NuGen Medical Devices (TSXV:NGMD) Signs $23 Million Distribution Deal with Mexico Distributor
- NuGen M.D has announced a new distribution deal with Science – Link Trading, a Mexico-based company
- The agreement includes a minimum of 34,000 InsuJetTM devices plus additional accessories, representing a minimum of CA$23 million over the five-year term
- The distribution agreement furthers the company’s expansion as it covers Mexico, another major North American market
- Shares in NuGen M.D. (NGMD) are currently up 5.56% on the TSXV, trading at CA$0.095 per share
NuGen M.D. has signed a new distribution agreement with Science – Link Trading, a Mexico-based company whose mission is to help bring new disruptive technologies to market.
Science – Link Trading has agreed to purchase a minimum of 34,000 InsuJetTM devices plus additional accessories, representing a minimum of CA$23 million over the five-year term.
“Based on our internal analysis, each device sold represents ~CA$6801 in revenue including the recurring components over the ~3 year lifetime of a device,” said NuGen CEO Michael Wright.
The distribution agreement is in line with NuGen’s 70% gross margin target, furthering the company’s expansion as it covers Mexico, another major North American market.
There are currently over 14 million people living with diabetes in Mexico, according to a recent study completed by the International Diabetes Foundation (IDF). The study also found that almost half of those living with diabetes in the country are undiagnosed and that diabetes-related health expenditures in Mexico has now reached US$20 billion.
“We are certain that the InsuJet™ technology will improve the lives of millions of diabetic patients, making their treatment more friendly, less traumatic, and easier to use on a daily basis,” stated Juan Carlos Feregrino, President & CEO of Science – Link Trading.
“We also expect to have a very important and positive impact on dangerous waste management and reduce accidental needle infections in addition to considerably reducing syringe waste,” he added.
NuGen’s needle-free injection system, also known as InsuJet™, is a self-administered needle-free injection system. It gives access to safe, cost-effective, and virtually pain-free drug delivery for the millions of patients who suffer from diabetes or other chronic illnesses.
The InsuJet™ also holds a CE Mark and is approved for sale in over 40 countries around the globe. Science – Link Trading has also initiated the COFEPRIS regulatory approval process.
Shares in NuGen M.D. (NGMD) are currently up 5.56% on the TSXV, trading at CA$0.095 per share as of 10:20 am ET.
To learn more about NuGen M.D. and its products, visit the Company’s website. To read the full press release, click here.
About the Kinvestor Network
The Kinvestor Network is an exclusive network of investors that want access to enhanced research and reporting. The Kinvestor Network provides access to exclusive articles, reports, models, and various other tools that investors may find useful.
Visit the Kinvestor Network for more free content, including in-depth research reports, industry documentaries, CEO interviews, and more.
Please read this disclaimer in its entirety before reviewing any opinions, views or information expressed by Kin Communications Inc. (“Kin”).
