Medical Device Company Soaring on Strategic Partnership for Needle-Free Insulin Injector

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Monday, October 28, 2024

Approximately 10 percent of the global population has diabetes, and the number is growing. This company is a leading developer of needle-free devices to administer therapeutics subcutaneously, which are designed to improve the lives of millions of diabetics. Shares are soaring after an announcement Friday after the bell.

NuGen Medical Devices Inc. (TSXV: NGMD), a leading developer of needle-free devices to administer therapeutics subcutaneously, announced in a press release late Friday a strategic partnership with EziAutoJector® Limited, a company domiciled in Jersey, United Kingdom, for the delivery of U-100 insulin to individuals with diabetes and subcutaneous biosimilar products using NuGen's InsuJetTM device and consumables. U-100 insulin is the standard and most used strength today.

On September 27, NuGen and EziAutoJector entered into a license, supply and distribution agreement where EziAutoJector was granted a license to distribute, market and promote NuGen's needle-free device under the brand name "EziAutoJector®" for the delivery of U-100 insulin and other subcutaneous biosimilar protein products in multiple countries, including through wholesalers, sub-wholesalers and retailers.

NuGen is marketing and selling its next-generation InsuJet™ needle-free injection system, which is designed to improve the lives of millions of diabetics. InsuJet™ is approved for sale in 42 countries around the world. Shares of NuGen were up around 35 percent in early afternoon trade.

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