Business
NuGen Provides Corporate Update
Toronto, Ontario--(Newsfile Corp. - August 4, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (th...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen Provides Corporate UpdateToronto, Ontario--(Newsfile Corp. - August 4, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the \"Company\" or \"NuGen\") is pleased to provide shareholders the following corporate update.Corporate mission:NuGen's mission is to reduce the daily burden of diabetes care by providing a needle-free insulin injection device and supplies tailored to each diabetic's personal needs with our InsuJet™ device which is approved for sale as a medical device in 42 countries. It is noteworthy that InsuJet™ is not yet approved for sale in the USA, leaving America as a large untapped market for NuGen to pursue. NuGen anticipates reporting to shareholders in the coming weeks its plans on how it looks to obtain U.S Food and Drug Administration (\"FDA\") approval for InsuJet™ along with its plans for distribution in the USA if FDA approval is obtained.Estimated business margins in excess of 70%:NuGen has three business verticals that include B2B with estimated margins of 72%, B2C with estimated margins of 76% and a bio similar business vertical where margins are estimated to be 80%+.B2B business vertical:Our B2B vertical was the first business silo to launch in Q2 2023 where NuGen has signed distribution agreements with Science-Link Trading SAPI de CV in Mexico, Trustmed SRL in Romania, and Rosheta in Yemen. Sales in each Mexico, Romania and Yemen were announced during Q2 of 2023. The Company also reported InsuJet™ is registered for supply and distribution through the NHS Drug Tariff with Reliance Medical Ltd. (\"Reliance Medical\") which is NuGen's PL partner and distributor for InsuJet™ in the United Kingdom.Reliance Medical is a leading trade distributor of high-quality surgical dressings, healthcare products, medical equipment and first aid supplies in the United Kingdom. The Company further announced on July 25th that it entered into a master sales distribution agreement for its needle-free InsuJet™ medical device and consumables with Sol-Millennium Medical Inc. (\"Sol-M\") of Chicago, Illinois USA, for a term of five years commencing on June 30, 2023. Sol-M is now the preferred distributor of InsuJet™ in Canada, Brazil, France and Spain. NuGen estimates the value at approximately $204 million dollars with estimated gross margins of 72%.NuGen is pleased to furth...