Nemaura Medical Inc. (NASDAQ: NMRD) (“Nemaura”), a
medical technology company commercializing sugarBEAT®, a
non-invasive and flexible continuous glucose monitor (CGM),
together with BEAT®diabetes, a health subscription service designed
to help people with diabetes and prediabetes to better manage their
condition through personalized lifestyle coaching, today provided a
business update and released financial results for the fiscal year
ended March 31, 2020.
Key Highlights:
- Received positive feedback from the first users of sugarBEAT®
as part of the first phase of commercial launch
- Announced positive initial user-volunteer data from its
head-to-head comparison with a major incumbent CGM device
- Set out plans to launch a digital healthcare subscription
service in the U.S. under the brand name proBEAT™, targeted at over
25 million people with Type 2 diabetes and 88 million people with
pre-diabetes in the U.S.
- Launched its sugarBEAT® app for Android devices in preparation
for the planned commercial launch of sugarBEAT®
- Joined the small cap Russell 2000® Index and the broad-market
Russell 3000® Index
- Has entered in to multiple verbal non-binding agreements for
sugarBEAT® with the aim of securing regional and global
partnerships.
- Reported plans for a new product line by seeking to
immediately repurpose sugarBEAT® as a Continuous Temperature
Monitor (CTM)
- Secured a 24-month, $5 million non-convertible loan to
accelerate commercial strategy
- Announced stockholder approval of the Nemaura Medical Inc.
2020 Omnibus Incentive Plan
- Dr. Faz Chowdhury, Nemaura Medical’s CEO, presented at the
Credit Suisse 2020 Virtual Diabetes Sessions
- Dr. Fred Schaebsdeu, Nemaura Medical’s VP of Strategy &
Strategic Alliances participated as a guest speaker at the
DiabetesMine™ D-Data Virtual ExChange
Dr. Chowdhury, CEO of Nemaura Medical, commented, “This is a
very exciting period for Nemaura Medical as it has steadily
transitioned toward commercialization of its lead product,
sugarBEAT®, initially in the UK and Germany. Our ability to
simultaneously launch product in the U.S. under the wellbeing
category also provides a significant commercial opportunity. We
intend to take full advantage of this opportunity, given the sheer
scale of the market in the U.S. As the world’s first non-invasive,
needle-free CGM, sugarBEAT® is uniquely positioned to target the
underserved $80 billion market for people with both Type 1 and Type
2 diabetes, as well as prediabetes. We remain highly encouraged by
the outlook for the business and look forward to providing further
updates as we execute on our commercial strategy.”
Financial summary:
• Research and development expenses decreased to $2,009,000 for
the year ended March 31, 2020, compared to $2,297,000 for the
preceding fiscal year.
• General and administrative expenses increased to $2,769,000
for the year ended March 31, 2020, compared to $2,180,000 for the
preceding fiscal year.
• The company’s comprehensive loss applicable to common
shareholders was $4,200,000 for the 2020 fiscal year, compared to
$4,800,000 for the same period in 2019.
• As of March 31, 2020, cash accounts were $106,000, compared
with cash of $3,700,000 as of March 31, 2019. As of June 29, 2020,
the company’s cash position was $5,460,000 and an additional
$2,350,000 due to be received from exercise of proceeds from recent
ATM drawdown.
About Nemaura Medical Inc.:
Nemaura Medical Inc. (NMRD) is a medical technology company
developing micro-systems-based wearable diagnostic devices and
currently commercializing sugarBEAT®, and proBEAT™. sugarBEAT®, a
CE mark approved Class IIb medical device, is a non-invasive and
flexible CGM providing actionable insights derived from real time
glucose measurements and daily glucose trend data, which may help
people with diabetes and pre-diabetes to better manage, reverse and
prevent the onset of diabetes. Nemaura is planning to submit a PMA
application for sugarBEAT® during the second quarter of 2020 for
FDA review of this device under medical device regulations.
proBEAT™ comprises a non-invasive glucose monitor and a digital
healthcare subscription service and is due to be launched in the US
as a general wellness product.
For more information visit:
www.NemauraMedical.com
www.sugarBEAT.com
Cautionary Statement Regarding Forward-Looking
Statements:
The statements in this press release that are not historical
facts may constitute forward-looking statements that are based on
current expectations and are subject to risks and uncertainties
that could cause actual future results to differ materially from
those expressed or implied by such statements. Those risks and
uncertainties include, but are not limited to, the launch of
proBEAT™ in the U.S., risks related to regulatory status and the
failure of future development and preliminary marketing efforts,
Nemaura Medical’s ability to secure additional commercial
partnering arrangements, risks and uncertainties relating to
Nemaura Medical and its partners’ ability to develop, market and
sell proBEAT™, the availability of substantial additional equity or
debt capital to support its research, development and product
commercialization activities, and the success of its research,
development, regulatory approval, marketing and distribution plans
and strategies, including those plans and strategies related to
both proBEAT™ digital health, and sugarBEAT®. There can be no
assurance that the company will be able to reach a part of or any
of the global market for CGM with its products/services. The U.S.
Food and Drug Administration (the “FDA”) reserves the right to
re-evaluate its decision that proBEAT™ qualifies as a general
wellness product should it become aware of any issues such as skin
irritation or other adverse events from the device, as well as any
misuse impacting patient safety, and any other reason as the FDA
may see fit at its discretion to determine the product does not fit
the definition of a general wellness product. These and other risks
and uncertainties are identified and described in more detail in
Nemaura Medical’s filings with the United States Securities and
Exchange Commission, including, without limitation, its Annual
Report on Form 10-K for the most recently completed fiscal year,
its Quarterly Reports on Form 10-Q, and its Current Reports on Form
8-K. Nemaura Medical undertakes no obligation to publicly update or
revise any forward-looking statements.
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Investor Contact: Dave Gentry, CEO RedChip Companies Office:
1.800.RED.CHIP (733.2447) Cell: 407.491.4498 dave@redchip.com
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