TORONTO, Ontario – March 16, 2022 – NuGen Medical Devices Inc. (TSXV: NGMD) (“NuGen M.D.” or the “Company”), a leader in needle-free drug delivery, is pleased to announce that it has signed a 5-year distribution agreement (the “Agreement”) with Harrington Consultants Limited and its joint venture partner Al Mufid Pharmaceuticals (the “Kuwait Joint Venture” or the “Distributor”).
With an adult population of 3.15 million and over 800,000 cases of diabetes, Kuwait ranks third highest in the world for adult prevalence of diabetes at 24.9%, according to statistics released by the International Diabetes Federation2.
The Agreement represents a minimum of CA$2,000,0001 over the 5-year term and will cover the country of Kuwait and commence upon regulatory approval from Kuwait Health Authorities, anticipated in the second half of 2022.
“We are very pleased to have secured an exclusive partner to distribute our needle-free injection device, InsuJet™, in Kuwait. Kuwait has the third highest prevalence of adult diabetes in the world and being able to offer our products there means that more diabetics living with the disease will have the opportunity to improve their lives,” said Michael Wright, CEO of NuGen M.D. “This multi-year deal opens up a new territory and builds upon our previously announced distribution agreements as we begin to stack future sales against our 2022 targets. This is one step closer to achieving our goal of establishing ourselves as the global leader in needle-free injections.”
NuGen M.D.’s needle-free injection system is the first ever self-administered needle-free injection system approved by Health Canada and gives access to safe, cost-effective drug delivery for the millions of patients who suffer from diabetes or other chronic illnesses.
1 exchange rate for EUR:CAD = 1.41
2 source: https://diabetesatlas.org/data/en/country/106/kw.html
About NuGen Medical Devices
NuGen Medical Devices is an emerging specialty medical device company focused on developing and commercializing novel drug delivery technologies. NuGen Medical Devices’ principal business is the development and commercialization of innovative needle-free injection devices and systems for the administration of subcutaneous medication. It is developing products using needle-free drug delivery technology in several important fields including, but not limited to, anaphylaxis, diabetes, severe migraine, erectile dysfunction, chronic anemia, neutropenia, autoimmune rheumatoid arthritis, growth and fertility hormone, psoriasis as well as DNA and conventional/pediatric vaccines.
About European Pharma Group
EPG is a certified Medical Device manufacturer based in the Netherlands that is involved in the design and development, manufacturing, sales, and distribution of needle-free devices for the administration of medicinal products. As a wholly-owned subsidiary of the Company, EPG manufactures NuGen M.D.’s needle-free injection system, the InsuJetTM.
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President and CEO
NuGen Medical Devices Inc.
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This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include that the contract will commence upon regulatory approval by Kuwait Health Authorities and that this approval is anticipated in the second half of 2022. 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.