Generex Biotechnology Corp. acquired a 51% stake in Miami-based regenerative medicine company Regentys Corp., which develops treatments for patients with gastrointestinal disorders.
Miramar, Fla.-based Generex Biotechnology paid $400,000 upfront to Regentys and will give another $14.6 million in milestone payments.
Regentys' lead product, ExtraCellular Matrix Hydrogel is a nonsurgical treatment for ulcerative colitis, an inflammatory disease that causes ulcers in the digestive tract. The product works as a bandage to cover the ulcer, shielding damaged tissue from the waste flow and aiding tissue regeneration and healing.
Generex Biotechnology, which develops diagnostic solutions, delivery systems and medical technologies, recently acquired New York-based regenerative medicine company Olaregen Therapeutix Inc. and pharmacy and management services.