Nemaura Medical Reports Results and Provides Business Update for the Second Quarter Ended September 30, 2019
November 11 2019 - 9:00AM
– Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura”), a medical
technology company focused on the commercialization of SugarBEAT®
as a non-invasive, affordable and flexible Continuous Glucose
Monitor (CGM) for use by diabetics and pre-diabetics, today
reported financial results for the second quarter ended September
30, 2019.
Dr. Faz Chowdhury, CEO of Nemaura commented,
“This has been an exciting period for Nemaura as we officially
commenced the commercial rollout plans for SugarBEAT® following our
recent CE approval. Towards this end, we hosted a symposia at
the 55th Annual Meeting of the European Association for the Study
of Diabetes (EASD) in Barcelona, in which we reported feedback from
the first user experiences, demonstrating that SugarBEAT® can be an
effective tool for early diagnosis of type 2 diabetes, therapy
optimization, prevention, improvement and lifestyle change.
As the world’s first non-invasive, safe, needle-free CGM,
SugarBEAT® is uniquely positioned to target the underserved $80
billion market for Type 2 diabetics and pre-diabetics. We
remain highly encouraged by the outlook for the business and look
forward to providing further updates as we execute on our
commercial strategy.”
Second Quarter 2019
Results:
- Research and development expenses decreased to $462,517 for the
quarter ended September 2019, a decrease of $159,765 for the same
quarter in 2018.
- General and administrative expenses increased to $654,523 for
the quarter ended September 2019, compared with $525,075 for the
same quarter in 2018.
- The Company’s comprehensive loss was $1,124,441 for the quarter
ended September 2019, compared with $1,177,758 for the same quarter
in 2018.
- At September 30, 2019, the Company’s cash balance was
$1,771,115. The Company is immediately able to draw down on the
first $3.5 million of a Senior Debt Facility provided by investors,
which is intended to help fund the Company’s European launch of
SugarBEAT®.
About Nemaura Medical, Inc.:
Nemaura Medical, Inc. (NASDAQ: NMRD), is a
medical technology company commercializing SugarBEAT® as a
non-invasive, affordable and flexible Continuous Glucose Monitor
(CGM) designed to help people with diabetes and pre-diabetics
better manage their glucose levels by spending more time in
range. Insulin users can adjunctively use SugarBEAT® when
calibrated by a finger stick reading. SugarBEAT® consists of a
daily, disposable adhesive skin-patch connected to a small form
factor rechargeable transmitter, connected via Bluetooth to a
specially designed mobile application, which displays glucose
readings at five-minute intervals throughout the day.
For more information visit:
www.NemauraMedical.com
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’s
ongoing studies, including the safety and efficacy of Nemaura’s
SugarBEAT® system, the failure of future development and
preliminary marketing efforts, Nemaura’s ability to secure
additional commercial partnering arrangements, risks and
uncertainties relating to Nemaura 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’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 undertakes no obligation to publicly update or revise
any forward-looking statements.
Contact:
Crescendo Communications, LLC 212-671-1021
NMRD@crescendo-ir.com
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