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NuGen Medical Signs 5-Year Distribution Agreement for InsuJet(TM) with Advance Medical Life Co.
Toronto, Ontario--(Newsfile Corp. - December 14, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) ...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen Medical Signs 5-Year Distribution Agreement for InsuJet(TM) with Advance Medical Life Co.Toronto, Ontario--(Newsfile Corp. - December 14, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the \"Company\" or \"NuGen\") a leading developer of needle-free devices to administer therapeutics subcutaneously, is pleased to announce that, as of December 12, 2023, Advance Medical Life Co. Ltd. (\"Advance Medical\"), a limited liability company domiciled in Bangkok, Thailand, became the exclusive distributor for NuGen's needle-free InsuJet™ device aimed at improving the delivery of care and life for millions of diabetics worldwide.InsuJet™ is approved for sale in Thailand as a medical device.The term of the distribution agreement is 5 years and NuGen estimates the sales to be approximately $4.9 million if target sales of 29,000 devices over the 5 years are met. The Company expects a gross margin of 72%.Advance Medical was established in 2016 as a dedicated player in Thailand's healthcare industry with a focus on medical devices and automation in healthcare. A commitment to innovation has enabled Advance Medical to successfully introduce new products to the medical device market that extends to various healthcare channels across Thailand.\"We are proud to partner with NuGen, a leader in needle-free solutions for diabetic patients in Thailand. NuGen's innovative approach in eliminating the need for needles is a game-changer, directly enhancing patient comfort and compliance, and improving quality of life,\" commented Thitiwat Banchong-Aksorn, CEO of Advance Medical. \"This collaboration aligns with our core mission to significantly improve the quality of life for patients through advanced, user-friendly solutions. We are committed to bringing a new era of care to insulin-dependent patients and elevating the quality of diabetes management in Thailand.\" Advance Medical estimates that approximately 250,000 patients with Type 1 diabetes will be initially targeted for sales focused around InsuJet™ and Advance Medical will provide a specialized sales team including nurse support and a diabetes care nurse for in-depth training and post-sales support. Customer service will have a dedicated service line providing an online support portal for easy user assistance to provide additional sales support efforts.\"I am pleased to...