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Generex Biotechnology to spin out subsidiary into new public company

Generex Biotechnology Corp. plans to spin out its subsidiary, NuGenerex Immuno-Oncology, as a separate publicly traded company.

Miramar, Fla.-based Generex said it would issue one or more dividends of NuGenerex Immuno-Oncology shares to its stockholders under the spinout and intends to retain a controlling interest in the new company.

According to a Jan. 4 press release, Generex will seek to list the new company on a national stock exchange.

Generex expects the spinout, which is subject to market conditions and regulatory requirements, to be completed after the annual meeting of its stockholders.

The biotechnology company is searching for candidates for NuGenerex Immuno-Oncology's board and executive team.