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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act 1934
Date of Report (Date of earliest event
reported): November 13,
2023
NEMAURA MEDICAL INC.
(Exact name of registrant as specified in charter)
Nevada
(State or other jurisdiction of incorporation)
001-38355 |
|
46-5027260 |
(Commission File Number) |
|
(IRS Employer Identification No.) |
57 West 57th Street
Manhattan, NY |
10019 |
(Address of principal executive offices) |
(Zip Code) |
|
|
|
Registrant’s telephone number, including area code: |
+1 (646) 416-8000 |
N/A
(Former name or former
address, if changed since last report) |
|
|
|
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12(b) under the Exchange
Act (17 CFR 240.14a-12(b))
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
NMRD |
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
§240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Condition.
On November 13, 2023, Nemaura
Medical Inc. issued a press release announcing its financial results for the three months ended September 30, 2023. A copy of this press
release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information contained in any website is not a part
of this Current Report on Form 8-K.
The information included
in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall
such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities
Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURE
Pursuant to the requirements of
the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
NEMAURA MEDICAL INC. |
|
|
|
By: |
/s/ Dewan F.H. Chowdhury |
|
|
Dewan F.H. Chowdhury Chief Executive Officer |
Date:
November 13, 2023
Exhibit 99.1
Nemaura Medical Reports Fiscal
Second Quarter 2024 Results and Provides Business Update
Loughborough, England, 13 Nov, 2023 (GLOBE NEWSWIRE) — 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 September 30, 2023 and provided a business update.
Corporate Highlights:
|
1. |
The Company continued to support its UK licensee with its endeavours to obtain reimbursement for the sensors in the UK. |
|
2. |
Advanced development of the Company’s BEATdiabetes offering in readiness for a commercial launch in due course. |
|
3. |
Continued development of its consumer metabolic health platform and potential deployment as a bolt-on service into existing metabolic and wellness programs or to support a direct-to-consumer offering. |
|
4. |
Received approval from the Saudi Arabia Food and Drug Agency for marketing of sugarBEAT in the Kingdom of Saudi Arabia (KSA), with support from the Company’s licensee in the region, TP MENA. |
|
5. |
Continued trials of the Company’s pre-diabetes and consumer metabolic health program with the UK National Health Service, the results from which are expected to support the launch of the program in various territories. |
Financial Summary:
Research and development (“R&D”) expenses were $491,803
and $257,061 for the three months ended September 30, 2023 and 2022, respectively.
General and administrative expenses were $1,558,742 and $1,369,155
for the three months ended September 30, 2023 and 2022, respectively.
Net loss was $1,203,454 and $3,855,700 for the three months ended
September 30, 2023 and 2022, respectively.
Cash and cash equivalents at September 30, 2023 were approximately
$4.4m.
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 proposal for a Modular PMA (Premarket
Approval Application) application for sugarBEAT® to the U.S. FDA, for its generation II, 24 hour sensor. proBEAT™ is
a non-regulated version of sugarBEAT which combines non-invasive glucose data processed using artificial intelligence and a digital healthcare
subscription service as a general wellness product as part of its BEAT®diabetes program that is currently undergoing pilot
studies.
Additionally, Nemaura 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
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