Generex Biotechnology Announces Acquisition of Surgical Device Manufacturer
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.
Generex Biotechnology Corporation (OTCQB:GNBT) is pleased to announce
that the company has entered into a letter of intent (LOI) to acquire
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, and an FDA
letter related to balanced plating system, on a debt free basis, for One
Million Four Hundred Thousand Dollars ($1,400,000) worth of 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, commented on the deal,
“Partnering with Generex will enable us to expedite Pantheon’s ability
to build a manufacturing company with proprietary product lines that
offer convenience and cost effectiveness to physicians. We are already
seeing significant uptake in the marketplace with our 'one stop shop'
approach to orthopedic surgery, and the new product lines will expand
our market reach.”
“The acquisition of Pantheon expands the commercial product portfolio of
Generex into the surgical field, adding revenues and profits with their
current product line and significant upside opportunities for new
FDA-approved product introductions over the next several years,” stated
Joe Moscato, CEO of Generex. “Our MSO partners, many of whom are
orthopedic surgeons and podiatrists, will immediately benefit from
Pantheon’s Foot & Ankle surgery kit. The acquisition demonstrates
Generex’s commitment to providing end-to-end solutions that enhance
physician’s practice and improve outcomes for patients. We are in the
process of completing the due diligence on the Pantheon acquisition,
with plans to close the transaction in the coming weeks.”
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.
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.
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