Losses continue for buccal drug delivery company Generex Biotechnology with the company yesterday reporting a net loss of $4.6 million (€4.3m), or $(27) per share for the quarter ended January 31, 2003 - compared to a net loss of $3.8 million (€3.6m, or $(0.21) per share, for the same period in 2002.
The company attributed an increase in general and administrative expenses, primarily to an issuance of warrants and options to various advisors and consultants, for the increase in net loss.
Anna Gluskin, president and CEO of Generex, remained upbeat. "We are continuing to receive encouraging clinical results for Oralin, our oral insulin formulation which is delivered for absorption by the mucous membranes of the mouth by our proprietary RapidMist device," she said.
" In the second half of this fiscal year, we are looking forward to further progress for our technology platform for the treatment of diabetes. We believe that our current cash position is sufficient to meet our working capital needs for at least the next 12 months, based on the pace of our current development activities."