Subsequent Events

3 Months Ended

Oct. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 15 - Subsequent Events: 

The Company has evaluated subsequent events occurring after the balance sheet date through the date the unaudited condensed interim consolidated financial statements were issued.

On November 9, 2020 and November 18, 2020, the Company exercised put options pursuant to an Equity Purchase Agreement with Oasis for an aggregate of 1,750,000 shares of Generex common stock for $306,939 of net proceeds.

On November 13, 2020, Generex Biotechnology Corporation and its majority owned subsidiary NuGenerex Immuno-Oncology, Inc., (collectively “Generex”) signed The Ii-Key Innovative Vaccine Development Agreement (the “Agreement”) with Beijing Youfeng International Consulting Co., Ltd (“BYIC”), National Institute for Viral Disease Control and Prevention, Chinese Centre for Disease Control and Prevention (“NIVDC”) and Beijing Guoxin Haixiang Equity Investment Partnership (“BGHEIP” and together with BYIC and NIVDC, the “China Partners”) to set up a joint research team and a joint entity in China (the “Joint Entity”) that shall jointly develop and industrialize the Generex internationally patented Ii-Key innovative technology for a SARS-CoV-2 coronavirus peptide vaccine (the “Vaccine”) and other vaccines in the People’s Republic of China (“China”) and for Generex to provide the Joint Entity with an exclusive license to use its intellectual property; technical know-how, pre-clinical and clinical data and background materials, in each case, relating to Ii-Key-SARS-CoV-2 technology in the People’s Republic of China, including Hong Kong Special Administrative Region and Macau Special Administrative Region, but excluding the Islands of Taiwan (the “Licensed Territory”). The Agreement, among other things, consists of the Joint Entity providing 100% funding for the clinical development, manufacturing and commercial registration of the Vaccine for China and paying Generex licensing and royalty fees as follows:

1. Licensing Fee: $5,000,000 upfront fee due upon the execution of the Agreement; and then upon a successfully approved Vaccine, and an additional $20,000,000 from the net profits from the Joint Entity.

2. Royalty Fee: Once the Vaccine comes on to market for the first commercial sale, then the Joint Entity shall:

a. Offer Generex 20% of the equity interests in the Joint Entity; or

b. Cash payments to Generex in a price equal to $2 per dose for the COVID-19 vaccine.

The Joint Entity shall have the perpetual sole and exclusive license to use the Generex technology within Licensed Territory. Generex shall negotiate separately with the Joint Entity with respect to the sale of such technology in other countries outside the Licensed Territory.

On November 13, 2020, Generex Biotechnology Corporation and its majority owned subsidiary NuGenerex Immuno-Oncology, Inc., (collectively “Generex”) signed The Ii-Key Innovative Flu Vaccine Development Agreement (the “Agreement”) with Beijing Youfeng International Consulting Co., Ltd, National Institute for Viral Disease Control and Prevention, Chinese Centre for Disease Control and Prevention (NIVDC) and Beijing Guoxin Haixiang Equity Investment Partnership (Limited Partnership) (collectively referred to as “China Partners”) to set up a joint entity in China (the “Joint Entity”) that shall jointly develop and industrialize the Generex internationally patented Ii-Key innovative technology for a Flu peptide vaccine and other vaccines (the “Vaccine”) in the People’s Republic of China (“China”). The Agreement, among other things, consists of the Joint Entity providing 100% funding for the clinical development, manufacturing and commercial registration of the Vaccine for China and paying Generex a licensing fee of US$2,500,000 (minus expenses estimated at US$500,000) upon successful development of the flu vaccine and receipt of approval from NMPA for the product launch.

The Joint Entity shall have the perpetual sole and exclusive license to use the Generex technology within licensed territory and the licensed area.

On November 17, 2020, Generex signed statement of work (SOW) #2 with CTL to conduct FDA requested laboratory testing and analysis for a contracted amount of $82,780.

On November 19, 2020 Generex signed a work order with Polypeptide Laboratories to manufacture GMP grade Ii-Key vaccines for the COVID-19 vaccine program for a contracted amount of $273,000.

On November 25, 2020 Generex signed a work order with Covance to conduct preclinical animal immunogenicity studies for the Ii-Key COVID-19 vaccine program. The cost of the project is projected at $130,135. 

On December 7, 2020, Generex signed a contract with Patheon, by Thermo Fisher Scientific, to provide manufacturing and fill/finish services for the clinical supply of aseptically filled Ii-Key-SARS COV2 Vaccine Sterile Liquid Vials (the “Product”) for a Phase I/II study. The cost of the project, specifications for which are still in development, are expected to be in the range of $1,127,000 and $1,530,000.