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NuGen M.D. Announces Middle East Distribution Agreements With Minimum Commitments of Over $2.5 Million for its InsuJet(TM) Needle-Free Injection Device
Delivering "Insulin Without Fear" for Diabetics in the Middle East TORONTO, ON / ACCESSW...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen M.D. Announces Middle East Distribution Agreements With Minimum Commitments of Over $2.5 Million for its InsuJet(TM) Needle-Free Injection DeviceDelivering \"Insulin Without Fear\" for Diabetics in the Middle EastTORONTO, ON / ACCESSWIRE / March 29, 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 two 5-year distribution agreements for two specific territories in the Middle East to distribute its InsuJet™ needle-free injection device and recurring components, providing better access and improving the self-care of diabetics who require insulin injections to manage their glucose levels and stay alive.The first agreement, from a distributor in Yemen, dated March 22, 2022, represents a minimum of CA$1.4 million over the 5-year term and will commence upon regulatory approval from health authorities, anticipated in the early part of the second half of 2022.The second agreement, from a distributor in Iran, dated February 27th, 2020 represents a minimum of CA$1.1 million over the first three years of the 5-year term with future commitments for the remaining 2 years of the agreement to be finalized in due course. NuGen M.D. is happy to note that the Company received regulatory approval in February of this year and has received the first purchase order under this agreement marking the beginning of the agreement.In the Middle East and North Africa, a region which ranges from Iran in the north, Pakistan in the east, Sudan in the south, and Morocco in the west, an estimated 72.67 million adults have been diagnosed with diabetes, making up 13.6% of the world's diabetics. That number is expected to increase to 135.7 million by 2045, representing the second highest expected increase (86%) in the world, according to the International Diabetes Federation. In 2021, diabetes-related health expenditures in the region reached US$32.6 billion. Despite these staggering statistics, only US$32.6 billion was spent on diabetes in the region, representing only 3.4% of the total spent on diabetes worldwide.\"The Middle East was always a target market for us given the high rates of diabetes in the region. We have now announced several Middle Eastern distribution agreements covering eight different territories and are looking forward ...