Nemaura Medical Inc. Reports Third Quarter 2017 Financial Results
February 09 2018 - 1:17PM
Business Wire
Nemaura Medical Inc. (NASDAQ: NMRD), a medical technology
company developing the wireless sugarBEAT® non-invasive glucose
monitoring system for adjunctive use by persons with diabetes today
reported financial results for the third quarter ended December 31,
2017.
Recent Highlights and Accomplishments:
• Completed European clinical trials for sugarBEAT®
• Uplisted to NASDAQ Capital Market
• Published positive results for sugarBEAT® European clinical
trial program
Dr Faz Chowdhury, Chairman and CEO of Nemaura commented, "We
believe that our strong financial position leaves us well placed to
ramp up manufacturing in preparation for the sugarBEAT® launch in
the UK in the coming months. We further anticipate completing our
US clinical trial program by the end of next quarter, in readiness
for Premarket Approval (PMA) submission to the FDA."
Third Quarter 2017/18 results:
Research and development expenses were $355,300 and $267,638 for
the three months ended December 31, 2017 and 2016, respectively.
This amount consisted primarily of expenditures on clinical trials,
sub-contractor activities, consultancy fees and wages and
demonstrated continuing expenditure for improvements made to
sugarBEAT®. The increase of $87,662 is due to increases in these
costs as sugarBEAT® entered clinical trials.
General and administrative expenses were $121,053 and $107,728
for the three months ended December 31, 2017 and 2016,
respectively. These consisted of fees for legal, professional,
audit services and wages. The increase of $13,325 was due to
increases in professional fees as the sugarBEAT® device entered
clinical trials and legal fees incurred as the company prepares for
future product launch. We expect general and administrative
expenses to remain at similar levels going forward long term, as
there will continue to be professional, consultancy and legal fees
associated with planned fundraising.
At December 31, 2017, the Company’s combined cash and bank fixed
deposits was $6,453,745.
The Company’s comprehensive loss was $429,724 for the three
months ended December 31, 2017, an improvement of $342,087 on the
same quarter in 2016.
About Nemaura Medical, Inc.
Nemaura Medical Inc. (NASDAQ: NMRD), is a medical technology
company developing sugarBEAT® as a non-invasive, affordable and
flexible glucose monitoring system for adjunctive use by persons
with diabetes. SugarBEAT® consists of a disposable adhesive
skin-patch connected to a rechargeable transmitter, with an app
displaying glucose readings. For more information, please visit
www.NemauraMedical.com and www.SugarBEAT.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® 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180209005613/en/
Nemaura MedicalBashir TimolDirector of Strategy & Corporate
Developmentbashir.timol@nemauramedical.com
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