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RETRANSMISSION: NuGen Signs $204M Distribution Agreement With Global Leader in the Diabetic Industry
Toronto, Ontario--(Newsfile Corp. - July 26, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the...
About this update from Nugen Medical Devices Inc
[{"type":"text","content":"RETRANSMISSION: NuGen Signs $204M Distribution Agreement With Global Leader in the Diabetic IndustryToronto, Ontario--(Newsfile Corp. - July 26, 2023) - NuGen Medical Devices Inc. (TSXV: NGMD) (the \"Company\" or \"NuGen\") is pleased to announce it has entered into a 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 which NuGen estimates the value at approximately $204 million dollars with estimated gross margins of 72%.Sol-M is now the preferred distributor of InsuJet™ in Canada, Brazil, France and Spain where Sol-M has an extensive existing business footprint in the safety syringe and the diabetic supply business and where InsuJet™ is approved for sale as a medical device. Sol-M will be required to fulfill minimum yearly purchases to maintain its five-year distribution rights which NuGen estimates to be approximately $132 million dollars.\"Today's announcement of our $204 million, 5-year distribution agreement with Sol-M at 72% gross margins represents the beginning of the global rollout of our B2B business. InsuJet™ is approved for sale as a medical device in 42 countries and our agreement with Sol-M represents only 4 countries where we are approved for sale as a medical device,\" commented Richard Buzbuzian, CEO. \"This agreement offers investors great leverage to the diabetic healthcare space. With anticipation, we look forward to reporting to shareholders additional wins in Q3.\" Headquartered in Chicago, Illinois, USA, Sol-M are global leaders in the diabetic industry with five offices around the world. \"During the COVID-19 pandemic, we sold over 2 billion safety syringes annually, so it is fair to say we know our market well. At Sol-M, we believe InsuJet™ is a game changer for how insulin soon will be administered by diabetics around the world,\" commented Liang Lin CEO at Sol-M. \"Needle or no needle? How would you prefer to take your insulin? It's a simple question and we believe almost any diabetic would reply 'needle free please'. We are delighted to be working with Richard and the NuGen team in what is truly a global disruptive opportunity for diabetics to become needle free in their treatment of their diabetes. InsuJet™ is the needle-free soluti...