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Market Insights: NuGen M.D. Signs Agreement with Kuwait Distributor

March 16, 2022

NuGen Medical Devices (TSXV:NGMD) Signs 5-Year Distribution Agreement with Kuwait Joint Venture

  • NuGen M.D. has signed a 5-year distribution agreement for its InsuJetTM needle-free injection device
  • The agreement represents a minimum of CA$2 million over the 5-year term
  • The Kuwait distribution agreement is scheduled to take effect in the second half of 2022 once the Company receives regulatory approval from Kuwait Health Authorities
  • NuGen Medical Devices is an emerging specialty medical device company focused on developing and commercializing novel drug delivery technologies
  • Shares in NuGen M.D. (NGMD) are currently up 7.5% on the TSXV, trading at CA$0.215 per share

NuGen M.D. has signed a 5-year distribution agreement worth a minimum of CA$2 million for its InsuJetTM needle-free injection device.

Harrington Consultants Limited and its joint venture partner Al Mufid Pharmaceuticals will offer distribution services for NuGen M.D. in Kuwait, where the rate of adult diabetes is third highest in the world at 24.9%.

The distribution agreement is scheduled to take effect in the second half of 2022 once the Company receives regulatory approval from Kuwait Health Authorities.

“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,” said Michael Wright, CEO of NuGen M.D. “This is one step closer to achieving our goal of establishing ourselves as the global leader in needle-free injections.”

NuGen Medical Devices is an emerging specialty medical device company focused on developing and commercializing novel drug delivery technologies.

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.

Shares in NuGen M.D. (NGMD) are currently up 7.5% on the TSXV, trading at CA$0.215 per share as of 12:40 pm EST.

To learn more about NuGen M.D. and its products, visit the Company’s website. To read the full press release, click here.

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