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On March 11, 2009,
reported that its Q2 FY09 net loss widened due to the interest expense and repricing costs of warrants costs issued in connection with convertible debentures and an increase in selling expenses. Net loss was $12.04 million or $0.10 per share compared to $6.51 million or $0.06 per share in the same period last year.
Revenue for Q2 FY09 surged to $434,636 from $18,627 in Q2 FY08, supported by a large order from the Middle East. The company received approximately $435,078 in revenues from sales of Glucose RapidSpray, excluding deferred sales.
Cost of goods sold soared several times over to $327,198 from $5,654. Research and development expenses decreased 6.6% to $3.24 million from $3.47 million, reflecting timing differences of the overall increased levels of research and development of oral insulin products and platform technology in connection with global Phase III clinical trials. Selling and marketing expenses escalated 114.3% to $609,707 from $284,498 on commercial sales of over-the-counter products. In addition, general and administrative costs dropped 33.1% to $2.06 million from $3.09 million in the prior year's quarter due to a decrease in expenses for consulting and accounting services.
Recently, GNBT announced that it offered its immunotherapeutic AE37 vaccine as part of a new combination therapy approach for breast and ovarian cancer patients. The company released the Crave-NX 7-day diet aid spray. In addition, Generex Biotechnology Corp. provided a positive update on its Phase III protocol for its flagship product Generex Oral-lyn in India. The company also received a $500,000 purchase order from Banaja, a pharmaceutical products distributor.