NuGen Medical Devices Inc. announce it has entered into a distribution agreement for its needle-free InsuJetTM medical device and consumables with Sol-Millennium Medical Inc. for a term of five years which NuGen estimates the value at approximately $204 million dollars with estimated gross margins of 72%. Sol-M is now the preferred distributor of InsuJetTM in Canada, Brazil, France and Spain where Sol-M has an extensive existing business footprint in the safety syringe and the diabetic supply business and where InsuJetTM is approved for sale as a medical device. Sol-M will be required to fulfill minimum yearly purchases to maintain its five-year distribution rights which NuGen estimates to be approximately $132 million dollars.
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