Business
NuGen M.D. Announces a $333,000, 5-Year Distribution Agreement with Intermediq for its InsuJet(TM) Needle-Free Injection Device
TORONTO, ON / ACCESSWIRE / January 18, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) (" Nu...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen M.D. Announces a $333,000, 5-Year Distribution Agreement with Intermediq for its InsuJet(TM) Needle-Free Injection DeviceTORONTO, ON / ACCESSWIRE / January 18, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) (\"NuGen M.D.\" or the \"Company\") is pleased to announce that it has entered into an exclusive distribution agreement with Intermediq Holdings (PVT) Ltd. (\"Intermediq\"), a well-established medical distribution company in Sri Lanka (the \"Agreement\").The Agreement represents a minimum of CAD$333,000 over the 5-year term and will cover the country of Sri Lanka and commence upon regulatory approval from Sri Lankan Health Authorities, anticipated in the second half of 2022.Michael Wright, President and CEO of NuGen M.D. states, \"We are very pleased to have partnered with Intermediq to provide access to our InsuJet™ needleless injection devices to improve the lives of those suffering from chronic illnesses in Sri Lanka. This partnership, coupled with our previous announced agreements, continues to build towards our sales and positioning objectives for 2022. We are very pleased to open up a new territory and plan to build on this momentum as we strive to become the global leader in needle-free injection technology.\"There are over 14 million adults in Sri Lanka and according to recent statistics by the International Diabetes Federation, the prevalence of diabetes among adults in Sri Lanka is 8.7%, or about 1.2 million adults across the country with the disease.Medical injections are a common health care procedure and the demand for needle-free delivery solutions are increasing to improve safety and drug effectiveness, while reducing medical waste of disposable needles. It also helps reduce fear and anxiety of administering medications and vaccines through hypodermic needles.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.It is specifically designed for the safety of patients who are required to self-administer their medication as well as health care workers who perform medical injections. The Company's needle-free injector is not only suitable for administering insulin, vaccines and other treatmen...