A Florida-based biotech company just announced that its subsidiary NuGenerex Immuno-Oncology secured a $535-Million valuation from an internationally recognized, independent valuation and appraisal firm that provides valuation advisory services and fairness opinions to public and private companies. Shares of parent company Generex Biotechnology Corp (OTCQB:GNBT) ripped following the announcement, as it currently has a market cap of less than $30 Million.
Generex is a biotechnology company which is primarily engaged in the research and development of drug delivery systems and technologies. It mainly focuses on developing technology for the administration of formulations of large molecule drugs to the oral (buccal) cavity using a hand-held aerosol applicator.
The company operates in the single segment being the Research and development of drug delivery systems and technologies for metabolic and immunological diseases. In addition, the company engages in developing proprietary vaccine formulations through its subsidiaries that work by stimulating the immune system to either attack offending agents that is cancer cells, bacteria, and viruses or to stop attacking benign elements.
Traders were bullish on the news as shares got up to $0.32/share (+40.17%) following the announcement.