WORCESTER, Mass., Oct. 11 /PRNewswire-FirstCall/ — Generex
Biotechnology Corporation (NasdaqCM: GNBT) (www.generex.com)
today announced that it has entered into a definitive agreement to
acquire a majority interest (51%) in Global Medical Direct, LLC
(“GMD“) of Lenexa, Kansas, a nationwide Durable Medical
Equipment and Pharmaceutical provider specializing in
direct-to-consumer diabetes supplies and medications (www.globalmeddirect.com).
Generex Interim President & Chief Executive Officer, Mark
Fletcher stated: “The acquisition of Global Medical Direct
will be a significant step toward our goal of providing a cost
effective distribution platform for our over-the-counter products
and our existing pipeline of diabetes prescription products as they
come to market. What’s more, we can now reach diabetes
patients, their doctors, and insurance companies with information
about the FDA Treatment IND program for Generex Oral-lyn™,
which they can take advantage of right now. In a single
acquisition, we are bringing together the foundations for
marketing, distribution, and education components needed to make
Generex Oral-lyn™, upon FDA approval, the breakthrough
product we believe it to be. I have been impressed by the
success and management of GMD and believe this presents an ideal
strategic opportunity for Generex.”
GMD provides its growing roster of over 65,000 diabetes patients
with an easy-to-use, cost effective, and convenient way for them to
obtain their diabetes supplies and medications through their health
plans or employer and government payors such as Medicare and
Medicaid. GMD provides it patients with blood glucose meters,
test strips, lancets, insulin, insulin pumps, and diabetes
maintenance medications and supplies. GMD manages the
reimbursement process for patients, dealing directly with insurers
and pay
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