Generex Biotechnology has signed a letter of intent to acquire a 51% stake in US-based regenerative medicine company Olaregen Therapeutix.

Initially, Generex made an initial payment of $400,000 to secure the agreement, which is set to expand the company’s medical device portfolio.

After completing the legal documents, the company plans to close the transaction in the coming weeks.

“Initially, Generex made an initial payment of $400,000 to secure the agreement, which is set to expand the company’s medical device portfolio.”

Olaregen Therapeutix CEO Anthony Dolisi said: “This is an exciting time for the team at Olaregen, which was established with the primary purpose of commercialising Excellagen, a proprietary, patented, advanced wound healing product that has been FDA cleared based on excellent clinical results and has a 17-year patent protection.

“The Generex family of companies provides a unique opportunity to execute our commercial launch strategy to deliver product through surgical centres, department of defense, operating rooms, VA system, wound care centres, as well as podiatrists’ offices on the front line in the diagnosis and treatment of patients with wounds and ulcers resulting from diabetes and cardiovascular complications.”

Olaregen is planning the commercial launch of its flowable dermal matrix Excellagen, a 510K FDA cleared medical device intended for use for a variety of wound types. Recently it secured a US patent with a 17-year right of exclusivity.

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The company’s pipeline will focus on developing the device for the regeneration of bones, joints and cartilage.

Generex CEO Joe Moscato said: “Excellagen is FDA cleared and ready to launch using our investment, which is directed at building sales and commercial value almost immediately.

“We are launching Excellagen through our direct to physician market channels established with our recently announced acquisitions in pharmacy and management services.”