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Generex Biotechnology Subsidiary Olaregen Therapeutix Receives VAC Approval and Ships Excellagen® to the Arizona Indian Health Service
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. 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 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 |