Nemaura Medical Reports First Quarter 2017 Financial Results
Published: Aug 10, 2017
LOUGHBOROUGH, England--(BUSINESS WIRE)--Nemaura Medical Inc. (OTC: NMRD), a medical technology company focused on the development and commercialization of sugarBEAT®, a wireless disposable adhesive skin-patch for adjunctive use by diabetics as a non-invasive and needle-free continuous glucose monitoring (CGM) system, yesterday reported financial results for the first quarter ended June 30, 2017.
Recent Highlights and Accomplishments:
• R&D expenditure reduced by 51% and comprehensive losses by 80% over same quarter in 2016
• Appointed three independent directors to the Board to strengthen corporate governance
• Signed Distribution Rights Heads of Terms for sugarBEAT® for the GCC region which covers six countries in Middle East
• Successfully developed rechargeable sugarBEAT® transmitter
"As the sugarBEAT® disposable skin patch, rechargeable transmitter and mobile phone app development nears completion, our product development related R&D expenditure have halved and losses narrowed sharply for the first quarter of 2017 as compared to same period last year, thereby maintaining our well capitalised financial position as we progress towards final clinical development and anticipated UK launch later this year,” commented Dr Faz Chowdhury, CEO of Nemaura Medical.
First Quarter 2017 results:
Research and development expenses fell to $149,198 over the quarter ending June 2017, a decrease of 51% from $306,081 for the same quarter in 2016. This decrease of $156,883 is due to sugarBEAT® product development nearing completion.
General and administrative expenses increased to $268,122 for the quarter ending June 2017, compared to $188,102 for same quarter in 2016.
At June 30, 2017, the Company’s combined cash and bank fixed deposits was $7,111,493.
The Company's comprehensive loss fell to $205,032 for the three months ended June 30, 2017, a decrease of 80% from $1,024,198 for the same quarter in 2016.
About Nemaura Medical, Inc.
Nemaura Medical is a medical technology company developing the wireless sugarBEAT® disposable adhesive skin-patch as a non-invasive, needle-free, pain-free and affordable continuous glucose monitoring (CGM) system for adjunctive use by diabetics. 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, and 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, risks related to regulatory approvals and the success of Nemaura Medical’s ongoing studies, including the safety and efficacy of Nemaura Medical’s sugarBEAT® CGM system, 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 sugarBEAT®, 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 sugarBEAT®. These and other risks and uncertainties are identified and described in more detail in Nemaura Medical’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the current 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.
Director of Strategy & Corporate Development