NuGen M.D. Announces the Departure of its President and CEO and Immediate Appointment of New Interim Chief Executive Officer and Interim Chief Customer Officer
TORONTO, ON / ACCESSWIRE / December 15, 2022 / The Board of directors of NuGen Medical Devices Inc. (TSXV:NGMD)(OTCQB:NGMDF) (“NuGen″ or the “Company”), a leader in needle-free drug delivery, announces the departure of Mr. Michael Wright, President and Chief Executive Officer, effective immediately. Mr. Wright remains a director and a shareholder of the Company and will assist with the management transition. The Company wishes Mr. Wright good luck with his future endeavors.
The Board is pleased to announce the immediate appointment of Mrs. Karen Dunlap, a current director of NuGen, as Interim Chief Customer Officer (CCO) and Mr. Derek Lindsay, also a current director of NuGen, as Interim Chief Executive Officer (CEO). Mr. Nicky Canton remains Chief Operating Officer (COO) of the Company and Mrs. Veronique Laberge remains Chief Financial Officer (CFO) of the Company.
Karen Dunlap, CCO, was President & COO of Sol-Millennium Medical, now a key distribution partner of the Company. To open non-North American markets, Karen completed a Joint Venture in Brazil and immediately went to market and subsequently opened offices in the EU and UK. Karen’s background specializes in start-up companies bringing new technology to market, working together with end-users, manufacturing, marketing and sales on developing and design of safe medication delivery systems. Karen has extensive experience in both domestic and international health care management covering all facets of business, including product development, manufacturing, operations, P & L, sales, marketing and strategic planning for a number of emerging medical technology companies. Karen has developed strong relationships within the industry on the launch of new products and has extensive knowledge and experience of the global medical technology market.
Derek Lindsay, CEO, is a seasoned international executive with long experience scaling high potential companies in the medical device, telecom and other high growth sectors. He has a proven track record of creating value for shareholders, raising capital, and a strong financial discipline. Mr. Lindsay was CFO of Cryocath, a publicly traded medical device company that was restructured and then sold at a significant premium to a global U.S. medical device company. He has worked as strategic advisor for other fast growing private medical devices companies as well as CEO and CFO for various public and private companies.
Nicky Canton, COO, has a background in industrial design engineering as well as business administration with more than 13 years of experience in product development, manufacturing, and regulatory compliance of healthcare products, and more particularly, needle-free injection systems. Nicky has been involved from the early development of the current InsuJet needle-free injector and has been responsible for both development and production scale up. Besides R&D his expertise includes risk management, regulatory compliance, supplier management including manufacturing processes, injection molding, assembly of medical devices, sterile packaging and sterilization. He has established two manufacturing sites for needle-free injectors and manages the day-to day operations. Mr. Canton has filed and obtained a number of patents related to technology of needle-free injection systems in China, Europe and the United States.
Veronique Laberge, CFO, is a chartered professional accountant and holder of the title of auditor, she now has more than 17 years of experience in professional practice. She is specialized in certification mandates, general accounting and as a consultant for public and private companies.
NuGen is undergoing a restructuring to accelerate its development. Once the revised strategic plan is finalized, the Company will communicate the key elements of this plan to shareholders and other key stakeholders as well as any future permanent management changes.
“We are confident that these changes will help NuGen continue to expand the reach of Insujet, its innovative needle free diabetes product, and create shareholder value.” said NuGen interim CEO Derek Lindsay
The Company also announces that it has cancelled an aggregate of 1,000,000 options and granted an aggregate of 4,000,000 options to purchase common shares of the Company exercisable at a price of $0.05 per common share for an exercise period of five (5) years to 2 officers (CFO and COO) and 3 directors of the Company all of whose options recently expired. The common shares issuable upon exercise of the options are subject to a four month hold period from the original date of grant.
About NuGen Medical Devices
NuGen is an emerging specialty medical device company developing the next generation of needle-free technologies and other innovative medical delivery products. The company’s products, which include the InsuJet™ and PetJet™ needle-free injection systems, are designed to improve the lives of millions of people and animals. NuGen continues to receive approval in numerous countries, including Canada. NuGen’s products are designed for use in several important fields including, but not limited to, diabetes, veterinary medicine, and vaccines.
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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 additional distribution and sales agreements, making submissions for regulatory approvals and capitalizing on additional market opportunities. 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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