Shares of

Generex Biotechnology

(GNBT)

climbed early Wednesday after the Canadian company said a joint venture partner has promised to buy more of its stock.

Generex shares gained 8 cents, or 7.2%, to $1.19. Volume had already almost matched the daily average of 214,000 shares.

Generex said the partner, Charmed Capital of London, has paid the Toronto company a $1 million nonrefundable deposit against previously agreed upon financial obligations. Charmed Capital, formerly known as Sejong Capital, also agreed to raise the number of shares in Generex it plans to purchase to 2.4 million at $2.50 per share.

The joint venture calls for Charmed Capital to invest $25 million, which will be paid to Generex as a license fee for exclusive rights to commercialize the company's experimental oral insulin spray, called Oralin, and its RapidMist diabetes management system in India, China and Australia.

Last month, Generex announced it had raised $3 million in a private placement of common stock.