This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Biotech Stock Mailbag: Generex

BOSTON ( TheStreet) -- Have you entered TheStreet's first-ever FDA Drug Approval Contest yet?

Eleven new drugs are vying for FDA approval in October, which makes the month a perfect time to see which of the Biotech Stock Mailbag readers can best predict how many of these new drugs cross the FDA finish line and how many are left standing on the sidelines.

Please visit TheStreet's FDA Drug Approval Contest web page and submit your entry quickly. The FDA may issue the first of October's drug approval decisions tonight, so don't dawdle. Good luck!

Moving on to this week's Mailbag. Larry G. writes, "Hey Adam, what are your thoughts on Anna getting knocked out of the way over at Generex Biotechnology (GNBT)?"

Anna is Anna Gluskin, the now former chairman and CEO of Generex. On Wednesday night, Generex said the board relieved Gluskin of her executive duties although she will remain a director.

"Generex has reached a stage in its maturation where new senior management leadership is now needed for the company to capitalize more effectively on the opportunities that we believe are available to the company. We believe that a tighter focus on the company's core business is needed and we have determined that this can only be achieved under a new President and CEO," said John Barratt, a Generex independent director who was named the company's new chairman, in a statement.

Mark Fletcher, Generex's general counsel, was appointed interim CEO while a search for a permanent chief executive is conducted.

My thoughts: Gluskin was a terrible CEO, so her departure is a positive. However, I've never believed Generex to be an investable company for many reasons beyond Gluskin's lack of leadership. Gluskin's exit minus any other fundamental changes or improvements at Generex doesn't change my view.

I'm happy to see Generex's board do something smart for once. It's a step in the right direction; however, Gluskin remains tied to the company as a director. Why? Won't that hamper more positive change? Will Generex be able to attract a well-qualified CEO when the company's old, ousted CEO still sits on the board? And why did the board act now to remove Gluskin? Are there other facts that investors don't know about?

Generex's statement regarding the changes in the company's executive team is rather vague. Let's see if any more detail or disclosure is provided that can shed light on the situation when Generex files its annual report with the Securities and Exchange Commission. The 10-K is usually released in mid-October.

1 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs