NuGen announces initial order from Sol-Millennium™ to introduce pharmaceutical products to the Canadian and European markets

Toronto, Ontario – (Newsfile Corp. – June 21, 2024) – NuGen Medical Devices Inc. (TSXV: NGMD) (“Business” Or “NuGen“), a leading developer of needle-free subcutaneous drug delivery devices, is pleased to announce that Sol-Millennium^TM Medical company (“Sol-M“) placed the first order for 3832 InsuJet^TM injectors and consumables to fulfill the first pharmacy orders received by Sol-M from distributors in Canada and Switzerland. NuGen is expected to deliver the devices between August and September 2024.

Pharmacy demand underlying the Sol-M order occurs primarily in Canada, where 3,282 units are intended for large pharmacies. The remaining 550 InsuJet^TM devices and consumables are intended to meet the initial demand of pharmacies in Switzerland.

This initial order will generate total revenue of $801,000 and represent a gross margin for NuGen of $448,000. This order value is more than double NuGen’s reported revenue for the full fiscal year 2023 and is an excellent example of the accelerated growth we expect in our core markets.

About NuGen:

NuGen is a leading manufacturer of needle-free devices for subcutaneous drug delivery. The company markets and sells the next-generation InsuJet™ needle-free system, designed to improve the lives of millions of diabetics.

InsuJet™ is approved for sale in 42 countries around the world.

About Sol-M:

Sol-M is one of the world’s largest manufacturers of needles and syringes. It is vertically integrated with locations around the world. The innovative Sol-Millennium technology helps achieve positive patient treatment outcomes, saves medications and improves the comfort of both doctor and patient. With an international sales team dedicated to providing expertise and excellent customer service, Sol-Millennium’s goal is to partner with healthcare professionals, focusing on a healthier tomorrow.

More information can be found at:

Websites: www.insujet.com, www.nugenmd.com and www.solm.com/insujet/

The story continues

Instagram: @NuGenMD

Twitter: @NuGenMD

LinkedIn: https://www.linkedin.com/company/nugenmd/
and www.linkedin.com/company/sol-millennium-medical-group/

For further information please contact:

Tony Di Benedetto
Executive Chairman
(416) 791-9399
[email protected]

Ian Heynen
CEO
(416) 560-1019
[email protected]

To arrange a media interview with NuGen, please contact:

Morna Gorman
(416) 553-1732
[email protected]

Notice Regarding Forward-Looking Information:

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement that includes a discussion of predictions, expectations, beliefs, plans, forecasts, objectives, assumptions, future events or results (often, but not always, using terms such as “expects” or “is not expected”, “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”, “could” or “will” occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. The forward-looking information contained herein is made as of the date hereof and the Company disclaims any responsibility to update or change such information to reflect new events or circumstances, except as required by law.

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