MIRAMAR, Fla. & TORONTO--(BUSINESS WIRE)--On January 23, 2017 Generex Biotechnology Corporation (OTCPink:GNBT) announced a letter of intent for the acquisition of a controlling equity interest in Emmaus Life Sciences, Inc. (www.emmauslifesciences.com) (“Emmaus”). The Company filed a Form 8-K Current Report in respect of the transaction with the U.S. Securities and Exchange Commission (SEC) (www.sec.gov) on January 20, 2017. That 8-K provides comprehensive and detailed descriptions of the transaction terms. Generex today announced that Emmaus has granted to Generex an extension of the payment date for an interim cash consideration payment in the amount of $1,500,000 to February 16, 2017.
Emmaus, headquartered in Torrance, CA, is a biopharmaceutical company engaged in the discovery, development, and commercialization of innovative treatments and therapies, primarily for rare and orphan disease. Initial product development efforts are focused on Sickle Cell Disease (SCD), a genetic disorder.
On February 1, 2017, Emmaus announced the allowance by the U.S. Patent & Trade Office of its patent application covering the use of its lead investigative product, pharmaceutical grade L-glutamine (PGLG), for the treatment of diverticulosis. The application reported a significant reduction in the number of intestinal diverticula via therapeutic application of PGLG. No extant commercial therapies reduce intestinal diverticula.
On February 7, 2017 Emmaus announced a Japanese Patent Office allowance of its patent application in respect of PGLG for the treatment of diabetes. The application reports a significant reduction of HbA1C levels via therapeutic application of PGLG.
Dr. Yutaka Niihara, MD, MPH, Chairman and CEO of Emmaus and Executive Chairman of Generex commented: “R&D efforts continue apace at Emmaus, as evidenced by these new patents securing our intellectual property portfolio. We are pleased to add diverticulosis and diabetes as prospective new indications for our PGLG product which we are currently developing for the treatment of SCD.”
Joseph Moscato, Generex President & CEO, stated: “I am gratified by the confidence Emmaus has expressed in Generex in providing this leeway to allow us to consummate the reorganization of our capital structure which will set the stage for our future successes.”
Emmaus is an SEC registrant; its filings, including audited financial information, are publicly available at www.sec.gov.
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