Toronto-based biotechnology company Generex Biotechnology Corp. has bought 51 percent of U.S. regenerative medicine company Regentys Corp. for $15 million.

The terms of the transaction include an upfront payment of $400,000, plus $14.6 million to be paid depending on a landmark-based programme.

Generex said that the commitment in the clinical development of Regentys Extracellular Matrix Hydrogel will offer a long-term value to Generex backers.

Regentys noted that the Generex corporate philosophy promotes continuity by supporting the company's scientific, medical, and leadership team with resources, relationships and industry knowledge that will accelerate the commercial introduction of its Extracellular Matrix Hydrogel.