NuGen Medical Completes Delivery and First Sale of 500 InsuJet™ Devices and Consumables in Romania
Toronto, Ontario – September 20th, 2023 – NuGen Medical Devices Inc. (TSXV: NGMD) (the “Company” or “NuGen“) is pleased to report it has completed the delivery and sale of the first 500 units of the Company’s needle-free InsuJet™ injector device and consumables to SC Trustmed SRL (“Trustmed”) in Romania as previously announced on June 12th, 2023.
The sale, although small in size, was completed earlier than anticipated and represents a milestone for NuGen as our first completed bulk B2B sale. The Company estimates a 3 ½ year lifetime value of $450,000 for the sale of the 500 units of InsuJet™ to Trustmed, the value of the first delivery being $82,000. The order was received in Q2 2023 and was completed in mid-September with revenue booked and recognized in Q3 2023.
The Company anticipates further sales from Trustmed and will report such sales as they occur.
“We are glad to announce the official launch of the InsuJet™ in Romania together with our local partner Trustmed. Over the past decade, Trustmed has had tremendous success in the sales of blood glucose monitors to diabetic patients in Romania. Taking advantage of the well-established reputation and sales network of Trustmed, NuGen looks to achieve similar success with the InsuJet™.” commented Nicky Canton, COO of NuGen.
“Trustmed is happy to announce the launch in Romania of InsuJet™ products, a new range of medical devices in support of the diabetes community, patients and healthcare professionals alike that will improve the ease and comfort of insulin delivery. We look forward to being part of a successful story!” commented Călin Năstase, National Sales Director of Trustmed.
NuGen is a specialty medical device Company that 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:
For further information, please contact:
Tony Di Benedetto
President & CEO
To arrange a media interview with NuGen, please contact:
Notice Regarding Forward-Looking Information:
Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.
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.
Notice Regarding Future-Oriented Financial Information and Financial Outlooks
To the extent any forward-looking information in this presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning of applicable securities laws, such information is being provided to demonstrate the impact to the Company with potential market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company’s actual financial position and results of operations may differ materially from management’s current expectations. Such information is presented for illustrative purposes only and may not be an indication of the Company’s actual financial position or results of operations.
The forward-looking information contained herein was prepared by the management of the Company based on information available at the time this press release was prepared. Unless otherwise stated, information in this press release is current as of September 20, 2023.
This press release may contain certain financial performance measures that are not recognized or defined under International Financial Reporting Standards (“IFRS”), which measures are “Non-GAAP Measures”. As a result, this data may not be comparable to data presented by other companies. The Company believes that any Non-GAAP Measures included in this presentation are useful indicators of performance and are specifically used by management to assess the current and future performance of the Company. Non-GAAP Measures should be considered together with other financial information prepared in accordance with IFRS to enable readers to evaluate the Company’s performance and prospects in a manner similar to the Company’s management. Accordingly, any Non-GAAP Measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Any third-party information contained herein has not been independently verified. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company disclaims and excludes all liability (to the extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this press release, its accuracy, completeness or by reason of reliance by any person on any of it.
 For each InsuJet ™ device sold, the lifetime value per unit including consumables to be purchased over the span of approximately 3.5 years is approximately $900.