Nemaura Medical Reports Results and Provides Business Update for the First Quarter Ended June 30, 2020
LOUGHBOROUGH, England--(BUSINESS WIRE)-- 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 pre-diabetes to better manage their condition through personalized lifestyle coaching, today provided a business update and on August 14, 2020 released financial results for the quarter ended June 30, 2020.
- Strengthened balance sheet through equity based fundraise.
- Entered into letter of intent to acquire assets of Healthimation.com, a digital behavioural change programme to complement our planned proBEAT™ launch in the USA.
- Continue to make progress towards manufacture scale-up and commercial sales of sugarBEAT® in Germany and the UK, and proBEAT™ in the USA during this calendar year.
- Engaged in the adaptation of the sugarBEAT platform for continuous temperature monitoring for monitoring fever related to viral infections and other applications including facilitation of conception.
- Engaged in finalising the Continuous Lactate Monitoring system for both clinical and non-clinical applications.
Dr. Chowdhury, CEO of Nemaura Medical, commented, “We continue to make significant strides towards our commercial goals of diabetes prevention and management, and this quarter we secured sufficient capital to support our planned product launch in the USA, UK and Germany, demonstrating investor confidence in the company, its management and its product pipeline. Diabetes management and prevention is now not only actively pursued by healthcare insurers where the long term savings are substantial, but also by mainstream employers who are taking an increasingly keen interest in the health and wellbeing of their employees. With over 88 million people with pre-diabetes and over 25 million people with Type 2 diabetes in the USA we are looking forward to being part of the solution using our world first non-invasive daily-use sensor technology.”
• Research and development expenses decreased to $315,312 for the quarter ended June 30, 2020, a decrease of $240,871 compared to the same quarter in 2019.
• General and administrative expenses decreased to $595,720 for the quarter ended June 30, 2020, compared with $699,008 for the same quarter in 2019.
• The Company’s comprehensive loss was $1,095,233 for the quarter ended June 30, 2020, compared with $1,267,016 for the same quarter in 2019.
• At June 30, 2020, the Company’s cash balance was $5,952,934. The Company received net proceeds of $4,618,074 from a note purchase agreement entered into on April 15, 2020 with a borrowing period of 24 months.
Our cash balance has increased further in our second quarter 2020. On July 30, 2020 we completed a fundraise with net proceeds of approximately $10.7 million, bringing our current cash position to approximately $18 million as of today.
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 submitted a PMA application for sugarBEAT® in July 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.
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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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Dave Gentry, CEO
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Source: Nemaura Medical
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