MIRAMAR, Fla.--(BUSINESS WIRE)--Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) announced today that, following the successful completion of the recently announced acquisition of the operating assets of the Veneto Group and the establishment of a wholly-owned subsidiary, NuGenerex Distribution Solutions, the Company is now fully operational as a full-service management services organization (MSO) in five states, with an aggressive growth strategy designed to expand the model to an additional 20+ states in the next several months. As part of the integration, several executives from the Veneto Group have joined the executive management team of Generex, providing both a foundation for growth of the MSO model as well as leadership to advance the corporate strategy for the parent company.
“This is a pivotal time in the evolution of Generex as we expand our business into management services operations and pharmacy distribution solutions. This expansion of our executive management team demonstrates our commitment to manage and grow the operations of Generex throughout the healthcare industry,” said Joe Moscato, CEO of Generex. “I would like to welcome our new 100+ employees to the family of Generex companies. These seasoned professionals bring a wealth of experience to complement our current leadership and will be an integral part of the team as we execute on our strategic plan to offer end-to-end, patient centric solutions for doctors, hospitals, and ancillary health service providers that optimize the doctor-patient relationship and improve health outcomes.”
Mr. Terry Thompson, COO of Generex and new President of NuGenerex Distribution Solutions, added, “We are extremely proud to announce the appointment of Steve Worster as Chief Compliance Officer, Brad Guy Chief Human Resources Officer, Roger Ivey as EVP & General Counsel, and Dick Suedkamp as EVP of Finance and Accounting. We are fortunate to have such an experienced and well-respected group join our executive team. Because of their expertise, professionalism, together and teamwork, we have been able to accomplish this integration in a very short period and we look forward to working together.”
Joe Moscato, Chief Executive Officer, will lead the Generex management team, which includes:
Terry Thompson, President, Chief Operating Officer, will continue to direct the Company’s operations, acquisitions, assimilations and strategic growth initiatives.
Mark Fletcher, Esq., Executive Vice President, General Counsel & Secretary, will continue leading the Company’s corporate governance, SEC compliance, and M&A activities in addition to his corporate duties.
Jason Terrell, MD, Chief Medical & Scientific Officer, will continue to provide medical, clinical, and regulatory oversight of the Company’s healthcare strategy and clinical development efforts for drugs, diagnostics, and medical devices. Additionally, he heads medical review for the company’s M&A efforts.
Anthony Crisci, Esq., CPA, GM & in-house Counsel, provides M&A support for all operating units including contracting, credentialing and legal coordination with both government and private contracting, banking solutions, and on-site problem resolution.
Andrew Ro, Chief Investment Officer, will continue his role in leading the investment strategies for the Company and will spearhead plans to expand product reach in international markets, particularly in Asia.
Richard Purcell, Executive Vice President, Research & Development, will continue in his role of guiding the clinical, regulatory, and commercial development of the Company’s pipeline of new drug and medical devices. He will also be involved with strategic planning, business development and M&A evaluation.
Mark Corrao, Chief Financial Officer, will continue in his role overseeing corporate finance and SEC financial filings.
The bios of the new leadership for NuGenerex Distribution Solutions acquired with the Veneto acquisition include:
Dick Suedkamp will become Executive Vice President of Finance at NuGenerex Distribution Solutions, where he will manage finance and accounting. Prior to NuGenerex, Dick spent two years in finance and accounting leadership roles at Veneto Holdings and most recently served as Chief Financial Officer. During his tenure, Dick was instrumental in building out the finance and accounting business support capabilities and function at Veneto. Dick also spent almost 12 years in public accounting in the Big 4. He received his Bachelor of Business Administration and Master of Professional Accounting degrees from the University of Texas at Austin and is licensed as a CPA in the state of Texas.
Roger Ivey will become General Counsel for NuGenerex Distribution Solutions, continuing a role he held at Veneto. Mr. Ivey brings deep and varied experience as in-house, healthcare and operations counsel. He also served as the Assistant General Counsel for StoneGate Senior Living, a large regional healthcare provider, was the Operations Counsel and sole in-house attorney for UDR, Inc. (a large publicly traded REIT) for five years and worked in private practice and as an entrepreneur. Mr. Ivey began his career as a Judge Advocate General officer with the United States Army. He is an honor graduate of Pepperdine School of Law and an alumnus of the United States Military Academy at West Point. He is licensed to practice law in California and Texas.
Steve Worster, Chief Compliance Officer for NuGenerex Distribution Solutions will be head of compliance and oversight for all compliance matters in the company. Mr. Worster has more than fifteen years of healthcare compliance experience including holding executive level positions with Cardinal Health and HMS. As part of his prior compliance rolls, Mr. Worster has also been responsible for managing data security, physical security and business continuity programs. In addition to leading the compliance function, Mr. Worster will also act as the company’s Chief Privacy Officer. Prior to working in compliance, Mr. Worster worked as a police officer for six years in suburban Columbus, Ohio, and is a Veteran of the Air Force. He earned BA from The Ohio State University and his Juris Doctorate from Villanova University’s Charles Widger School of Law.
Brad Guy will become the company’s head of human resources. Mr. Guy brings deep domain knowledge and experience in the areas of HR Strategy, Compensation and Benefits, Recruitment & Selection and Organization Design. He was previously the Vice President of Human Resources at Veneto Holdings. Mr. Guy brings a wealth of experience in healthcare, financial services, strategy consulting and consumer products having worked for publicly traded companies such as Alcon Laboratories, a subsidiary of Novartis Pharmaceuticals, Yum! Brands, Inc., CapitalOne as well as diversified money managers like Highland Capital Management, LLC and strategy consulting firms. Mr. Guy began his career in management consulting and executive search. He earned his MBA with distinction from the University of Dallas and his BBA from the University of North Texas.
Moky Cheung, Chief Operating Officer, NuGenerex Distribution Solutions, will head operations and lead the growth strategy for the MSO business. Mr. Cheung brings over ten years of executive experience in healthcare and technology startups. Mr. Cheung was previously the Chief Operations Officer and Chief Information Officer at Veneto Holdings before joining NuGenerex Distribution Solutions. Mr. Cheung brings a wealth of knowledge in operational process efficiency, big data and business intelligence reporting and executive management. He has previously been part of two other start up exits and holds a Master of Science from Duke University and a Bachelor of Science from Johns Hopkins University.
“The depth and breadth of the team we have assembled allows us to operate with professional disciplines similar to large-scale companies. This will enable us to and quickly assimilate future acquisitions,” Mr. Moscato concluded.
About Generex Biotechnology Corporation
Generex is a strategic, diversified healthcare holdings company with offerings in a variety of services, diagnostics, medical devices, and pharmaceutical development.
The Company’s direct-to-patient services support its strategy of all-inclusive access to doctors, diagnostics, therapeutics, and additional health-related services to greatly improve the patient experience in receiving care.
On the provider side, Generex’s management services remove administrative burdens in multiple provider settings, including private practice and hospital, allowing doctors to devote more time to patient care.
Revenue from the Company’s subsidiaries will support clinical advancement of its wholly owned therapeutic products with a focus in immunotherapeutics based on stimulating critical members of the immune response, known as T helper cells, and its proprietary buccal administration of insulin.
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.