Generex Biotechnology Corporation recently revealed that the firm has signed a Letter of intent (LOI) to purchase Pantheon Medical – Foot & Ankle, a producer of specialty orthopedic surgery products. According to the agreement, Generex will purchase all the Pantheon Medical’s assets which includes contracts, business operations, accounts receivable and inventory, and an FDA letter connected to balanced plating system, on a debt free basis, for $1,400,000 worth of Generex’s stock. Additionally, the deal also includes additional stock and money upon accomplishing sales and profit targets.
Pantheon Medical is a company worth millions of dollars that started its operations in 2014 with an integrated kit including tools, screws, and plates, all the surgical instruments used by the orthopedic surgeons and podiatrists operating foot and ankle surgeries. In the next three years, the firm is planning to generate and submit various new product lines to the FDA that includes cannulated surgical screws and surgical staples, along with a proprietary Hammertoe System.
CEO of Pantheon Medical, Travis H. Bird discussed about the deal by saying that getting into a partnership with Generex will help the firm to fast-track Pantheon’s speed to develop a manufacturing firm with proprietary product lines that provide lucrativeness and convenience to physicians. He further added that they are already seeing a lot of progress with their “one stop shop” way to orthopaedic surgery, and developing new products will grow their market reach.
CEO of Generex, Joe Moscato explained that the purchase of Pantheon will help to increase Generex’s commercial product portfolio in the field of surgery, which will increase revenues and profits with their existing product line and new opportunities for latest FDA-approved product introductions in the coming future.
Additionally, Joe Moscato said, their MSO partners, most of them are orthopedic surgeons and podiatrists, will have an added advantage from Pantheon’s Foot & Ankle surgery kit. The acquirement shows Generex’s commitment in offering end-to-end solutions which improves the practice of physician and also enhances the result for patients. Currently, they are mid-way in completing the purchase and are planning to seal the deal in the next two or three weeks.
Generex Biotechnology offers various solutions for patient focused care starting from speedy diagnosis to delivery of customized therapies. Generex’s recent acquisitions covers medical device firms with latest and approved products and clinical laboratory. Recently, the firm finished acquiring 51% of Regentys Corporation, which is a regenerative medicine firm with the primary aim of generating new treatments for people suffering with gastrointestinal disorders.
For the purpose of the acquisition, $400,000 was paid to Regentys Corporation and $14.6 million will be paid according to a set schedule. CEO of Regentys Corporation, Rick Bulman stated that the partnership with Generex will prove to be advantageous and they are excited to be a part of the NuGenerex family of subsidiary firms.