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Generex to acquire orthopedic surgery products manufacturer Pantheon Medical

Generex Biotechnology Corp. seeks to acquire Pantheon Medical - Foot & Ankle, a manufacturer of specialty orthopedic surgery products and tools, in an all-stock transaction valued at $1.4 million.

Miramar, Fla.-based Generex and Pantheon Medical entered a letter of intent under which Generex will issue shares worth $1.4 million to acquire all assets of Pantheon Medical, including inventory and a letter from the U.S. Food and Drug Administration regarding balanced plating system.

In addition, Pantheon Medical will be eligible to receive additional cash and stock consideration upon achieving certain sales and profit goals.

Pantheon Medical started operations in 2014 with a kit that includes plates, screws and tools required for orthopedic surgeons and podiatrists conducting foot and ankle surgeries. The company will be developing and submitting several new product lines to the FDA, including cannulated surgical screws and surgical staples, as well as a proprietary Hammertoe System, over the next three years.

Generex expects to close the transaction in the coming weeks, CEO Joe Moscato said in a Jan. 9 news release. "The acquisition of Pantheon expands the commercial product portfolio of Generex into the surgical field, adding revenues and profits with their current product line and significant upside opportunities for new FDA-approved product introductions over the next several years."

Generex, which develops cancer therapies, medical devices and diagnostics, recently acquired two regenerative medicine companies, Regentys Corp. and Olaregen Therapeutix Inc.