Generex Biotechnology Completes Acquisition of Olaregen Therapeutix
Generex Biotechnology Corporation announced that the company has completed the acquisition of 51% of Olaregen Therapeutix Inc., a New York based regenerative medicine company that is preparing to launch its proprietary, patented, wound conforming gel matrix, Excellagen an FDA 510K Cleared wound healing product cleared for the treatment of 17 types of 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. The terms of the deal include the previously reported upfront payment of $400,000, plus $11.6 million to be paid according to a milestone-based schedule. Details of the transaction can be found in the Generex 8K filing to be filed with the SEC in the coming days.
“We are pleased to close this acquisition of Olaregen, and excited about the launch of Excellagen,” stated Joe Moscato, CEO of Generex. “This acquisition demonstrates our commitment to offering “end-to-end” solutions to improve healthcare for doctors and patients. With the acquisitions Olaregen and Regentys, Generex has established a powerful regenerative medicine company with FDA cleared products and innovative therapies in clinical development to drive value and future growth.”
Anthony J. Dolisi, CEO of Olaregen commented on the deal, “Our merger with Generex enables us to accelerate the launch of Excellagen for several indications in a number of market channels, including nationwide distribution with the Department of Defense and the VA, and through surgical wound care centers and our proprietary network of surgeons and podiatrists. We have created a wound care expert salesforce to help guide physicians on the optimal Excellagen dose for a given wound type. Our partnership with Generex will enable Olaregen to reach our potential as a world-class regenerative medicine company with innovative products in wound healing and tissue regeneration.”