Toronto, Ontario--(Newsfile Corp. - December 14, 2023) - 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, as of December 12, 2023, Advance Medical Life Co. Ltd. ("Advance Medical"), a limited liability company domiciled in Bangkok, Thailand, became the exclusive distributor for NuGen's needle-free InsuJet device aimed at improving the delivery of care and life for millions of diabetics worldwide.
InsuJet is approved for sale in Thailand as a medical device.
The term of the distribution agreement is 5 years and NuGen estimates the sales to be approximately $4.9 million if target sales of 29,000 devices over the 5 years are met. The Company expects a gross margin of 72%.
Advance Medical was established in 2016 as a dedicated player in Thailand's healthcare industry with a focus on medical devices and automation in healthcare. A commitment to innovation has enabled Advance Medical to successfully introduce new products to the medical device market that extends to various healthcare channels across Thailand.
"We are proud to partner with NuGen, a leader in needle-free solutions for diabetic patients in Thailand. NuGen's innovative approach in eliminating the need for needles is a game-changer, directly enhancing patient comfort and compliance, and improving quality of life," commented Thitiwat Banchong-Aksorn, CEO of Advance Medical. "This collaboration aligns with our core mission to significantly improve the quality of life for patients through advanced, user-friendly solutions. We are committed to bringing a new era of care to insulin-dependent patients and elevating the quality of diabetes management in Thailand."
Advance Medical estimates that approximately 250,000 patients with Type 1 diabetes will be initially targeted for sales focused around InsuJet and Advance Medical will provide a specialized sales team including nurse support and a diabetes care nurse for in-depth training and post-sales support. Customer service will have a dedicated service line providing an online support portal for easy user assistance to provide additional sales support efforts.
"I am pleased to announce our new partnership with Advance Medical as our new distributor for Thailand," commented Karen Dunlap COO, for NuGen "They are looking forward to introducing NuGen's InsuJet needle-free device into this growing diabetic market. Advance Medical focuses on importing and distributing innovative medical devices and is supported by an experienced sales and marketing team."
About Thitiwat Banchong-Aksorn:
Based in Bangkok, Thitiwat Banchong-Aksorn is currently CEO at Advance Medical, bringing experience from previous roles at Pfizer, Roche and Celgene. Thitiwat holds a Master of International Health Care Management Economics and Policy (MIHMEP - Class of 2007) from SDA Bocconi School of Management. With a robust skill set that includes Oncology, Pharmaceutical Industry, Biotechnology, Pharmaceutical Sales, Market Access and more, Thitiwat contributes valuable insights to the industry.
For further information, please visit: https://www.advancemedicallife.com/
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 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.
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