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Generex Biotechnology buying certain assets to push stock uplisting on Nasdaq

Generex Biotechnology Corp. said it completed the acquisition of the first tranche of certain assets from an undisclosed business involved in healthcare supplies.

In an Oct. 4 news release, the company said it will buy going-concern assets of a business providing certain specialty pharmacy services and products; surgical products and services, diagnostic testing for screening human blood, urine or saliva samples for the presence of narcotics, medications, alcohol and other drugs and substances; durable medical equipment services; ancillary healthcare services; and the provision of management services.

The Miramar, Fla.-based diagnostics company said the purchased assets generated more than $66 million in unaudited revenues in the past 12 months.

The acquisition will allow the company to qualify for up-listing its common stock to trade on the Nasdaq Capital Market.

Generex, which sells diagnostics for infectious diseases, is also planning to issue a 20-for-1 stock dividend with details to be disclosed later.

Brooks Houghton & Co. Inc. acted as Generex's M&A adviser, and Eckert Semans Cherin & Mellott LLC served as its counsel for the asset purchase.