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Generex Biotechnology Subsidiary Olaregen Therapeutics' Wound Conforming Matrix, Excellagen®, Awarded Strategic Acquisition Centers (SAC) Biologic Blanket Purchase Agreement (BPA) Contract
MIRAMAR, Fla., March 30, 2020 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) proudly announced that the company’s subsidiary Olaregen Therapeutics’ wound conforming matrix, Excellagen, has been awarded a Blanket Purchase Agreement (BPA) contract from the National Strategic Acquisition Center (SAC) through the efforts of AvMedical, Olaregen’s Small Disabled Veteran Owned Small Distributor (SDVOSD) partner. The VA’s National Contract and National BPA programs are used by VA medical centers, related facilities, specific State Veterans Homes, and other Federal facilities to procure select products based on clinical evidence, patient outcomes, and economic cost to the VA hospitals. The SAC awarded Excellagen a position on their biologics BPA through a rigorous evaluation of price, level of clinical evidence, and clinical efficacy that demonstrated the benefits of Excellagen for the management of hard to heal wounds. This award will expedite the purchasing of Excellagen at over 165 VA medical centers across the U.S. and Puerto Rico that treat veterans who suffer from diabetic foot ulcers, venous leg ulcers, and other difficult to manage wounds that disproportionately impact the veteran population. Anthony J. Dolisi, President and Chief Executive Officer of Olaregen and Chief Commercial Officer for Generex said, “This is an exciting day for the commercialization of Excellagen in the VA Healthcare System. We started the BPA process with our distribution partner AvMedical back in August 2019, and we were always confident that Excellagen would offer positive clinical outcomes for veterans who are dealing with hard to heal wounds. Today Excellagen is bringing great outcomes to several large VA hospitals, and with this new contract, we expect to expedite the acquisition process for Excellagen across the system thanks to the upfront work that has already been completed and approved by the SAC. The streamlined BPA ordering procedures reduce procurement lead time and administrative costs for our VA customers, and we expect this to have a significant impact of future sales.” Dr. Lois Chandler, Chief Scientific Officer of Olaregen added, “We were grateful earlier this year when we were invited to present to the SAC’s subject matter experts in Virginia. We detailed our strong body of clinical evidence that supported positive healing rates for patients and remained confident that Excellagen added additional benefits to those veterans who have diabetic foot ulcers and other hard to heal wounds. As one of the inventors of this product, I am so pleased that this new BPA contract will open the door to more veterans gaining access to this technology.” “I’d like to congratulate Tony Dolisi and his team at Olaregen, Generex’s 100%-owned subsidiary for achieving this huge commercialization milestone that will pave the way to significant revenues for Excellagen. This is the biggest news that we could have received from the SAC committee, as this award enables us to now fully commercialize Excellagen across the VA system”, said Joseph Moscato, CEO of Generex. “To date we have been painstakingly presenting our Excellagen data for approval by the Value-Added Committees (VACs) at individual VA hospitals, one by one. It has taken over a year to open only a few VA’s through this arduous process, however, with this coveted accreditation by the SAC, all 160 VA hospitals can easily purchase Excellagen through the BPA. The pending S1, once it is made effective by the SEC, will provide the funding necessary to significantly grow Excellagen sales with the hiring of dozens of sales reps and increasing Excellagen manufacturing capacity to supply the 160 VA hospitals that treat over one million veterans with hard to manage wounds.” About Generex Biotechnology Corp. 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. Generex Contact: Generex Biotechnology Corporation Joseph Moscato Todd Falls
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