Generex Biotechnology Subsidiary NuGenHealth Contracts with Westside Medicine & Cardiology, Inc. to Provide Remote Patient Monitoring (RPM) Services

Rhea-AI Summary

Generex Biotechnology Corporation (GNBT) announced that its subsidiary NuGenHealth has entered into a contract with Westside Medicine & Cardiology, Inc. to implement a Remote Patient Monitoring (RPM) system. The NuGenHealth SaaS platform will enhance patient engagement and allow for real-time monitoring of health data. This partnership is expected to reduce healthcare costs and improve patient outcomes by enabling timely interventions. Generex's CEO highlighted the potential for rapid nationwide adoption of the NuGenHealth system, aiming to expand RPM services further.

Positive

• Contract signed with Westside Medicine & Cardiology, Inc. enhances patient engagement and monitoring.
• NuGenHealth SaaS system offers cost savings and improved patient outcomes through timely interventions.
• Anticipation of nationwide adoption of the NuGenHealth system indicates potential for growth.

Negative

• None.

• NuGenHealth Software as a Service (SaaS) platform that enables their clients to monitor the health and wellbeing of their patient population.
• Westside Medicine & Cardiology, Inc. is a professional corporation that engages medical providers who are duly licensed in Ohio to provide primary care, cardiology, and RPM services.

MIRAMAR, Fla., May 11, 2021 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (“Generex” or the “Company”), an innovative and integrated healthcare holding company with end-to-end solutions for patient centric care including the development of its innovative “Complete Vaccine™” to fight SARS-CoV-2, announced today that its subsidiary NuGenHealth has signed a contract with Westside Medicine & Cardiology, Inc. (WM&C) to provide connected care solutions for patient engagement and Remote Patient Monitoring (RPM) services. NuGenHealth, a joint venture between Generex subsidiary NuGenerex Health and Worldwide Digitech, LLC (WWDT) will provide the software, data framework, and back-end support for the NuGenHealth SaaS system to advance collaborative, connected care to improve patient health outcomes for patients under the care of WM&C.

The NuGenHealth system offers direct savings to physicians and healthcare organizations both in time and money, allowing the healthcare team to monitor patient progress outside the practice office, leading to timely interventions and early identification of disease progression that may prevent unnecessary hospitalizations. The SaaS system utilizes automated algorithms, real-time data, and quality metrics to involve patients in their own care, while keeping healthcare providers and family constantly informed.

RPM is the use of digital technologies to monitor and capture medical/health data from patients and electronically transmit the information to their providers for assessment, recommendations, and instructions. Providers use RPM to collect a wide range of patient data, including blood pressure, weight, heart rate, and blood sugar levels.

Under the terms of the agreement, NuGenHealth will provide the SaaS system, implementation, personnel training, and system oversight to optimize workflows for RPM and to collect, analyze, and report real-time patient data. NuGenHealth will also supply WM&C with Bluetooth connected blood pressure monitors, electronic scales, glucose monitors, and pulse oximeters for their eligible patient population. In collaboration with and assistance from the NuGenHealth implementation team, WM&C will implement the NuGenHealth SaaS suite on site, handle the initial onboarding of patients, train their patients on the use of the monitoring devices, and manage the day-to-day monitoring of their RPM patient population.

Joe Moscato, President & Chief Executive Officer of Generex said, “This expansion of NuGenHealth with our physician partners at Westside Medicine & Cardiology, Inc. in Ohio demonstrates the opportunity for rapid adoption of the NuGenHealth SaaS system nationwide. Remote patient monitoring is a service that was positioned for significant growth as the pandemic has accelerated the practice of remote patient monitoring to improve outcomes. We are excited to launch our NuGenHealth SaaS program, and we look forward to continued expansion of our RPM business with the announcement of additional contracts in the next several weeks.”

Sunjay Kumar, who is leading the sales efforts at NuGenHealth said, “Our NuGenHealth SaaS system provides a platform for physicians to offer new services for their patients to monitor and manage their health for better outcomes, while generating new revenue streams for the practice. Throughout my career, I have built a network of connections throughout the medical community, and they have been quite receptive to the NuGenHealth system. Their enthusiasm is illustrated by our roll-out in which we have contracted with three major physician practices in three regions of the country in the last week. We plan to continue our expansion to build NuGenHealth into a premier provider of RPM SaaS services.”

“We have been evaluating new technologies to help us with remote patient monitoring and engagement outside of the office setting”, said Dr. Umbreen Hussain of Westside Medicine & Cardiology, Inc. “The pandemic made clear the need for re-imagining our normal medical practices to expand our service offerings, so that we can manage our patients in the community using technology solutions. We have selected NuGenHealth because the software is easy to install and maintain, has a user-friendly interface, and provides efficiencies in patient management. We are excited to implement the system at Westside Medicine & Cardiology, Inc. and begin enrolling our patients.”

About Generex Biotechnology Corp.
Generex Biotechnology is an integrated healthcare holding company with end-to-end solutions for patient centric care from rapid diagnosis through delivery of personalized therapies. Generex is building a new kind of healthcare company that extends beyond traditional models providing support to physicians in a GPO network, and ongoing relationships with patients to improve the patient experience and access to optimal care.

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.

Generex Contact:

Generex Biotechnology Corporation

Joseph Moscato
646-599-6222

Todd Falls
1-800-391-6755 Extension 222

investor@generex.com

FAQ

What is the recent contract signed by Generex Biotechnology (GNBT)?

Generex Biotechnology's subsidiary, NuGenHealth, signed a contract with Westside Medicine & Cardiology, Inc. to provide a Remote Patient Monitoring system.

How does the NuGenHealth SaaS platform improve patient outcomes?

The NuGenHealth SaaS platform allows for real-time monitoring of health data, enabling timely interventions that can prevent unnecessary hospitalizations.

What are the expected benefits of the partnership between NuGenHealth and Westside Medicine & Cardiology, Inc.?

The partnership is expected to reduce healthcare costs, improve patient engagement, and enhance monitoring of patients' health.

What future expansions are anticipated for Generex Biotechnology (GNBT)?

Generex Biotechnology anticipates further expansion of its Remote Patient Monitoring services with the announcement of additional contracts in the near future.