NuGen Medical Devices Inc. has delivered on a purchase order from a Taiwanese medical distributor Shin-Ya Biotechnology Co., Ltd. for its InsuJet needleless injection system.
TORONTO, ON / ACCESSWIRE / February 1, 2022 / NuGen Medical Devices Inc. (TSXV:NGMD) (“NuGen M.D.” or the “Company”), a leader in needle-free drug delivery, has delivered on a purchase order from a Taiwanese medical distributor Shin-Ya Biotechnology Co., Ltd. for its InsuJet™, needleless injection system. This part of a multi-year sales and distribution agreement, with minimum commitments of CDN $100,000 over the first two years with future commitments for the remaining 3 years of the agreement to be finalized in due course.
As a result, InsuJet™ is now in the hands of ~100 Taiwanese children diagnosed with juvenile diabetes, and is actively being used to administer insulin, typically 3 to 5 times a day, to manage their blood sugar levels and stay alive.
“With over 650 thousand children in the world diagnosed with juvenile diabetes, young families need improved access to safer, less painful, economically viable, and more sustainable alternatives than hypodermic needles. There is no cure for Type-1 diabetes, and not only are they dependent on insulin to survive, they will be insulin dependent for life,” said Michael Wright, CEO of NuGen M.D. “Shin-Ya Biotechnology Co., Ltd. is an excellent partner to distribute InsuJet™ needleless injection devices within Taiwan as we embark on our journey to gain market share in Asia.”
The Company also reports that as a result of the financing completed in September 2021 in connection with its listing on the TSX Venture Exchange, it remains well funded to execute on its 2022 objectives of supplying a minimum 8,000 needle-free injection systems into the global market. This will generate one-time revenue for the device in addition to the recurring revenue of the consumables over the life expectancy of a device (~5,000 injections), both important revenue streams to the Company.
The InsuJet™ needleless injection system:
- Provides faster absorption of medicine than hypodermic needles
- Reduces Fear
- Patients report less pain and discomfort with needle-free injections, making them more likely to adhere to medications*
- Eliminates needlestick injuries (NSI’s), cross contamination and infections
- NSIs affect ~2.2% of HCW’s in the US and Canada resulting in ~600,000 to 800,000 needlestick injuries reported annually**
- Reduces Cost for both patients and Health Care System
- Estimated cost of Health Care Work (HCW) needlestick injury ranges between $500 and $4,000 USD per incident, not accounting long-term treatment costs associated with illness contracted from the injury or litigation and compensation costs***
- Sustainable Alternative to Reduce Biohazard Waste****
- Approximately 16 billion disposable and non-recyclable injections are administered worldwide
*Studies show that a remarkable 20 percent of the global population has some degree of fear of needles or injections and 10 percent within that number suffer from what is known as Trypanophobia. This is an excessive or irrational fear of injections or needles which can be learned or inherited. Many with Trypanophobia avoid getting medical treatment that involves the use of needles, which can prove dangerous for those with chronic medical conditions such as diabetes.
**The National Library of Medicine reports that needlestick injuries (NSIs) are one of the most common health hazards facing healthcare workers (HCWs) across the globe. Needles with safety engineered devices (SEDs) have been developed to minimize the risk of exposure to blood-borne infections, such as hepatitis B virus, hepatitis C virus and human immunodeficiency virus, associated with NSIs.Despite the introduction of SEDs, the incidence of NSIs increased from 1.9 per 100 HCWs before the introduction of SEDs to 2.2 per 100 HCWs after the introduction of SEDs.
***The National Institute of Occupational Safety and Health (NIOSH) estimates that 600,000 to 800,000 needlestick injuries occur each year in the United States. New staff or those unfamiliar with using needles or other percutaneous equipment, have more needlestick injuries than experienced workers. Health Canada notes that 41% of injuries occur during use, while 45% occur post-use.
****In the US, the estimated cost of a single Needlestick Injury (NSI) treatment ranges between US$500 to US$4,000. For the more serious cases, however, the costs can far exceed the average. According to the American Hospital Association, one case of serious infection by bloodborne pathogens can cost US$1 million or more in expenditures for testing, follow-up tests, lost time and disability payments.
Despite being staggeringly high, these costs are underestimated in that they do not account for long-term treatment costs associated with illness contracted from the injury or litigation and compensation costs.
***** World Health Organization States: Every year an estimated 16 billion injections are administered worldwide, but not all of the needles and syringes are properly disposed of afterwards nor are there recycling alternatives.
Diabetes is a disease of major concern both globally and regionally and is a leading cause of death in most countries. According to WHO, ~1.5 million people worldwide died due to diabetes in 2019 and it is estimated that 463 million people are living with diabetes all over the world. Eighty percent live in low- and middle-income countries, and of the total, more than 60% live in Asia.
About The InsuJet™:
The InsuJet™ is a revolutionary needle-free drug delivery device, to self-administer medication in a safe, fear free, and virtually pain free manner and is now approved for use in over 40 countries globally. For a tutorial on how to use the InsuJet™ needle free delivery device, click here:https://nugenmd.wp2.adnetcms.com/product-tutorial/
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.
For More Information visit: www.nugenmd.com
Twitter: @NuGenMD
LinkedIn: https://www.linkedin.com/company/nugenmd/
For further information, please contact:
Michael Wright
President and CEO
NuGen Medical Devices Inc.
mw@nugenmd.com
(514) 992-9484
Investor Relations Contact:
Kin Communications Inc.
NGMD@kincommunications.com
(604) 684-6730
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 the Company’s 2022 objectives of securing a minimum 8,000 needle-free injection systems into the global market, and that these could generate recurring revenues of the consumables over the life expectancy of the device. 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.
SOURCE: NuGen Medical Devices
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