of its performance to the stakeholders. Joseph Moscato, President, and CEO of the company provided his stockholders a summary of how the company has performed and highlight great achievements in 2017.
Through an official letter, Moscato stressed on what the company accomplished in last year’s fiscal year which includes: appointing more members for the company’s Board of Directors with a focus on the mix of leaders from various fields such as finance, drug development and drug delivery, product development and corporate governance; recruitment of a solid management team with necessary skills, knowledge, and expertise; implemented a shareholder-approved reverse stock split, and much more.
The company also pointed out the need to rebuild the company to be a strategic, diversified life sciences holding firm. There is also a plan to rebrand the company with a new name – NuGenerex Life Sciences Holdings, Inc before the end of this year.
The company plans to restructure the newly branded NuGenerex into three key operating subsidiaries to enhance its platform technologies especially in cancer immunotherapy, rapid diagnostic testing, and general drug formulation and delivery systems.
The three subsidiaries include NuGenerex Immuno-Oncology based on AE37; NuGenerex Global Diagnostics, and NuGenerex Drug Delivery Systems. Furthermore, the company will also launch NuGenerex Healthcare and Clinical Finance department that will focus on healthcare investment fund.