Generex Biotechnology Corp. (OTC:GNBT
, GNBT message board
) has been climbing up since last week. Yesterday, the up move continued and the stock
added another 18.24% to its price, while its traded volume reached approximately 11 million shares.
The most reasonable explanation on the current uptrend turns out to be the recent news of GNBT.
The latest announcement was released yesterday, when the company reported that Bloomberg Television was scheduled to air a segment on the immunotherapeutic breast cancer vaccine being developed by its wholly-owned subsidiary, Antigen Express, Inc. Being aired, the segment would be available for viewing on the Bloomberg website and on the Generex website.
Apparently, the news was published to ensure the chart position of GNBT. However, the company's financials cannot support it at all.
As of October 31, liabilities of Generex were 50% higher than it total assets, stockholders' deficiency exceeded $7 million, and accumulated deficit remained over $347 million.
Having in mind that revenues of GNBT cannot cover any of the company's losses, Generex will keep existing under a going concern unless it finds additional financing to support its operations.