Business
NuGen M.D. Delivers InsuJe(TM) Needleless Injection Devices to Administer "Insulin Without Fear" for Children with Diabetes in Taiwan
TORONTO, ON / ACCESSWIRE / February 1, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) (" Nu...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen M.D. Delivers InsuJe(TM) Needleless Injection Devices to Administer “Insulin Without Fear” for Children with Diabetes in TaiwanTORONTO, ON / ACCESSWIRE / February 1, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) (\"NuGen M.D.\" or the \"Company\"), a leader in needle-free drug delivery, has delivered on a purchase order from a Taiwanese medical distributor Shin-Ya Biotechnology Co., Ltd. for its InsuJet™, needleless injection system. This part of a multi-year sales and distribution agreement, with minimum commitments of CDN $100,000 over the first two years with future commitments for the remaining 3 years of the agreement to be finalized in due course. As a result, InsuJet™ is now in the hands of ~100 Taiwanese children diagnosed with juvenile diabetes, and is actively being used to administer insulin, typically 3 to 5 times a day, to manage their blood sugar levels and stay alive. \"With over 650 thousand children in the world diagnosed with juvenile diabetes, young families need improved access to safer, less painful, economically viable, and more sustainable alternatives than hypodermic needles. There is no cure for Type-1 diabetes, and not only are they dependent on insulin to survive, they will be insulin dependent for life,\" said Michael Wright, CEO of NuGen M.D. \"Shin-Ya Biotechnology Co., Ltd. is an excellent partner to distribute InsuJet™ needleless injection devices within Taiwan as we embark on our journey to gain market share in Asia.\" The Company also reports that as a result of the financing completed in September 2021 in connection with its listing on the TSX Venture Exchange, it remains well funded to execute on its 2022 objectives of supplying a minimum 8,000 needle-free injection systems into the global market. This will generate one-time revenue for the device in addition to the recurring revenue of the consumables over the life expectancy of a device (~5,000 injections), both important revenue streams to the Company.The InsuJet™ needleless injection system:Provides faster absorption of medicine than hypodermic needlesReduces FearPatients report less pain and discomfort with needle-free injections, making them more likely to adhere to medications*Eliminates needlestick injuries (NSI's), cross contamination and infectionsNSIs affect ~2.2% of HCW's in the US an...