Generex Biotechnology (GNBT) describes itself as "the leader in drug delivery for metabolic diseases through the inner lining of the mouth". Not a leader, the leader. Today, a small investment bank outfit called Rodman and Renshaw opened coverage on the company with a "market outperform" rating.

The investment house said: "Our analysis indicates that Generex’s oral insulin, Oral-lyn, could be a significant player in the non-injectable insulin market. We believe that Oral-lyn’s product profile, combined with strong clinical data and expected rapid growth in the global diabetic population, could result in > $600 MM in revenues by 2013."

That’s right,"could result" in 2013. The stock moved up 42% to $1.79.

For the present, the company had $45,000 in revenue in the last reported quarter. The company’s operating loss for that period was $5.5 million.

Talk about a risky investment.

Douglas A. McIntyre