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NuGen Medical Devices Inc. (symbol: NGMDF) is a leading developer of needle-free devices for subcutaneous therapeutic administration. The company's flagship product, InsuJet™, is revolutionizing diabetes care by providing a needle-free injection system approved for sale in 42 countries. With recent expansions of distribution partnerships in Belgium, Mexico, and several other countries, NuGen is making significant strides in improving the lives of millions of diabetics worldwide. The company's focus on strategic commercialization and high-quality manufacturing relationships positions it for continued growth and success in the medical technology industry.
NuGen Medical Devices has launched InsuJet™, its needle-free therapeutic administration device, across Canada. The company received orders for 3,250 InsuJet™ starter kits and consumables, generating revenue of $670,000 with a gross margin of $368,500 in Q3 and Q4 2024. The launch began on November 15, coinciding with World Diabetes Day celebrations at Banting House in London, Ontario. Major pharmacy networks including London Drugs, Pharmasave, and others will distribute InsuJet™ through distributors like McKesson Canada and UniPharm, making it accessible to all 12,000 pharmacies across Canada. InsuJet™ is currently approved in 42 countries.
NuGen Medical Devices shareholders have approved Sol-Millennium Medical HK and Nature Health Development as new Control Persons, following their acquisition of C$10 million in convertible debentures. The approval was secured with 99.93% of votes in favor. The company announced two new board appointments: Arvind Rai, a financial executive with over 20 years of experience, and Louise Cresswell, NuGen's Commercial and Clinical Lead since April 2023. Additionally, Richard Buzbuzian has stepped down as director and president but will continue as a consultant.
NuGen Medical Devices has announced a strategic partnership with EziAutoJector for the distribution of its needle-free InsuJet device in the UK and Germany. The agreement focuses on delivering U-100 insulin and subcutaneous biosimilar products. EziAutoJector has placed an initial order of 5,000 injectors and consumables, valued at $645,000 with a gross margin of $387,000. The distribution is set to begin around January 2025, with additional orders expected throughout the year. The partnership aims to expand into the long-term weight loss market under Dr. Dallas Burston's direction.
NuGen Medical Devices Inc. (TSXV: NGMD) has announced the closing of a C$10 million private placement of secured convertible debentures with Sol-Millennium Medical HK and Nature Health Development (Hong Kong) Co. The funds will be used for working capital, production expansion, and fulfilling global sales orders. The debentures mature in 5 years, bear 12% annual interest, and are convertible into units at $0.10 per unit.
In connection with this investment, Liang Lin has been appointed as Executive Chairman, and Liang Lin and Kwun Loy Liu have joined the board of directors. The company also announced the resignation of Ian Heynen as CEO, with Karen Dunlap assuming the role of interim CEO. NuGen will seek shareholder approval for these changes at a special meeting on November 14, 2024.
NuGen Medical Devices (TSXV: NGMD) released its Q2 2024 financial results and provided updates on commercial progress and a proposed private placement. Key highlights include:
1. Received purchase orders totaling $948,000 for Canada, Europe, and Yemen, expected to ship by end of September 2024.
2. Announced a repeat order for Mexico valued at $525,000, scheduled for Q4 2024 delivery.
3. Expenses decreased by 38% in Q2 2024 compared to Q2 2023.
4. Proposed private placement of up to $10 million in secured convertible debentures with Sol-Millennium Medical HK and Nature Health Development (Hong Kong) Co.
5. If all orders ship as expected, NuGen anticipates a 324% increase in revenue from 2023, marking a record year as global commercial rollout of InsuJet™ begins.
NuGen Medical Devices Inc. (TSXV: NGMD) held its annual and special meeting on August 20, 2024, with shareholders voting in favor of all resolutions. Key outcomes include:
1. Election of all nominated directors with over 99% approval for each.
2. Appointment of KPMG LLP as auditors with 99.99% approval.
3. Approval of the company's stock option plan with 99.86% support.
The company will hold a separate special shareholder meeting to seek approval for Sol-Millennium Medical HK and Nature Health Development (Hong Kong) Co., as control persons. NuGen, a developer of needle-free subcutaneous therapeutic administration devices, will provide further details on this meeting in due course.
NuGen Medical Devices (TSXV: NGMD) has revised the terms of its proposed $10 million private placement of secured convertible debentures. Key changes include:
1. Conversion price adjusted from $0.075 to $0.10 per Unit
2. Warrant exercise price revised from $0.12 to $0.10
3. 12% annual interest rate, payable at 5-year maturity
4. Secured by first-ranking security interest in company assets
5. Proceeds for working capital, production expansion, and order fulfillment
Sol-Millennium and Nature Health may become new Control Persons, requiring shareholder approval. They will have the right to replace three board members upon closing. The offering is subject to regulatory approvals and a four-month hold period.
NuGen Medical Devices Inc. (TSXV: NGMD) has received an additional order for 4,500 Insujet injectors from Science Link, their exclusive distributor in Mexico. This order, valued at $525K with an expected gross margin of $341K, follows a previous order of 1,500 units delivered in April 2024. The new order is scheduled for Q4 2024 delivery, bringing total injector sales in Mexico to 6,000 units for the year.
Science Link is expanding distribution channels for InsujetTM across Mexico, including big box retail pharmacies, employer health programs, and online sales. The Mexican diabetic market presents a significant opportunity, with an estimated 14 million adult diabetic patients as of 2021, representing a 10% increase in two years. Diabetes-related health expenditure in Mexico has reached USD $20 billion, placing it among the top ten countries for total health expenditure in this area.
NuGen Medical Devices (TSXV: NGMD) announced a non-brokered private placement of up to $10 million in secured convertible debentures. The debentures mature in five years and bear a 12% annual interest rate, payable at maturity. They are secured by the company's assets and can be converted into units priced at $0.075 each, which include one common share and a purchase warrant exercisable at $0.12 for five years. Proceeds will fund working capital, production expansion, and order fulfillment. Sol-Millennium Medical Group is expected to become a controlling shareholder, pending approval at NuGen's August 20, 2024 shareholder meeting.
NuGen Medical Devices has announced a partnership with Wholehealth Pharmacy Partners and Sol-Millennium Medical Group to develop retail pharmacy training materials in Canada. This initiative aims to enhance sales and market penetration of NuGen's needle-free device, InsuJetTM, by training pharmacists in major Canadian pharmacy chains. The training program, set to launch in September 2024, will provide educational resources and support to pharmacists, ensuring they can effectively promote and administer InsuJetTM. This collaboration aligns incentives for pharmacists with training reimbursement fees, fostering patient adoption of the technology.
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