NuGen Signs $204M Distribution Agreement With Global Leader in the Diabetic Industry

NuGen Signs $204M Distribution Agreement With Global Leader in the Diabetic Industry

Toronto, Ontario – July 25, 2023 – Toronto, Ontario – 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 solution for millions of diabetics who suffer daily with their injections.”

National country-wide rollout of InsuJet™ in each of Canada, Spain, France and Brazil will occur in Q1 of 2024.

In Canada, Spain, France and Brazil, InsuJet™ will be available for purchase in all major pharmacies, grocery stores, hospitals, diabetic clinics and offices of endocrinologists and diabetic nurse practitioners.

The combined diabetic population of these four counties is estimated at 8,803,807 people.

The total addressable market of these four countries is estimated to be $7.923 Billion based upon a $900 lifetime value of InsuJet™ and an aggregate diabetic population as described below.

Market Statistics:

Canadian Market:
Population: 38,781,291
Diabetes prevalence: 7.7%
Estimated insulin users: 865,986

Spanish Market:
Population: 47,519,628
Diabetes prevalence: 10.3%
Estimated insulin users: 1,419,411

French Market:
Population: 64,756,584
Diabetes prevalence: 5.3%
Estimated insulin users 995,309

Brazilian Market:
Population: 216,422,446
Diabetes prevalence: 8.8%
Estimated insulin users: 5,523,101


[1] Source: Population by Country (2023) – Worldometer (, Countries ranked by Diabetes prevalence (% of population ages 20 to 79) ( and Estimate-of-Insulin-Use-in-Type-2-Diabetes.pdf (
[2] 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.
[3] Source: See footnote No.1.


Share consolidation
Until the Company makes an application to uplist to a senior stock exchange, a share consolidation is not expected to occur before this time, if at all.

About Sol-M
Headquartered in Chicago, Illinois, USA, Sol-M are global leaders in the health care industry with five offices around the world. Sol-M is a high-growth global medical device company committed to improving the safety and well-being of healthcare workers and their patients with the design and development of innovative safety-engineered medical devices. Sol-M is one of the world’s largest designers and distributors of needles, syringes and diabetic supplies, offering a broad portfolio of patented products with global brand recognition such as Sol-Care for safety sharps, Sol-M for conventional medical devices and Sol-Guard for immunization products.


About NuGen
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:

Websites: and

Instagram: @NuGenMD

Twitter: @NuGenMD


For further information, please contact:

Tony Di Benedetto
Executive Chairman
(416) 791-9399

Richard Buzbuzian
President & CEO
(647) 501-3290

To arrange a media interview with Nugen Medical Devices, please contact:

Morna Gorman
(416) 553-1732

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