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Generex seeks to buy 51% of biotechnology company ALTuCELL

Generex Biotechnology Corp. plans to acquire a 51% stake in privately held biotechnology company ALTuCELL in a cash and stock deal.

ALTuCELL develops treatments for diabetes, autoimmune and neurodegenerative diseases along with cell transplant technology that avoids detection and rejection by the immune system.

Under a letter of intent, Generex will acquire ALTuCELL's growth disorder treatment candidate Altsulin and microencapsulation technology that has been used for effectively implanting multiple cell types.

ALTuCELL is conducting a human proof of concept study to evaluate Altsulin in patients with Laron syndrome, a type of dwarfism caused by mutations in growth hormone receptor.

Miramar, Fla.-based Generex, which develops cancer therapies, medical devices and diagnostics, bought a 51% stake in private regenerative medicine company Regentys Corp. earlier this year and increased its ownership in Olaregen Therapeutix Inc. to 99% in August.