NuGen Announces a $5.8M, 5-Year Distribution Agreement with Khotwa Medical Co. for its InsuJet(TM) Needle Free Injection Device and Accessories
NuGen and Khotwa Providing Access to Safe and Effective, Needle Free Injections to a World Plagued with Diabetes
Toronto, Ontario–(Newsfile Corp. – November 30, 2021) – NuGen Medical Devices (TSXV: NGMD) (“NuGen” or the “Company”) is pleased to announce that it has entered into a partnership with Khotwa Medical Co. (“Khotwa Medical”), a medical device distributor in the Middle East, for distribution of its InsuJet needleless injector and accessories, with minimum annual sales commitments representing over 35% of the Company’s first year internal objectives and a total of CAD$5.8M over the 5-year term. The distribution agreement covers the Kingdom of Saudi Arabia, Jordan, Iraq, as well as the United Arab Emirates & Bahrain.
“We are very pleased to have partnered with Khotwa Medical to provide our needleless injection devices to the people of the Middle East,” said Michael Wright, CEO of NuGen M.D. “These regions have some of the highest prevalence of diabetes on the planet and we feel that our technology has the ability to not only significantly improve the lives of those living with diabetes, but eventually, also anyone that requires any kind of medical injection. This partnership is just the first step towards our goal of global distribution of our needleless device technology and represents an important step of achieving our 2022 targets.”
Madiouf Elfarra, B. Pharm, R. Ph., Director of Business Development of Khotwa Medical said: “We are excited to be partnering with NuGen Medical Devices in this project and we are looking forward to contribute to the mission of reaching as many patient that suffer from chronic conditions and making InsuJet™ the first choice for injecting Insulin for all Diabetics around the world. We consider InsuJet™ as a cornerstone of our healthcare innovation portfolio that will change the market and will improve the life quality for our users. This device has the ability to revolutionize the way people receive medical injections and materially improve the quality of life for diabetics in the Middle East and around the globe,”
About The InsuJet:
The InsuJet is a revolutionary needle-free drug delivery device, to self-administer medication in a safe, fear free, and virtually pain free manner and is now approved for use in over 40 countries globally. For a tutorial on how to use the InsuJet needle free delivery device, click here: https://www.nugenmd.com/product-tutorial/.
About Khotwa Medical Company:
Khotwa Medical is one of the leading healthcare distributors in the Pharmaceutical, Medical and Dental industries within the Middle East. Our commitment to be a leading healthcare distributor in the market through value-centered business practices, our selected global partners, can significantly impact the bigger picture of healthcare in the region.”
About NuGen Medical Devices:
NuGen Medical Devices is an emerging specialty medical device company focused on developing and commercializing novel drug delivery technologies. 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 products using needle-free drug delivery technology in several important fields including, but not limited to, anaphylaxis, diabetes, severe migraine, erectile dysfunction, chronic anaemia, 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
(514) 992-9484
Investor Relations Contact:
Kin Communications Inc.
NGMD@kincommunications.com
(604) 684-6730
Forward-Looking Information This press release contains forward-looking information based on current expectations. Statements about the date of trading of the Company’s common shares on the Exchange and final regulatory approvals, among others, are forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
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.
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