Nemaura Medical Reports Results and Provides Business Update for the First Quarter Ended June 30, 2020
August 17 2020 - 6:59AM
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.
Key Highlights:
- 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.”
Financial summary:
• 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.
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 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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Investor Contact: Dave Gentry, CEO RedChip Companies Office:
1.800.RED.CHIP (733.2447) Cell: 407.491.4498 dave@redchip.com
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