Generex Biotechnology Corp. purchased an additional 38% stake in Olaregen Therapeutix Inc., bringing it close to full ownership after the share exchange at $2.50 apiece for Generex stock was applied.
The acquisition aligns with the market launch of Olaregen's wound-conforming gel Excellagen. The treatment has received U.S. Food and Drug Administration clearance to treat wounds such as diabetic ulcers and surgical wounds.
"Today's buyout of the Olaregen shareholders was unexpected and we are very happy that those shareholders believe enough in the Generex strategy that they exchanged their private shares for Generex public shares, further demonstrating to us and our shareholders the value we are creating," Generex President and CEO Joseph Moscato said in a statement.
Miramar, Fla-based Generex develops cancer therapies, medical devices and diagnostics. It acquired 51% of Olaregen in January and also bought a stake in another regenerative medicine company, Regentys Corp., earlier this year.
