Generex Biotechnology Corporation (OTCBB: GNBT) shares leaped 8.3% Thursday to 20 cents, amid word of progress on the company’s new product. Volume for the stock totaled nearly 797,000 shares, a mite short of its daily average of 878,500 as the closing bell neared.

In a news release dated June 16, Generex issued a synopsis of the update on the clinical and regulatory program for Generex Oral-lyn(TM), the Company’s proprietary buccal insulin spray product, provided at the annual meeting of the Company’s stockholders held in New York City on June 8.

At that meeting, the current status, clinical study plans, and major market registration pathway for Generex Oral-lyn(TM) were presented. Dr. James H. Anderson, Jr., MD, FFPM, FACE, Generex’s Senior Scientific Advisor, outlined the reorganization within the Company’s medical/regulatory group.

Generex received written guidance from the U.S. Food and Drug Administration (FDA) in late May in response to data submitted on Generex Oral-lyn(TM). There were no safety issues identified in the clinical trials, nor safety questions raised by the FDA.

As resources and opportunities allow, Generex will seek to maximize the benefits and value of the Generex RapidMist(TM) drug delivery system for delivering new drugs, new proteins, and new enzymes for improved treatment of diabetes and other diseases.

No officials from Generex were available for comment.

Based out of Worcester, Mass., Generex is engaged in the research, development, and commercialization of drug delivery systems and technologies.