Toronto, Ontario--(Newsfile Corp. - June 2, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the "Company" or "NuGen") is pleased to announce it has received its first bulk purchase order from Science-Link Trading SAPI de CV ("Science-Link"), a company in Mexico, for the Mexican market for 500 units of the Company's needle-free InsuJet injector device.
The initial bulk purchase order for the 500 InsuJet devices is to be pre-paid in full prior to delivery.
NuGen is pleased to further report its distribution agreement with Science-Link targets the sale of 2,500 InsuJet needle-free injectors in 2023, and 5,000 needle-free injectors in 2024. NuGen confirms the purchase order for 500 needle-free injectors will be pre-paid in full prior to delivery and has commenced registration of InsuJet in Mexico as a medical device, expected completion in four months which the sale is contingent upon.
Including daily consumables, the total sale value of NuGen's agreement with Science-Link in 2023 and 2024 would be approximately US$6.2 million with estimated gross margins of 72%.
"At Science-Link, we are delighted to be the lead distributor of InsuJet in Mexico. As experts in our field, we believe that InsuJet can improve life for many diabetic patients making their treatment more friendly, less traumatic, and simply easier to administer their insulin on a daily basis," commented Mr. Juan Feregrino, Chairman of Science-Link. "We also expect an important positive impact on hazardous waste and accidental needle infections from the reduction of syringe disposal. As the lead distributors for the Mexican market, we are firmly committed to encouraging the use of InsuJet not only for diabetic care but for many other applications."
"We are quickly seeing a clear path to both domestic and international sales with strong demand," commented Richard Buzbuzian, CEO of NuGen. "We are delighted to be partnered with Juan's team and look forward to providing the necessary support to grow sales in Mexico with Science-Link as our key distributor in this significant market."
Mexico is a large diabetes market globally as an estimated 1 in 6 adults are now living with diabetes[1].
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 expenditure[2].
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 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 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 & CEO
(647) 501-3290
richard@nugenmd.com
To arrange a media interview with Nugen Medical Devices, please contact:
Nelson Hudes
Hudes Communications International
(905) 660-9155
nelson@hudescommunications.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.
[1]https://www.idf.org/index.php?option=com_attachments&task=download&id=2645:WDD2021_MEXICO_PR_Final
[2] Ibid.
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