Toronto, Ontario--(Newsfile Corp. - July 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 announce that Science Link, the exclusive distributor of the InsujetTM in Mexico has placed an additional order for 4,500 Insujet injectors to support channel expansion and demand growth in the Mexico market.
The revenue associated with the order is $525K, contributing an expected gross margin of $341K to NuGen. Follow on orders for consumables will follow as the injector orders are fulfilled.
Science Link previously accepted orders for 1,500 injector units that were received in Mexico in April, 2024. This order of 4,500 units is scheduled to ship in Q4 2024, bringing the total injector sales into Mexico to 6,000 for the year.
Science Link has a demonstrated track record in developing markets in Mexico, with a strong leadership team and networks across the country. The firm is developing opportunities for the InsujetTM across multiple channels, including big box retail pharmacies, employer health support programs run by large multinationals operating in Mexico, and online sales. All of these channels are well supported by healthcare practitioners operating out of clinics in Mexico, including Conglomerate Medical with over 150 locations and over 1,500 clinicians.
"We are very encouraged by the acceptance and demand for the InsujetTM in Mexico and we are investing in our growth plan for the country, expanding our distribution channels and continuing our roll out through retail distribution, employer health programs, and online sales," noted Juan Carlos Feregrino, CEO of Science-Link, "We see a great opportunity to address the unmet needs of the Mexico market, bringing this game changing new technology to the large and growing diabetic population in Mexico."
Mexico Diabetic Market:
In 2021, the estimated adult diabetic population grew to 14 million patients - a rise of 10% in the last 2 years. Diabetes-related health expenditure in Mexico has reached USD $20 billion, putting it in the top ten countries or territories with the highest total health expenditure1.
It is estimated that 1 in 6 adults are now living with diabetes2.
About Science-Link
Science-Link is dedicated to bringing disruptive technologies to the market. Science-Link was founded by experienced professionals with over 60 years of combined expertise in the health, wellness and agribusiness sectors. Its mission is to become the leading company in Mexico for the commercialization and distribution of new health and wellness disruptive technologies within the next 5 years. Science-Link utilizes a network of sub-distributors with the purpose of effectively penetrating and positioning InsuJet™ in all 32 States of Mexico, covering both traditional and modern channels. Additionally, Science-Link is implementing digital funnels to accelerate awareness and generate qualified leads for its potential customers, further supporting its distribution efforts.
About NuGen
NuGen is a leading developer of needle-free devices to administer therapeutics subcutaneously.
The Company is marketing and selling its next-generation InsuJet™ needle-free injection system designed to improve the lives of millions of diabetics.
InsuJet™ is approved for sale in 42 countries around the world.
For further information, please visit:
Websites: www.insujet.com, www.nugenmd.comand www.solm.com/insujet/
Instagram: @NuGenMD
Twitter: @NuGenMD
LinkedIn: https://www.linkedin.com/company/nugenmd/
and www.linkedin.com/company/sol-millennium-medical-group/
Notice Regarding Forward-Looking Information:
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This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
1https://www.idf.org/index.php?option=com_attachments&task=download&id=2645:WDD2021_MEXICO_PR_Final
2https://www.idf.org/index.php?option=com_attachments&task=download&id=2645:WDD2021_MEXICO_PR_Final
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