World News: 14:00 GMT Friday 12th July 2019. [Generex Biotechnology Corporation via Globe Newswire via SPi World News]
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.”
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.
Generex Biotechnology Corporation
Joseph Moscato 646-599-6222
Todd Falls 1-800-391-6755 Extension 222
Globe Newswire: 14:00 GMT Friday 12th July 2019
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