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NuGen Medical Signs 5-year Distribution Agreement for InsuJet(TM) with Verrue Consulting Group in Belgium
Toronto, Ontario--(Newsfile Corp. - December 19, 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 Verrue Consulting Group in BelgiumToronto, Ontario--(Newsfile Corp. - December 19, 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 17, 2023, Verrue Consulting Group BV (\"Verrue\"), a limited liability company incorporated under the laws of Belgium, became an official distributor for NuGen's needle-free InsuJet™ device aimed at improving the delivery of care and the life for millions of diabetics worldwide.InsuJet™ is approved for sale in Belgium as a medical device.The term of the distribution agreement with Verrue is 5 years and NuGen estimates sales to be approximately $2.4 million if target quantities of 7,300 devices over the term of the agreement are met. The Company expects a gross margin of 72%.Proposed sales avenues will include clinics, pharmacies, online channels, and local distribution/sales agents. Sales training for InsuJet™ provided by NuGen has been completed by Verrue in November 2023. \"As a distributor for NuGen in Belgium, we are excited to revolutionize the Belgian diabetes market with InsuJet™,\" commented Johan Verrue, General Manager. \"We have started to make calls and schedule several appointments with our network of over +1,600 independent nurses in Belgium alone. We are impressed with what we see and the changes we can deliver with the InsuJet™ to the diabetic market in Belgium.\" Verrue estimates that the total market size in Belgium is 770,000 diabetic patients with Type 1 diabetes which will be initially targeted for InsuJet™ sales. Sales support will mainly be comprised of self-employed nurses and diabetes educators provided by Verrue.\"I am pleased to introduce Verrue who will be a distributor for the InsuJet™ needle-free injector in Belgium. The growing diabetic market in Belgium is approximately 770,000 patients and their business model is focused on endocrinologists,\" commented Karen Dunlap, CCO for NuGen. \"Their experienced sales team will be introducing InsuJet's™ advantages, features, and benefits for patients partnering with self-employed nurses/diabetes educators offering training and sales along with pos...