MIRAMAR, Fla.--(BUSINESS WIRE)--Generex Biotechnology Corporation (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) is pleased and proud to announce that Terry Thompson has joined the Company’s executive management team as Chief Operating Officer to lead the Company’s efforts in building an end-to-end solution for patients, to include pharmacy, clinical laboratories, pharmacogenomic testing (PGx), compounding, drug manufacturing, and other ancillary health management services. Mr. Thompson brings a wealth of experience and expertise in healthcare, providing executive leadership in pharmacy benefits management, network administration, claims processing, and distribution & logistics for drugs, durable medical equipment (DME), and infusion therapy, as illustrated by his impressive 35-year career.
Mr. Thompson started his career working with FedEx, one of the most successful startups of our era, from the company’s pre-IPO infancy to its proven “changing the way the world does business” outcome. After leaving FedEx, he used his expertise in healthcare, focusing on the pharmacy sector, to participate in the creation of the nation’s first Pharmacy Benefits Manager (PBM), Medco Containment Services, ultimately serving as Executive Vice President of Merck-Medco post-acquisition, and President of National Rx Services and Paid Prescriptions.
Following his work with Medco, Mr. Thompson was COO of Synetic, Inc.’s Institutional Pharmacies, where he assimilated numerous acquired full service companies. Additionally, he brings relevant experience as Chief Operating Officer of Merit Behavioral Care Corp., a KKR buyout and largest Specialty HMO at the time, Chief Executive Officer of Closer HealthCare, Inc., a DME and Diabetic Supply Company, supporting the NIH’s ACCORD and BARI IID clinical trials, and Independent Director of ProVantage Health, a billion dollar publicly traded PBM. For the last several years, Mr. Thompson has provided consulting services to C-Level executives and their teams, primarily in healthcare.
“We are pleased to have an executive with Terry’s vast industry knowledge and experience join our executive management team,” said Joe Moscato, CEO of Generex. “With his background and exposure to so many companies throughout the industry, Terry will oversee the Company’s previously announced strategic plan to establish Generex as a leader in the next generation of healthcare, providing end-to-end solutions for patients and physicians, so drastically needed at this time.”
Mr. Thompson added, “When I was recruited from Federal Express into Medco Containment Services, Inc., I joined a group of visionaries driven by unquestionable integrity to cut and contain the costs of prescription drugs for employers, unions, and government agencies, and to apply the best technologies, ensuring that the safety and well-being of the consumer were at the forefront of our efforts.” He continued, “Trends since have created a cloud of questions, perceived conflicts of interests, and a lack of transparency in healthcare at large. As an example, the pharmacy sector, with the purchase of PBMs by Big Pharma, consolidations of wholesalers, retail and mail order pharmacies, and mergers among insurers has created opportunities to once again re-engineer the patient experience. When Joe contacted me with his vision, it became apparent that the timing is perfect to aggressively transform the healthcare delivery platform with his total end-to-end solution personalized for the patient. By providing full-service solutions for pharmacy, clinical labs, imaging, and disease management, the model also provides opportunities to optimize the treatment of serious, and complex diseases and infections. Changing the system through alternative models for contracting, manufacturing, purchasing, and distribution is long overdue. Acquisitions of up-and-coming platforms and leaders will drive our strategic plan, focusing on building partnerships with hospitals, physicians, employers and patients to offer comprehensive, consumer-centric solutions for optimal health outcomes at reduced costs to the system.”
Cautionary Note Regarding Forward-Looking Statements
This release and oral statements made from time to time by Generex representatives in respect of the same subject matter may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plan," "believes," "will," "achieve," "anticipate," "would," "should," "subject to" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Forward-looking statements frequently are used in discussing potential product applications, potential collaborations, product development activities, clinical studies, regulatory submissions and approvals, and similar operating matters. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by Generex with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. Generex undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act.