Toronto, Ontario--(Newsfile Corp. - October 25, 2024) - 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 a strategic partnership with EziAutoJector® Limited ("EziAutoJector"), a company domiciled in Jersey, United Kingdom, for the delivery of U-100 insulin to individuals with diabetes and subcutaneous biosimilar products using NuGen's InsuJetTM device and consumables. U-100 insulin is the standard and most used strength today.
Pursuant to a license, supply and distribution agreement entered into between NuGen and EziAutoJector on September 27, 2024, EziAutoJector has been granted a license to distribute, market and promote NuGen's needle-free device under the brand name "EziAutoJector®" for the delivery of U-100 insulin and other subcutaneous biosimilar protein products in multiple countries, including through wholesalers, sub-wholesalers and retailers.
EziAutoJector will leverage its clinical and commercial team, under the direction of Dr. Dallas Burston who has an established track record in the creation of prescription medicines, to promote and open up new opportunities for needle-free subcutaneous medicines and devices in the field of long-term weight loss under the brand name EziAutoJector within the UK and Germany.
EziAutoJector looks to commence its promotional and distribution activities in or around January 2025 with the delivery of it first purchase order of 5,000 injectors and associated consumables representing revenue of $645,000 and a gross margin contribution on the original sale of $387,000. NuGen anticipates receiving additional orders from EziAutoJector during the balance of 2025 of both the injector and consumables.
Louise Cresswell, NuGen's Commercial Lead for the United Kingdom, commented: "NuGen's strategic partnership with EziAutoJector's clinical and commercial team presents new opportunities for drug-device combination products and helps us further in adding value to healthcare systems, clinicians and patients by addressing an unmet need for needle-free, subcutaneous drug delivery in new therapy areas."
Karen Dunlap, NuGen's Interim Chief Executive Officer, commented: "We are extremely excited to have a strategic partnership with EziAutoJector, taking NuGen to a new level of distribution into the pharmaceutical world of subcutaneous biosimilar protein products to manage weight loss and diabetes. The EziAutoJector® will be marketed and distributed in conjunction with the pharmaceutical product. They are combining their experienced team with commercial and clinical strategies that will support strong growth within this market."
About EziAutoJector
EziAutoJector and its affiliates are leading innovators in needle-free technology, dedicated to supporting the health and wellbeing of people with Diabetes Type 1, Type 2 and other chronic conditions. By providing cutting-edge solutions, we aim to enhance the quality of life for patients and empower healthcare professionals to deliver patient focused care.
About Dr. Dallas Burston
Dr. Dallas Burston is a distinguished entrepreneur and healthcare leader renowned for his innovative contributions to the industry and strategic investments. With a passion for enhancing patient care, he has successfully launched several healthcare initiatives that prioritize quality and accessibility. Dr. Burston's extensive experience includes leading groundbreaking projects that integrate technology and healthcare, paving the way for more efficient and effective treatment options.
As an investor, he is committed to identifying and nurturing startups that align with his vision of transforming healthcare. His insightful approach has fostered significant advancements in medical technology and health services. Dr. Burston's unwavering dedication to improving healthcare outcomes and supporting emerging enterprises makes him a pivotal figure in the healthcare investment landscape, driving positive change for patients and communities alike.
Dr. Burston, most notably sold two pharmaceutical companies in 1999 and also founded a company which developed under the tongue pharmaceutical sprays which was acquired by Cambridge-based Synginex in 2003.
About NuGen
NuGen is a leading developer of needle-free devices to administer therapeutics subcutaneously. The Company 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:
Karen Dunlap, Interim Chief Executive Officer
(404) 386-0955
kdunlap@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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SOURCE: NuGen Medical Devices Inc.
