NuGen Secures C$1.3 Million Loan for Acquisition

NuGen Medical Devices Inc., a company developing needle-free devices for subcutaneous drug delivery, has secured a significant financial boost through a loan agreement. The company announced on September 21, 2026, that it has entered into a loan agreement with Sol-Millennium Medical HK Limited, a related party, for an amount up to C$1.3 million. The initial advance of C$500,000 will be provided following the confirmation that all conditions precedent have been satisfied. The remaining C$800,000 will be made available upon the execution of a definitive agreement related to the acquisition of Sol-Millennium Canada Inc., a transaction announced by NuGen on August 6, 2026.

The loan carries an annual interest rate of 6%, calculated monthly and compounded annually. If NuGen fails to pay any amount due, the interest rate will increase to 12% per annum, compounded monthly. The loan matures five years from the initial advance of C$500,000. NuGen is required to prepay the loan from any extraordinary receipts, such as asset sales, mergers, or other significant financial events, where the proceeds are equal to or greater than C$1,000,000.

The loan is secured against the assets of NuGen. The company and the lender have entered into a general security agreement, granting the lender a security interest in all of NuGen’s present and after-acquired personal property. The transaction is considered a related party transaction, as the lender is owned and controlled by Liang Lin, the CEO and director of NuGen. The company relied on the exemption from the valuation requirement and the minority shareholder approval requirement under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.

Proceeds from the loan will primarily be used to cover costs and expenses related to the acquisition of Sol-Millennium Canada Inc., for working capital needs, and for any other purpose approved in writing by the lender. The loan agreement was reviewed and unanimously approved by NuGen’s Board of Directors, with no special committee created for the transaction.

NuGen’s flagship InsuJet™ system, approved in 42 countries, is designed to improve the lives of millions of people with diabetes worldwide. The company continues to focus on advancing its innovative medical devices to enhance patient care and quality of life.