NuGen Announces Repeat Order for Growing InsuJet(TM) Demand in Yemen

Rhea-AI Summary

NuGen Medical Devices announced a repeat order from Rosheta for 1,100 InsuJet™ units and consumables, valued at $147,000, to meet increasing demand in Yemen. This order represents a 37.5% increase from the initial order of 800 units placed in January 2024. The gross margin contribution on this sale is $102,900. Rosheta's marketing plan aims to expand nationwide distribution of InsuJet™, a needle-free injector. CEO Ian Heynen praised Rosheta's efforts to penetrate the Yemeni market through clinical marketing strategies at both pharmacy and physician levels.

Positive

• Repeat order for 1,100 InsuJet™ units, reflecting a 37.5% increase from the initial order.
• Revenue of $147,000 with a gross margin contribution of $102,900.
• Nationwide distribution expansion in Yemen showing increased market penetration.

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - June 28, 2024) - NuGen Medical Devices Inc. (TSXV: NGMD) (the "Company" or "NuGen") a leading developer of needle-free devices to administer therapeutics subcutaneously, is pleased to announce that Rosheta for Medicines and Medical Supplies ("Rosheta"), NuGen's exclusive distributor in Yemen, has placed a second order to fulfill growing demand in the country.

The order includes 1,100 InsuJet^TM units and associated consumables representing revenue of $147,000, and a gross margin contribution on the original sale of $102,900.

Rosheta received an order from its clients for 800 InsuJet^TM units for the product's initial launch in Yemen in January 2024. Given the strong demand for needle-free injectors across the country, Rosheta is now pursuing a Yemen-wide marketing plan. The current order of 1,100 units (37.5% increase over the initial order) is required to replenish the pharmacies currently distributing InsuJet™ but also to support the nationwide distribution expansion.

NuGen's CEO, Ian Heynen commented: "Dr. Al-Shami and the Rosheta team are pursuing a strong clinical marketing strategy in Yemen. They are successfully influencing adoption by patients and the healthcare system at the pharmacy and physician level. I would like to congratulate Rosheta on deepening their market penetration and we look forward to continued growth together."

About NuGen:

NuGen is a leading developer of needle-free devices to administer therapeutics subcutaneously.

The Company is marketing and selling its next-generation InsuJet™ needle-free injection system designed to improve the lives of millions of diabetics.

InsuJet™ is approved for sale in 42 countries around the world.

For further information, please visit:

Websites: www.insujet.com, www.nugenmd.com
Instagram: @NuGenMD
Twitter: @NuGenMD
LinkedIn: https://www.linkedin.com/company/nugenmd/

For further information, please contact:

Tony Di Benedetto
Executive Chairman
(416) 791-9399
tony@nugenmd.com

Ian Heynen
CEO
(416) 560-1019
ian@nugenmd.com

To arrange a media interview with NuGen, please contact:

Morna Gorman
(416) 553-1732
morna@nugenmd.com

Notice Regarding Forward-Looking Information:

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214868

FAQ

What is NuGen Medical Devices' stock symbol?

NuGen Medical Devices is listed under the stock symbol NGMDF.

What recent order did NuGen Medical Devices announce?

NuGen Medical Devices announced a repeat order for 1,100 InsuJet™ units and consumables valued at $147,000.

How much revenue will NuGen Medical Devices generate from the latest order in Yemen?

NuGen Medical Devices will generate $147,000 in revenue from the latest order in Yemen.

What is the gross margin contribution from NuGen’s latest order?

The gross margin contribution from the latest order is $102,900.

What is the percentage increase in the latest InsuJet™ order compared to the initial order?

The latest InsuJet™ order represents a 37.5% increase compared to the initial order.

Who is NuGen Medical Devices' distributor in Yemen?

Rosheta for Medicines and Medical Supplies is NuGen's exclusive distributor in Yemen.

When was the initial InsuJet™ order by Rosheta placed?

The initial InsuJet™ order by Rosheta was placed in January 2024.

What marketing strategy is being pursued for InsuJet™ in Yemen?

Rosheta is pursuing a nationwide marketing plan to expand the distribution of InsuJet™ in Yemen.