MIRAMAR, Fla., July 11, 2019 (GLOBE NEWSWIRE) — Generex Biotechnology Corporation (GNBT) is pleased to announce that the company has completed the acquisition of Pantheon Medical – Foot & Ankle, a manufacturer of specialty orthopedic surgery products and tools. Under the terms of the deal, Generex will acquire all of the assets of Pantheon Medical including business operations, accounts receivable and inventory, contracts, real estate, and an FDA letter related to balanced plating system, on a debt free basis, in a non-cash transaction with Generex (GNBT) stock, plus additional cash and stock consideration upon achieving certain sales and profit goals.
Pantheon Medical – Foot & Ankle is a multi-million dollar company that began operations in 2014 with a physician friendly, “all-in-one”, integrated kit that includes plates, screws, and tools required for orthopedic surgeons and podiatrists conducting foot and ankle surgeries. Over the next three years, the Company will be developing and submitting several new product lines to the FDA, which will include cannulated surgical screws and surgical staples, as well as a proprietary Hammertoe System.
Travis H. Bird, CEO of Pantheon Medical said, “We have built Pantheon Medical with a commitment to providing our surgeon customers with the highest quality surgical implants and tools in an integrated surgical kit for foot and ankle surgeries. Our standard “All-in-One” kits provide surgeons with an integrated kit of the implants, plates, screws and clips to perform 80% of their surgeries, and the kits can be customized for physician preference, offering convenience and performance at an economic price. We expect that Generex and the NuGenerex MSO will benefit greatly from our partnership and we look forward to bringing our FDA-cleared line of surgical products to the network.”
“We are happy to close the acquisition of Pantheon as we expand our surgical product portfolio that is focused on providing our MSO network with the surgical implants and kits that they routinely utilize in their orthopedic and podiatric practices. Pantheon not only adds immediate revenues and profits to the NuGenerex family of companies, but also brings significant upside opportunities for new FDA-approved product introductions over the next several years,” stated Joe Moscato, CEO of Generex. “This acquisition once again demonstrates Generex’s commitment to providing end-to-end solutions that enhance physician’s practice and improve outcomes for patients.”
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.