This Press Release Replaces the Press Release Issued on July 5, 2022 at 6:30 am ET
Includes Initial Purchase Order for 500 Needle-Free Devices and Minimum Commitment of 14,250 Devices
TORONTO, ON / ACCESSWIRE / July 5, 2022 /NuGen Medical Devices Inc. (TSXV:NGMD) ("NuGen'' or the "Company"), a leader in needle-free drug delivery, is pleased to announce a five-year exclusive sales and distribution agreement (the "Agreement") with SOL-MILLENNIUM Medical Group ("Sol-Millennium" or "Sol-M"), a global healthcare company dedicated to the design, manufacturing, and distribution of high-quality medical devices and personal protective equipment for patients and clinicians around the world.
Sol-M is a global entity with offices throughout the world and operates two state-of-the-art manufacturing and R&D Centers in Lugano, Switzerland and Shanghai, China and has a global presence with additional offices in Sao Paulo, Brazil, Warsaw, Poland and Atlanta, Georgia, USA. Originally a leading producer of plastic molds for the global medical industry, Sol-Millennium was the first syringe mold producer in China and now supplies over 60% of China's syringe mold needs, as well as exporting globally.
NuGen M.D.'s needle-free injection system, also known as InsuJet™, is a self-administered needle-free injection system approved by Health Canada and Brazil for general use and specifically for the delivery of Insulin. It gives access to safe, cost-effective, and virtually pain-free drug delivery for the millions of patients who suffer from diabetes or other chronic illnesses. The InsuJet™ also holds a CE Mark and is approved for sale in over 40 countries around the globe.
Starting July 1st, 2022, NuGen M.D is granting Sol-Millennium exclusive rights to promote, sell, and distribute the NuGen needle-free injection device known as InsuJet™ for the injection of insulin treatments in humans in Canada and Brazil. In return, the distributor undertakes to exclusively represent the NuGen product line of needle-free devices for use in humans in Canada and Brazil.
The first 2.5 years of the 5-year agreement has minimum commitments of 750 devices plus components in 2022, 5,300 devices plus components in 2023, and 8,200 devices plus components in 2024 for a total of 14,250 devices plus components. Year four and five minimum quantities will be determined at a later date as additional countries and application segments may be added to the agreement. The execution of this agreement triggers a minimum purchase order of 500 devices plus components.
"This is an important moment for NuGen and its shareholders as this agreement is with one of the leading manufacturers and distributors of traditional hypodermic needles and safety syringes with global distribution and sales. Based on our internal analysis, each device sold represents ~$650CDN* in revenue including the recurring components over the ~3 year lifetime of a device." states Michael Wright, CEO of NuGen M.D. "The InsuJet™ provides 5,000 injections of insulin, which reduces long term costs of injections, generates less biohazard waste, eliminates needlestick injury all while delivering the medication without anxiety. This not only reduces financial strain on the patient but removes an enormous financial burden on the healthcare system and environment."
According to the International Diabetes Federation, 537 million people have diabetes in the world today, and Brazil accounts for 15.7 million diagnosed diabetics and another 5 million undiagnosed. Diabetes Canada 2022 statistics report over 4 million people or 10% of the population suffer from diabetes which increases to over 7 million or 17% of the population when including undiagnosed cases.
*Based on 5,000 injections per device, dependent on the patient using 3ml or 10ml vials, the dosage of insulin and the frequency of injections per day.
NuGen Medical Devices' principal business is the development and commercialization of innovative needle-free injection devices and systems for the administration of subcutaneous medication. It is developing needle-free drug delivery technology in several important fields including, but not limited to, anaphylaxis, diabetes, severe migraine, erectile dysfunction, chronic anemia, neutropenia, autoimmune rheumatoid arthritis, growth and fertility hormone, psoriasis as well as DNA and conventional/pediatric vaccines.
For More Information visit: www.nugenmd.com Twitter: @NuGenMD LinkedIn: https://www.linkedin.com/company/nugenmd/
For further information, please contact:
Michael Wright President and CEO NuGen Medical Devices Inc. mw@nugenmd.com
Investor Relations Contact: Kin Communications Inc. NGMD@kincommunications.com (604) 684-6730
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include the Company's 2022 objectives of securing additional distribution and sales agreements, making submissions for regulatory approvals and capitalizing on additional market opportunities. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
View source version on accesswire.com: https://www.accesswire.com/707546/CORRECTION-FROM-SOURCE-NuGen-MD-Signs-Exclusive-Sales-and-Distribution-Deal-with-Leading-Global-Healthcare-Company-Sol-Millenium-for-Canadian-and-Brazilian-Diabetes-Market
California wants to make its own insulin to try to lower the cost of the diabetes drug. California Gov. a Democrat, said $50 million will be put toward a California insulin-manufacturing facility and $50 million will go toward the development of low-cost insulin products. “Nothing epitomizes market failures more than the cost of insulin,” Mr. Newsom said in a video on Thursday explaining the plan.
On Thursday, Gov. Gavin Newsom announced the state will battle the rising cost of insulin head-on by devoting $100 million towards manufacturing its own low-cost version of the life-saving diabetes treatment
High blood sugar, or hyperglycemia, is a serious health condition most commonly associated with diabetes. "People with prediabetes do not process glucose efficiently, which leads to frequently high blood sugar build up due to a lack of insulin," says Trista Best MPH, RD, LD. "The body makes insulin to carry glucose into the cells and prevent this buildup, but when your body either isn't making enough or the cells become resistant to insulin, high glucose ensues." Here are five signs your blood s
Cryptocurrency prices look on course to end what has otherwise been a pretty strong week on a sour note.
The Dow Jones Industrial Average reversed higher following the better-than-expected June jobs report from the Labor Department Friday morning. The S&P 500 erased losses, and the Nasdaq composite also reversed higher.
Raymond James initiated coverage on Rocket Pharmaceuticals Inc (NASDAQ: RCKT) with an Outperform rating with a $22 price target based on the positive view of RP-L102 and RP-L201 gene therapy programs and LAD-I. Rocket could file for approval in both programs as early as next year, with potential pre-BLA meetings in 2022. Despite the known risks, Raymond James thinks experts favor LVV-based gene therapies in rare pediatric diseases. Related: Rocket Pharma's Gene Therapy Shows 100% Overall Surviva
Successful entrepreneur and star of the Shark Tank tv show is a crypto investor but one of his bets just backfired.
Retirees don't accurately understand their risks in retirement, according to a recent analysis from the Center for Retirement Research at Boston College. The brief, authored by Wenliang Hou, finds a disconnect between how retirees rank perceived risks and their objective … Continue reading → The post Retirees Don't Know Their No. 1 Retirement Risk: Advisors Can Help appeared first on SmartAsset Blog.
Take-Two Interactive (TTWO) began accepting pre-orders for NBA2K23 on Thursday and according to one Wall Street analyst, it could be the biggest year ever for the NBA video game.
Oil futures ended higher on Friday, extending gains from a day earlier, but worries over a potential recession pulled prices down for the week. Despite the rebound in prices seen on Thursday and Friday, "markets are becoming increasingly concerned about recession risk and demand destruction...which has served to offer some respite from the higher prices seen in June," said Michael Hewson, chief market analyst at CMC Markets UK. West Texas Intermediate crude for August delivery rose $2.06, or 2%,
The agency’s inspector general was asked to investigate intensive audits of FBI officials who were fired by former President Trump.
As part of one offer, Google has proposed splitting up its ad-tech business. The tech giant’s proposals stop short of the asset sales preferred by the Justice Department’s antitrust enforcers.
(Bloomberg) -- Gasoline prices in the US just saw the biggest single-day drop in more than a decade. Most Read from BloombergElon’s OutWho Shot Shinzo Abe and Why? Everything We Know So FarEx-Japan Leader Abe Killed in Shooting That Shocks NationMusk Backs Out of $44 Billion Twitter Deal Over Bot AccountsPutin Is Set to Halt Gas and Germany Fears It’s Not Coming BackAverage US pump prices fell by 3.1 cents to $4.721 a gallon overnight, marking the largest daily drop since December 2008, accordin
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Most Read from BloombergElon’s OutWho Shot Shinzo Abe and Why? Everything We Know So FarEx-Japan Leader Abe Killed in Shooting That Shocks NationPutin Is Set to Halt Gas and Germany Fears It’s Not Coming BackMusk Backs Out of $44 Billion Twitter Deal Over Bot AccountsThe weakest yen in decades, a mountain of national debt and a giant central bank bond portfolio that’s around half the si
Defense attorneys say the U.S. Justice Department has cherry-picked trading data to misrepresent their clients’ intentions.
(Bloomberg) -- A looming recession, runaway inflation, an energy crisis in Europe and a euro that’s sunk to near parity with the dollar: corporate earnings worldwide face a laundry list of challenges this season that could create another reason to dump stocks.Most Read from BloombergElon’s OutWho Shot Shinzo Abe and Why? Everything We Know So FarEx-Japan Leader Abe Killed in Shooting That Shocks NationPutin Is Set to Halt Gas and Germany Fears It’s Not Coming BackMusk Backs Out of $44 Billion Tw
Dig deeper into the investment uses of and mathematical principles behind standard deviation as a measurement of portfolio volatility.
The Labor Department reported employers added 372,000 jobs in June, while the unemployment rate held steady at 3.6%. Medley Global Advisors Managing Director Ben Emons discusses what this means for bitcoin and why it should calm fears of a recession.
The agency said it expects government revenue to grow this year, helped by strong personal and corporate income taxes. Fitch maintained its sovereign rating at 'AAA' on structural strengths such as the size of the economy, high per capita income, and a dynamic business environment. The ratings agency said it expects the economy to remain resilient to current challenges from high inflation and Russia's invasion of Ukraine.
The short-covering rally is being fueled by traders liquidating U.S. Dollar positions that were previously bought as safe-haven protection..