Business
NuGen M.D. Announces a $2 Million 5-Year Distribution Agreement with Kuwait JV for its InsuJet(TM) Needle-Free Injection Device
TORONTO, ON / ACCESSWIRE / March 16, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) ("NuGen...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen M.D. Announces a $2 Million 5-Year Distribution Agreement with Kuwait JV for its InsuJet(TM) Needle-Free Injection DeviceTORONTO, ON / ACCESSWIRE / March 16, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) (\"NuGen M.D.\" or the \"Company\"), a leader in needle-free drug delivery, is pleased to announce that it has signed a 5-year distribution agreement (the \"Agreement\") with Harrington Consultants Limited and its joint venture partner Al Mufid Pharmaceuticals (the \"Kuwait Joint Venture\" or the \"Distributor\").With an adult population of 3.15 million and over 800,000 cases of diabetes, Kuwait ranks third highest in the world for adult prevalence of diabetes at 24.9%, according to statistics released by the International Diabetes Federation2.The Agreement represents a minimum of CA$2,000,0001 over the 5-year term and will cover the country of Kuwait and commence upon regulatory approval from Kuwait Health Authorities, anticipated in the second half of 2022.\"We are very pleased to have secured an exclusive partner to distribute our needle-free injection device, InsuJet™, in Kuwait. Kuwait has the third highest prevalence of adult diabetes in the world and being able to offer our products there means that more diabetics living with the disease will have the opportunity to improve their lives,\" said Michael Wright, CEO of NuGen M.D. \"This multi-year deal opens up a new territory and builds upon our previously announced distribution agreements as we begin to stack future sales against our 2022 targets. This is one step closer to achieving our goal of establishing ourselves as the global leader in needle-free injections.\"NuGen M.D.'s needle-free injection system is the first ever self-administered needle-free injection system approved by Health Canada and gives access to safe, cost-effective drug delivery for the millions of patients who suffer from diabetes or other chronic illnesses.About NuGen Medical DevicesNuGen 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 sev...