Generex Reaches Agreement to Acquire 51% Stake in Global Medical Direct, a Nationwide Durable Medical Equipment and Pharmaceutical Provider Specializing in Direct-to-Consumer ...
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