InsuJet(TM) Registered as a Medical Device in Mexico
Second Bulk Sale for InsuJet(TM) Now Paid in Full
Toronto, Ontario–(Newsfile Corp. – November 13, 2023) – NuGen Medical Devices Inc. (TSXV: NGMD) (the “Company” or “NuGen“) is pleased to announce the Mexican government has completed the registration of NuGen’s needle-free InsuJet™ injection device for sale throughout the country as a medical device.
In May 2023, NuGen received its first bulk purchase order from Science-Link Trading SAPI de CV (“Science-Link“), a health and wellness company in Mexico, for the Mexican market for 500 units of the Company’s needle-free InsuJet™ injection device, followed by an additional 2,000 units and consumables. The purchase order for the 500 InsuJet™ devices is now paid in full and delivery is anticipated during Q4 2023.
NuGen is pleased to further report its distribution agreement with Science-Link targets the sale of approximately 5,000 needle-free injectors in 2024. At target, the total transaction value for 2023 and 2024 orders is estimated to have a lifetime value of US$6.2M to 2027 as previously reported by the Company on June 2, 2023.
“We are beginning to see distribution agreements translate into firm sales with Mexico as we complete our second sale in 2023,” commented Karen Dunlap, Chief Commercial Officer of NuGen. “Over the past several months, we have worked very closely with Juan’s team at Science-Link providing the necessary support to be able to complete this sale, and to now grow sales further in 2024 and beyond with Science-Link as our key distributor in Mexico, which is a very large and significant market for us. As NuGen’s Chief Commercial Officer, I am very confident with Juan and Science-Link and their ability to deliver!”
“We are delighted to be the lead distributor of InsuJet™ in Mexico and think that InsuJet™ will improve life for many diabetics making their daily treatment less traumatic, and simply easier to administer insulin daily,” commented Mr. Juan Feregrino, Chairman of Science-Link. “As well, an important positive impact is the reduction of hazardous waste and accidental needle infections from the reduction of syringe disposal. As InsuJet’s™ lead distributors for Mexico, we are committed and excited for this development in diabetic care and for many other applications that InsuJet™ potentially brings.“
Mexico is a large diabetes market globally as an estimated 1 in 6 adults are now living with diabetes1.
In 2021, the estimated adult diabetic population grew to 14 million patients – a rise of 10% in the last 2 years. Diabetes-related health expenditure in Mexico has reached USD 20 billion, putting it in the top ten countries or territories with the highest total health expenditure2.
About Science-Link Trading SAPI de CV
Science-Link Trading is dedicated to bringing disruptive technologies to the market. Our company was founded by experienced professionals with over 60 years of combined expertise in the health, wellness and agribusiness sectors. Our mission is to become the leading company in Mexico for the commercialization and distribution of new health and wellness disruptive technologies within the next 5 years. We will be utilizing a network of sub-distributors to effectively penetrate and position InsuJet™ in all 32 States of Mexico, covering both traditional and modern channels. Additionally, we are implementing digital funnels to accelerate awareness and generate qualified leads for our potential customers, further supporting our distribution efforts.
About NuGen
NuGen is a specialty medical device Company that 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 and 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
Richard Buzbuzian
President
(647) 501-3290
richard@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 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.
1https://www.idf.org/index.php?option=com_attachments&task=download&id=2645:WDD2021_MEXICO_PR_Final
2https://www.idf.org/index.php?option=com_attachments&task=download&id=2645:WDD2021_MEXICO_PR_Final
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