December 04, 2022

NuGen Medical Devices advances its needle-free, pain-free, drug delivery system worldwide

No more needles needed for vaccines, diabetes and everyday medicine delivery

Do you know anyone who likes injections? Well today there is a new innovative and better way to administer medicines.

Injections are a common healthcare procedure, administered to billions every day, but now the technique is increasingly going needle-free. Needle-free delivery has many advantages over needles, including: Faster absorption of medicine, safer (eliminates cross-contamination), less expensive, sustainable (less waste), and reduced patient anxiety and fear.

The global needle-free injection market is forecast to grow at a CAGR of 16.3% from US$11.8 billion in 2020 to US$25 billion in 2025

Source: NuGen Medical Devices company presentation

Today’s company is focused on ‘revolutionizing needle-free delivery’.

NuGen Medical Devices Inc. (TSXV: NGMD) (“NuGen”) is an emerging specialty medical device company focused on developing and commercializing novel drug delivery technologies. The company commercializes a Health Canada and CE approved ‘needle-free injection’ system (known as “InsuJet™ “) catering to a wide range of applications. 

NuGen state: “NuGen’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.”

NuGen’s needle-free injection systems have almost unlimited uses in modern medicine. One of the most common is for diabetes management where children often need to inject themselves with insulin several times a day. Another common use is at the medical clinic where a doctor delivers a vaccine or medicine, or perhaps a COVID-19 booster. Other examples are IVF (Intravenous Feeding) treatments, human growth hormone treatments and so on.

NuGen’s needle-free product “InsuJet™ ” and how it works

NuGen’s Nanojex device works by painlessly delivering medicines through the skin, using a gas jet to accelerate powdered nanoparticles of drug or protein to supersonic speed with a single-use, disposable, handheld device.

Examples of uses for NuGen’s needle-free ‘Nanojex’

Source: NuGen Medical Devices company presentation

Global approval and rollout of NuGen’s products

NuGen Medical Devices have achieved multiple regulatory approvals, and the company is cleared to sell its devices in over 40 countries, including Health Canada approval.

NuGen has already signed multiple sales and distribution agreements. Some recent examples include:

  • Feb. 1, 2022 – “InsuJet™ Needleless Injection Devices to administer “Insulin Without Fear” for Children with Diabetes in Taiwan.”
  • Jan 18, 2022 – “NuGen M.D. announces a $333,000 5-year distribution agreement with Intermediq for its InsuJet™ Needle-Free Injection Device.”
  • Nov. 30, 2021 – “NuGen Announces a $5.8 million, 5-Year Distribution Agreement with Khotwa Medical Co. for its InsuJet Needle Free Injection Device and accessories.”

Management, board and advisors

NuGen spent 2021 getting product approvals and growing their management team and advisers. It is now an experienced and extensive team as you can view here on pages 12 & 13. Inside ownership stands at an impressive 20.8%.

Next steps

2022 looks set to be a big year for NuGen. NuGen states their 2022 objectives as follows:

  • “Secure additional global distribution and sales agreements with minimum yearly commitments for its needle-free injection device and consumables.
  • Supply a minimum 8,000 needle-free injection systems into the global market, generating one-time revenue for the device in addition to the recurring revenue of the consumables over the expected lifetime of a device (~3 to 5 years), both important revenue streams to the Company.
  • Submit for regulatory approvals in other key markets with high demand for our product line.
  • Continue to monitor the market for potential M&A opportunities in an effort to rapidly grow its sales and position itself as the global leader in needle-free injection technology.
  • Continue R&D on our next generation Needle-Free injection technologies.
  • Capitalize on the opportunity in the animal market to give pet owners access to safe, fear-free and virtually painless injections for their pets.”

Note: Bold highlight by the author.

Closing remarks

NuGen is now entering the stage of development of ramping up global sales and revenues. This means 2022 will be the most important year to date for NuGen. The product looks to be a winner, approvals and some distributions are in place. We will check back after some months to see how sales and revenues are performing.

NuGen Medical Devices trades on a market cap of only C$20 million. One to watch.

Disclaimer: The author of this post may or may not be a shareholder of any of the companies mentioned in this column. None of the companies discussed in the above feature have paid for this content. The writer of this article/post/column/opinion is not an investment advisor, and is neither licensed to nor is making any buy or sell recommendations. For more information about this or any other company, please review their public documents to conduct your own due diligence. To access the disclaimer and other important legal notices, click here.

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