Generex acquires further 38% of subsidiary Olaregen Therapeutix

Canada-headquartered Generex Biotechnology (OTCQB: GNBT) saw its shares rise 3.9% to $2.13 by mid-morning today, after it said that it has acquired an additional 38% of Olaregen Therapeutix for a total Generex ownership of approximately 99% after the share exchange at $2.50 a share for GNBT stock, in a cashless transaction.

Olaregen Therapeutix 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.

Joseph Moscato, Generex president and chief executive, stated: “We are thrilled to acquire an additional 38% of Olaregen as we launch ExcellagenÒ into the marketplace. Today’s buyout of the Olaregen shareholders was unexpected and we are very happy that those shareholders believe enough in the Generex strategy that they exchanged their private shares for Generex public shares further demonstrating to us and our shareholders the value we are creating.”