NuGen M.D. Announces the Launch of its InsuJet(TM) Needle-Free Injection Device in Canada

Rhea-AI Summary

NuGen Medical Devices has officially launched its InsuJet™ needle-free injection devices in Canada during the 2022 Diabetes Canada/CSEM Professional Conference. Partnering with Sol-Millennium Medical Group, NuGen received a purchase order for 250 InsuJet™ devices, part of a commitment for 750 starter kits in 2022. Future agreements include a total of 14,250 devices over 2.5 years. Each device is estimated to generate approximately CDN$650 in revenue. The InsuJet™ aims to reduce healthcare costs and environmental impact by replacing traditional needles.

Positive

• Launch of InsuJet™ in Canada during a major diabetes conference enhances visibility and market entry.
• Purchase order for 250 devices signifies strong initial demand, with a future commitment of 14,250 devices over 2.5 years.
• Estimated revenue of approximately CDN$650 per device could lead to significant revenue growth.

Negative

• None.

Sol-Millennium Launching Insujet™ at the 2022 Diabetes Canada and CSEM Professional Conference and Provides Purchase Order

TORONTO, ON / ACCESSWIRE / October 19, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD)(OTCQB:NGMDF) ("NuGen'' or the "Company"), a leader in needle-free drug delivery, is pleased to announce the official launch of its InsuJet™ devices in Canada. 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, has registered as an exhibitor at the 2022 Diabetes Canada/Canadian Society of Endocrinology and Metabolism (CSEM) Professional Conference, where it will launch the InsuJet™ product for Canada. NuGen will be attending the conference to support this Sol-M initiative.

"The 2022 Diabetes Canada/CSEM Professional Conference is the premier event in Canada for professionals specializing in the treatment of diabetes and is the ideal platform to launch the InsuJet™, needle-free injection device, with our partners, Sol-M," said Michael Wright, CEO of NuGen. "The team from NuGen will also be in attendance to support this milestone for the Company."

The 2022 Diabetes Canada/CSEM Professional Conference will be held in person at the Calgary Telus Convention Centre in Calgary, Alberta and will take place during Diabetes Awareness Month from November 9 - 12, 2022. Portions of the conference will also be available virtually.

To support the Canadian launch, Sol-Millenium has placed a purchase order for 250 InsuJet™ devices and components as part of their 2022 commitment of 750 starter kits. The exclusivity agreement has a larger commitment of 5,300 devices in 2023 and 8,200 devices in 2024 for a total commitment of 14,250 devices (plus components) for the initial 2.5years of the 5year term. Based on internal analysis, each device sold represents approximately CDN$650* in revenue to NuGen over the approximately three-year lifetime of a device. (See press release dated July 5^th 2022.)

Michael Wright, chief executive officer of Nugen Medical Devices. "The InsuJet provides 5,000 injections of insulin, which reduces long-term costs of injections, eliminates hazardous biomedical waste as well as needle-stick injuries, all while delivering the medication without anxiety. This not only reduces financial strain on the patient but removes an enormous financial burden on the health care system and the environment. We are very excited to be working with a global leader in the diabetes care market and believe our device will be able to capture significant market share from traditional hypodermic single use needles market. "

According to Diabetes Canada, "Today, there are more than 5.7 million Canadians living with diagnosed diabetes (type 1 or type 2 diabetes), however, there are 11.7 million Canadians living with diabetes or prediabetes, a condition that, if left unmanaged, can develop into type 2 diabetes. Diabetes is also costing the healthcare system $30 billion per year to treat people with diabetes. The high prevalence of diabetes and its overwhelming impact in our communities and health-care system mean that we must further diabetes research."

*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

About NuGen Medical Devices

NuGen is an emerging specialty medical device company developing the next generation of needle-free technologies and other innovative medical delivery products. The company's products, which include the InsuJet™ and PetJet™ needle-free injection systems, are designed to improve the lives of millions of people and animals. NuGen continues to receive approval in numerous countries, including Canada. NuGen's products are designed for use in several important fields including, but not limited to, diabetes, veterinary medicine, and 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

Twitter: @KinComm

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.

SOURCE: NuGen Medical Devices Inc.

View source version on accesswire.com:
https://www.accesswire.com/721001/NuGen-MD-Announces-the-Launch-of-its-InsuJetTM-Needle-Free-Injection-Device-in-Canada

FAQ

What is the InsuJet™ device launched by NuGen Medical Devices?

The InsuJet™ is a needle-free injection device designed to deliver insulin without the use of traditional needles.

How many InsuJet™ devices has Sol-Millennium ordered from NuGen?

Sol-Millennium placed an initial order for 250 InsuJet™ devices and committed to 14,250 devices over 2.5 years.

When was the InsuJet™ launched?

The InsuJet™ was launched on October 19, 2022, during the Diabetes Canada/CSEM Professional Conference.

What is the revenue potential of the InsuJet™ device?

Each InsuJet™ device is estimated to generate approximately CDN$650 in revenue for NuGen.

What impact does the InsuJet™ have on healthcare costs?

The InsuJet™ aims to reduce long-term healthcare costs by eliminating hazardous biomedical waste and reducing the financial burden on patients.