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MIRAMAR, Fla., July 12, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (OTCQB:GNBT) is pleased to announce the Company has completed the acquisition agreement to acquire assets and operations of Medisource Partners, an FDA-registered distributor of medical and surgical products including bone grafts and biologics from a range of surgical product manufacturers. Under the terms of the deal, Generex will acquire 100% of the assets of Medisource including business operations, accounts receivable and inventory, contracts, and real estate, in an all-stock transaction, effective August 1, 2019, following the close of Generex’ fiscal year. As part of the deal, Travis H. Bird, CEO of MediSource will continue to lead the MediSource operation and will join the Generex executive team focused on the sales, marketing, and distribution of surgical and biologic product lines.
Medisource Partners is a 10-year-old private company, currently contracted with over 25 vendors (including Pantheon Medical) for nationwide distribution of implants and devices for spine, hips, knees, foot, ankle, hand, and wrist surgeries. Additional product lines include biologics (blood, bone, tissue, and stem cells), durable medical equipment, and soft goods. The company also supplies kits to process bone marrow aspirates and platelet rich plasma biologics at the time of surgery.
Mr. Bird commented on the deal, “In the last decade, MediSource has established itself as a service-focused, “one stop shop” for the physicians, surgeons, and healthcare professionals we serve. With a broad catalogue of surgical supplies, orthopedic implants, and a wide portfolio of biologics and Cellular and Tissue Products (CTPs), we are excited to become part of Generex and the NuGenerex family of companies as we work together to bring innovative and effective treatments, therapies, and products to the MSO network. As demonstrated by this all stock transaction, I believe in the Generex vision and look forward to being an essential part of our future growth.”
“The strategic acquisition of Medisource Partners provides Generex with a value-added service model that fits the corporate mission of NuGenerex Distribution Solutions, adding immediate revenues and profits, while providing significant upside as we integrate the medical and surgical supply business into our current and future MSO networks”, stated Joe Moscato, CEO of Generex. “MediSource brings not only its catalogue of products, but also a national distribution license for CTPs, biologics, and devices, as well as integrated purchasing and billing services. MediSource provides our MSO with access to new products, especially biologics, including platelet rich plasma, bone marrow aspirate, cord blood, and bone implants.
The synergies among our subsidiaries has already been achieved as MediSource and Olaregen are working on a distribution agreement for Excellagen wound conforming matrix through our MSO, and the companies are working on the joint development of new regenerative medicine products focused on exosomes and placenta-derived blood and tissue products. We are excited that the acquisition of Medisource will provide access to a whole new line of products for our MSO network that we plan to expand into 27 states. We are happy to close this transaction and look forward to working with Travis and his team to advance our end-to-end solution for our MSO physicians.”
About Generex Biotechnology Corp.
Generex Biotechnology is an integrated healthcare holding company with end-to-end solutions for patient centric care from rapid diagnosis through delivery of personalized therapies. Generex is building a new kind of healthcare company that extends beyond traditional models providing support to physicians in an MSO network, and ongoing relationships with patients to improve the patient experience and access to optimal care.
In addition to advancing a legacy portfolio of immune-oncology assets, medical devices, and diagnostics, the Company is focused on an acquisition strategy of strategic businesses that complement existing assets and provide immediate sources of revenue and working capital. Recent acquisitions include a management services organization, a network of pharmacies, clinical laboratory, and medical device companies with new and approved products.
Our newly formed, wholly-owned subsidiary, NuGenerex Distribution Solutions (NDS), integrates our MSO network with a pharmacy network, clinical diagnostic lab, durable medical equipment company (DME-IQ) and dedicated call center.
About Olaregen Therapeutics
Olaregen Therapeutix, Inc. is a regenerative medicine company focused on the development, manufacturing and commercialization of products that fill unmet needs in the current wound care market. Generex aims to provide advanced healing solutions that substantially improve medical outcomes while lowering the overall cost of care. Olaregen's first product introduction, Excellagen (flowable dermal matrix) is a topically applied product for dermal wounds and other indications. Excellagen is a FDA 510K cleared device for a broad array of dermal wounds, including partial and full thickness wounds, pressure ulcers, venous ulcers, diabetic ulcers, chronic vascular ulcers, tunneled/undermined wounds, surgical wounds (donor sites/ grafts, post-Mohs surgery, post-laser surgery, podiatric, wound dehiscence), trauma wounds (abrasions, lacerations, second-degree burns and skin tears) and draining wounds, enabling Olaregen to market Excellagen in multiple vertical markets. Additionally, Excellagen can serve as an Enabling Delivery Platform for pluripotent stem cells, antimicrobial agents, small molecule drugs, DNA-Based Biologics, conditioned cell media and peptides. Olaregen's initial focus will be in advanced wound care including diabetic foot ulcers (DFU), venous leg ulcers and pressure ulcers. Future products focusing on innovative therapies in bone and joint regeneration comprise the current pipeline. Generex's mission is to become a significant force in regenerative medicine and advance the science of healing.
About our Service-Disabled Veteran-Owned Small Business (SDVOSB)
This a Service-Disabled Veteran-Owned Small Business (SDVOSB) that specializes in the sale, marketing, and distribution of innovative medical products through a nationwide network of veteran owned distribution services.
About MediSource Partners
MediSource Partners is a 10-year-old private company, currently contracted with over 25 vendors (including Pantheon Medical) for nationwide distribution of implants and devices for spine, hips, knees, foot, ankle, hand, and wrist surgeries. Additional product lines include biologics (blood, bone, tissue, stem cells), durable medical equipment, and soft goods. Generex also supplies kits to process bone marrow aspirates and platelet rich plasma biologics at the time of surgery.
Cautionary Note Regarding Forward-Looking Statements
This release and oral statements made from time to time by Generex representatives in respect of the same subject matter may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plan," "believes," "will," "achieve," "anticipate," "would," "should," "subject to" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Forward-looking statements frequently are used in discussing potential product applications, potential collaborations, product development activities, clinical studies, regulatory submissions and approvals, and similar operating matters. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by Generex with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. Generex undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act.
Generex Biotechnology Corporation
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