Generex Biotechnology Signs Letters
of Intent to Establish NuGenerex Health MSO with Arizona
Endocrinology Center & Paradise Valley Family Medicine
MSO to Provide Ophthalmology Services,
Podiatry Services, Group Purchasing Organization (GPO) Services,
Pharmacy & Medical Device Distribution and Medicare Advantage
Risk Contracting Under HMO Contracts
MIRAMAR, FL -- September 10, 2019 -- InvestorsHub NewsWire --
Generex Biotechnology Corporation (GNBT)
announces that the Company has signed letters of intent with
Arizona Endocrinology Center and Paradise Valley Family Medicine to
establish NuGenerex Health, LLC, a management services organization
(MSO) focused on the delivery and management of healthcare services
for patients with chronic, complex medical conditions, particularly
diabetes. Together, the two medical practices currently work in
concert to provide primary care and specialty endocrinology
healthcare services for a patient population of roughly 65,000
patients, 25,000 of whom are insulin-dependent diabetes
patients.
Under the terms of the agreements, Generex Biotechnology will
establish NuGenerex Health, LLC as a multispecialty health services
provider that provides ancillary healthcare services and disease
management solutions for patients living with chronic medical
conditions. With an initial focus on the management of complex
diabetes patients, NuGenerex Health is designed as an MSO
partnership with the medical groups to offer ophthalmology,
podiatry and ancillary health services that will provide patients
with integrated, concierge care to improve outcomes and reduce
costs.
NuGenerex Health will employ ophthalmologists, podiatrists and
medical staff to provide ancillary health services for chronic care
patients in support of the Arizona clinics. By bringing specialty
ancillary care directly to the patients who regularly visit the
practices, NuGenerex Health provides an integrated, collaborative
care model not only to enhance patient wellbeing, but also to
comply with CMS guidelines for diabetes and chronic care management
that can lead to 5-star ratings and increased reimbursements. The
ultimate goal is to build an HMO to service Medicare Advantage
plans.
Dr. Anthony Katz, MD, President of Paradise Valley Family
Medicine, commented on the opportunity, “The NuGenerex Health model
is an exciting opportunity for our practice and our patients who
will clearly benefit from this integrated care approach to the
management of chronic diseases, especially diabetes. We have a
large population of chronic care patients who will now be able to
have their eye exams and podiatric assessments, so crucial to
diabetes management, conducted on site at our clinics. We are happy
to be part of NuGenerex Health and look forward to our future
growth.”
Dr. Rohit Dwivedi, MD, Managing Partner of Arizona Endocrinology
Center, said, “The NuGenerex Health MSO will provide the ancillary
health and management services that our endocrinology practice
needs to provide comprehensive chronic care solutions to our
patients with diabetes. Through NuGenerex Health, we will offer
these integrated, specialty services, including ophthalmology and
podiatry exams and follow-on treatments as recommended by CMS
guidelines. As always, we are dedicated to the health and wellbeing
of our patients, and these new services are designed to improve
outcomes and to reduce healthcare costs through best
practices.”
Joe Moscato, President & Chief Executive Officer of Generex,
said of the deal, “By establishing NuGenerex Health with our
partners at Arizona Endocrinology Center and Paradise Valley Family
Medicine, we not only launch a great new MSO model for diabetes
management that has benefits for physicians and patients alike, but
we also build the foundation for an HMO that we will be launching
in the coming months. Plus, with this foundation, we are
reinvigorating our long-established diabetes franchise. As we
announced yesterday, we have signed a binding letter of intent to
acquire 51% of ALTuCELL (http://altucell.com) with their
microencapsulation technology and cell therapy systems that have
the potential to cure Type I Diabetes. We will also be relaunching
the Oral-Lyn development program with a reformulated Oral-Lyn II
that is designed to require only two sprays of our patented buccal
insulin spray for glycemic control. The Oral-Lyn II development
program will be significantly accelerated with the opportunity to
conduct the clinical trials required by FDA for approval by working
with diabetes specialists and a population of approximately 25,000
insulin-dependent diabetes patients who will be part of NuGenerex
Health. We will keep our shareholders apprised of our progress as
we build our end-to-end model for physicians and patients with our
partners in Arizona.”
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 Therapeutix
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 Pantheon Medical
Pantheon Medical is a manufacturer of 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. Generex is developing and submitting
several new product lines to the FDA which will include cannulated
surgical screws, plates, and implants.
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 Contact:
Generex Biotechnology Corporation
Joseph Moscato
646-599-6222
Todd Falls
1-800-391-6755 Extension 222
investor@generex.com
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