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NuGen Medical Announces First Bulk Purchase Order for InsuJet(TM)
Toronto, Ontario--(Newsfile Corp. - June 2, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the ...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen Medical Announces First Bulk Purchase Order for InsuJet(TM)Toronto, Ontario--(Newsfile Corp. - June 2, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the \"Company\" or \"NuGen\") is pleased to announce it has received its first bulk purchase order from Science-Link Trading SAPI de CV (\"Science-Link\"), a company in Mexico, for the Mexican market for 500 units of the Company's needle-free InsuJet™ injector device. The initial bulk purchase order for the 500 InsuJet™ devices is to be pre-paid in full prior to delivery. NuGen is pleased to further report its distribution agreement with Science-Link targets the sale of 2,500 InsuJet™ needle-free injectors in 2023, and 5,000 needle-free injectors in 2024. NuGen confirms the purchase order for 500 needle-free injectors will be pre-paid in full prior to delivery and has commenced registration of InsuJet™ in Mexico as a medical device, expected completion in four months which the sale is contingent upon.Including daily consumables, the total sale value of NuGen's agreement with Science-Link in 2023 and 2024 would be approximately US$6.2 million with estimated gross margins of 72%.\"At Science-Link, we are delighted to be the lead distributor of InsuJet™ in Mexico. As experts in our field, we believe that InsuJet™ can improve life for many diabetic patients making their treatment more friendly, less traumatic, and simply easier to administer their insulin on a daily basis,\" commented Mr. Juan Feregrino, Chairman of Science-Link. \"We also expect an important positive impact on hazardous waste and accidental needle infections from the reduction of syringe disposal. As the lead distributors for the Mexican market, we are firmly committed to encouraging the use of InsuJet™ not only for diabetic care but for many other applications.\"\"We are quickly seeing a clear path to both domestic and international sales with strong demand,\" commented Richard Buzbuzian, CEO of NuGen. \"We are delighted to be partnered with Juan's team and look forward to providing the necessary support to grow sales in Mexico with Science-Link as our key distributor in this significant market.\" Mexico is a large diabetes market globally as an estimated 1 in 6 adults are now living with diabetes[1]. In 2021, the estimated adult diabetic population grew to 14 ...