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, Fla., Sept. 10, 2019 (GLOBE NEWSWIRE) — Generex Biotechnology Corporation (OTCQB: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 (https://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.