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NuGen Receives Two Additional Sales Orders for InsuJet(TM) and Expands Distribution into Argentina, Chile, Costa Rica and Peru
Toronto, Ontario--(Newsfile Corp. - January 19, 2024) - NuGen Medical Devices Inc. (TSXV: NGMD) (...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"NuGen Receives Two Additional Sales Orders for InsuJet(TM) and Expands Distribution into Argentina, Chile, Costa Rica and PeruToronto, Ontario--(Newsfile Corp. - January 19, 2024) - NuGen Medical Devices Inc. (TSXV: NGMD) (the \"Company\" or \"NuGen\") a leading developer of needle-free devices to administer therapeutics subcutaneously, is pleased to report that its distribution partner in Mexico, Science-Link Trading SAPI de CV (\"Science-Link\") has expanded their distribution network to now include Argentina, Chile, Costa Rica and Peru. Science-Link is now also partnering with a large family-owned laboratory and clinic conglomerate (\"Conglomerate Medical\") which is expected to see Science-Link expand its operations into big box retail pharmacies in Mexico. Mexico is a large diabetes market globally with an estimated 1 in 6 adults now living with diabetes[1].Science-Link is now placing additional orders of InsuJet™ for Mexico for 500 units of the Company's needle-free InsuJet™ injection device for March 2024 and an order for 1,000 units for April 2024 to begin fulfilling increased demand.In June 2023 NuGen received its first bulk purchase order from Science-Link for 500 units and consumables of InsuJet™. This order was paid for in full and shipped in November 2023, when InsuJet™ received approval from the Mexican Government to be sold as a medical device. NuGen's agreement with Science-Link targets the sale of approximately 5,000 units and consumables of InsuJet™ in 2024.With the expansion of Science-Link to additional countries and its alliance with Conglomerate Medical, NuGen expects to exceed the target of 5,000 needle-free injectors and consumables in 2024 contemplated in its agreement with Science-Link. The Company estimates a 3 ½ year lifetime value of $1,350,000[2] for the sale of the 1,500 units of InsuJet™ to Science-Link, the value of the first delivery being $220,000 for Q1, 2024. The Company expects a gross margin of 72%.Conglomerate Medical is a family-run business with a network of over 150 clinics and 1,500 medical consultants providing diagnostics and medical evaluation services to patients throughout Mexico. The alliance between Science-Link and Conglomerate Medical is expected to result in the opening of 10 new specialty clinics in Mexico with physicians and sa...