Medical Device Company Soaring On Strategic Partnership For Needle-Free Insulin Injector

(MENAFN- Yolo Wire) 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.

%NuGenMedicalDevices 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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