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Generex Biotechnology acquires 51% of NY-based wound gel maker Olaregen

Generex Biotechnology Corp. completed its purchase of a 51% stake in Olaregen Therapeutix Inc.

New York-based Olaregen is a regenerative medicine company preparing to launch its wound conforming gel matrix Excellagen, which has received clearance from the U.S. Food and Drug Administration to treat wounds such as diabetic ulcers and surgical wounds.

Under the deal's terms, Generex is paying $400,000 up front and could make an additional $11.6 million in milestone payments.

Generex Biotechnology, which develops cancer therapies, medical devices and diagnostics, recently acquired Regentys Corp., a Miami-based regenerative drug company manufacturing treatments targeting gastrointestinal disorders.