Generex Bio signs LOI for majority interest in developer of rapid diagnostic tests

• Generex Biotechnology (OTCPK:GNBT +4.4%) enters into a non-binding Letter of Intent (LOI) with Miramar, FL-based Hema Diagnostic Systems, LLC to acquire a 51% equity interest in Hema for $15M. Generex will also receive certain royalties of up to $50M.
• Hema has developed a portfolio of rapid point-of-care diagnostic tests for infectious diseases, including HIV, tuberculosis, HCV, HBV and malaria. The tests are for export only since they have not been cleared by the FDA.