Nemaura Medical Reports Fiscal First Quarter 2024 Results and Provides Business Update
14 Agosto 2023 - 7:30AM
Nemaura Medical, Inc. (Nasdaq: NMRD) (“Nemaura” or the “Company”),
a medical technology company focused on developing and
commercializing a daily disposable, wearable glucose sensor and
supporting personalized lifestyle coaching programs, today released
its financial results for the quarter ended June 30, 2023 and
provided a business update.
Corporate Highlights:
-
Previously announced initial patient data from UK NHS (National
Health Service) Miboko Study that thus far demonstrated weight loss
in 100% of participants. The Company has expanded to additional
centres in continuation of these pilots. The data is expected to
support reimbursement applications and product marketing in various
territories.
-
Continued development of its consumer metabolic health platform and
potential deployment as a bolt-on service into existing metabolic
and wellness programs.
-
Continued to work with Benchmark Electronics Inc as a contract
manufacturing partner (CMO) to facilitate future volume scale-up
manufacture of the electronic transmitter at its FDA approved
facility in Thailand, in anticipation of commercial-sales
ramp-up.
-
Continues to support its UK licensee with its application for
reimbursement of sensors in the UK.
-
Continues to attract funding on favourable terms, and as a
subsequent event the Company noted that it had secured $6.5m as
non-dilutive funding in the form of clean debt without any warrants
or convertible elements.
Financial Summary:
Research and development (“R&D”) expenses
were $549,012 and $330,055 for the three months ended June 30, 2023
and 2022, respectively.
General and administrative expenses were
$1,508,467 and $1,267,251 for the three months ended June 30, 2023
and 2022, respectively.
Cash and cash equivalents at 30th June 2023 were
approximately $4m, and the Company announced on 11th August 2023
that it had secured a further $6.5m in clean debt.
About Nemaura Medical,
Inc.
Nemaura Medical, Inc. is a medical technology
company developing and wearable diagnostic devices. The company is
currently commercializing sugarBEAT® and proBEAT™. sugarBEAT®, a CE
mark approved Class IIb medical device, is a non-invasive and
flexible continuous glucose monitor (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 has submitted a PMA (Premarket Approval
Application) for sugarBEAT® to the U.S. FDA. proBEAT™ combines
non-invasive glucose data processed using artificial intelligence
and a digital healthcare subscription service and has been launched
in the U.S. as a general wellness product as part of its
BEAT®diabetes program that is currently undergoing pilot
studies.
Additionally, Nemaura has launched a beta trial
of Miboko, a metabolic health and well-being program using a
non-invasive glucose sensor along with an AI mobile application
that helps a user understand how certain foods and lifestyle habits
can impact one’s overall metabolic health and well-being. Nemaura
believes that up to half the population could benefit from a sensor
and program that monitors metabolic health and well-being.
The Company sits at the intersection of the
global Type 2 diabetes market that is expected to reach nearly $59
billion by 2025, the $50+ billion pre-diabetic market, and the
wearable health-tech sector for weight loss and wellness
applications that is estimated to reach $60 billion by 2023.
For more information, please
visit www.NemauraMedical.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.
Investor Relations Contact:
IR@NemauraMedical.com
Nemaura Medical (NASDAQ:NMRD)
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