MIRAMAR, Fla., May 03, 2021 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) subsidiary Olaregen Therapeutix today announced that the company has executed a Distribution Agreement with Nexgen Medical Sdn Bhd, Inc. (“Nexgen”) to be Generex’s exclusive distributor to import, market and sell the Excellagen line of wound care products in Malaysia. Nexgen is coordinating the approval of Excellagen with the Malaysian Ministry of Health and expects commercial approval by the end of May 2021. Nexgen has committed to purchasing 1,000 units of Excellagen in year one, with an initial purchase of 500 units 0.8cc syringes of Excellagen.
Anthony J. Dolisi, President and Chief Executive Officer of Olaregen said, “This is an exciting day for Excellagen, as we have opened the door for international distribution channels to do business in Asia. We have collaborated with Nexgen to submit our clinical data to the Malaysian Ministry of Health in 2020, and we expect their approval by the end of May. This Distribution Agreement will also open the door to conduct business in Singapore, Thailand, Indonesia, Vietnam, Philippines, and other countries in Southeast Asia where the market for wound care products is expanding with rising income levels, increasing incidence of diabetes, and improved patient access.”
Cliff Keeling, Vice President and Chief Operating Officer of Olaregen said, “Nexgen Medical has well established connections throughout the orthopedic and podiatry communities in Malaysia, and we are very excited to work with them on our expansion into Asia. The Life Science industry in Malaysia is one of the new growth areas targeted for promotion and development by the government, so we look forward to great success.”
Terry Thompson, Chief Operating Officer of Generex Biotechnology Corporation, adds “Getting the Malaysian commitment for Excellagen is a parallel start and total buy-in to the effectiveness of our wound healing product. Excellagen is FDA approved in the United States, for seventeen indications and is important to our long-term strategy. I have been informed, with a high degree of confidence, that a current investor, is in the final stages of a financial commitment toward our restart. This investment will be used to re-establish our sales program for Excellagen on several fronts. Upon closing of this financing, we will complete our current bulk inventory. This will produce over 20,000 syringes which has a revenue potential of tens of millions of dollars. As the VA hospitals begin to re-open, we are positioned with a best-in-class product to methodically offer our wound healing product with our new international partners & building our brand starting with the VA hospital network.”
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