Nemaura Medical Reports Results and Provides Business Update for the Third Quarter Ended December 31, 2019
February 11 2020 - 9:00AM
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 prediabetes to better manage their
condition through personalized lifestyle coaching, today provided a
business update and financial results for the third quarter ended
December 31, 2019.
Recent milestones:
- The Company announced a partnership with the award-winning
UK-based company, Changing Health, to bring digital behavior
programs to improve the management, reversal and prevention of Type
2 diabetes in multiple territories commencing with the United
Kingdom and Ireland. Changing Health is a provider of digital
coaching services to the National Health Service England, aimed at
the prevention or reversal of Type 2 diabetes.
- Made significant progress on manufacturing commercial batches
of product for release for sale initially in the UK and
Ireland.
- Received positive feedback from the first users of sugarBEAT®
as part of the first phase of commercial launch.
Dr.
Faz Chowdhury, CEO of Nemaura commented, “This has been an exciting
period for Nemaura, as we officially expanded sugarBEAT® CGM
capabilities by launching a new digital health offering,
BEAT®diabetes (www.BEATdiabetes.life), which focuses on the
prevention and reversal of people with Type 2 diabetes and
prediabetes through a range of holistic app and coaching services
encouraging behavioral change. Additionally we have been continuing
our dialogue with reimbursement agencies, as well as several
multinational companies. We expect to submit the product for
registration in Germany in the coming months, as well as enter in
to further collaborations in due course.”
“As the world’s first non-invasive, safe, needle-free CGM,
sugarBEAT® is uniquely positioned to target the underserved $80
billion market1 for people with both Type 1 & Type 2 diabetes
as well as prediabetes. We remain highly encouraged by the
outlook for the business and look forward to providing further
updates as we execute on our commercial strategy.”
Third Quarter 2019 Results:
- Research and development expenses increased to $516,672 for the
quarter ended December 31, 2019, an increase of $73,292 for the
same quarter in 2018.
- General and administrative expenses increased to $542,697 for
the quarter ended December 31, 2019, compared with $489,545 for the
same quarter in 2018.
- The Company’s comprehensive loss was $470,841 for the quarter
ended December 31, 2019, compared with $964,515 for the same
quarter in 2018. The quarter ended December 31, 2019 is inclusive
of $614,362 income tax benefit resulting from reimbursement of
research and development expenses tax credits.
- At December 31, 2019, the Company’s cash balance was
$1,067,663. 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®.
(1) PiperJaffray Company Note DXCM Sep 5,
2018
About Nemaura Medical, Inc.:Nemaura Medical,
Inc. (NMRD), is a medical technology company commercializing
sugarBEAT® and BEAT®diabetes. sugarBEAT® 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 help people with diabetes and prediabetes
to better manage, reverse and prevent the onset of diabetes.
BEAT®diabetes is a health subscription service providing 1-on-1
lifestyle coaching and behavior change recommendations driven by
personalized data provided by sugarBEAT®. People with diabetes who
take insulin can also adjunctively use sugarBEAT® for insulin
dosage purposes when calibrated by a finger stick reading.
For more information
visit:www.NemauraMedical.comwww.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® and BEAT®diabetes, 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,
LLC212-671-1021NMRD@crescendo-ir.com
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