Generex Biotechnology Subsidiary Olaregen Therapeutix Receives VAC Approval and Ships Excellagen® to the Arizona Indian Health Service
- The National Indian Council on Aging reports that American Indians and Alaska Natives have the highest diabetes prevalence rates of all racial and ethnic groups in the United States
- Approval paves the way for every Indian Health Service facility to use Excellagen for the management of hard to heal wounds
MIRAMAR, Fla., Feb. 04, 2020 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (OTCQB:GNBT) is pleased to announce that the company’s subsidiary Olaregen Therapeutix, an emerging regenerative medicine company, has begun shipping Excellagen to the Indian Health Services in Arizona, following approval by the value added committee (VAC). Native American Indian adults are almost three times more likely to have diabetes and 2.5 times more likely to die from the complications of diabetes than the majority of other Americans. Excellagen wound conforming gel matrix is FDA cleared to manage 17 types of wounds including diabetic foot ulcers and venous leg ulcers, which are prevalent in the diabetic patient population. The Indian Health Service (IHS), an agency within the U.S. Department of Health and Human Services, provides care to over 2.2 million Native Americans in more than 560 recognized tribes across the country.
Anthony J. Dolisi, President and Chief Executive Officer of Olaregen said, “We are excited that Excellagen has been approved by the Indian Health Services Value Added Committee, which not only enables us to begin selling Excellagen in Arizona, but which also opens the door to VAC approval across the IHS. We continue to make gains in the VA hospitals, where Excellagen is achieving some fantastic results for veterans who are dealing with hard to heal wounds, and we expect to achieve a national footprint by the end of the year. Additionally, we have begun the VAC approval process in the private sector and have just signed a new hospital in Texas.”
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 and medical device companies with new and approved products.
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.
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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