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NMRD - Nemaura Medical Inc News Story

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Sector
Healthcare
Size
Small Cap
Market Cap £68.3m
Enterprise Value £66.7m
Revenue £n/a
Position in Universe 5496th / 7414

Nemaura Medical Announces Fiscal Second Quarter 2022 Financial Results and Provides Business Update

Mon 15th November, 2021 2:30pm
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Loughborough, England, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Nemaura Medical, Inc.
(Nasdaq: NMRD) (“Nemaura” or the “Company”), a medical technology
company focused on developing and commercializing non-invasive wearable
diagnostic devices and supporting personalized lifestyle coaching programs,
today provides a business update and releases its financial results for the
second quarter of fiscal 2022 (for the three months ended September 30, 2021).

Recent Corporate Highlights:

   ●    Launched beta version of Miboko, its mass-market metabolic health program utilizing the Company’s non-invasive glucose sensor along with an AI mobile application.                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                           
   ●    Signed a global commercial contract with MySugarWatch DuoPack Limited (“MSW-DP”). Under terms of the deal, the continuous glucose monitors (CGM) and sensors will be provided as Duo-Packs with prescription-only medicines that are widely prescribed for people with Type 2 diabetes.                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                           
   ●    Welcomed Dr. Osama Hamdy, M.D., Ph.D., to its advisory board as a consultant. Dr. Hamdy is a senior endocrinologist at the Joslin Diabetes Centre, and associate professor of Medicine at Harvard Medical School. Dr Hamdy will partake and advise on Key Opinion leader studies in both the Diabetes and Metabolic Health fields using Nemaura’s glucose monitoring technology    

“We continue to make progress in our commercializing efforts for
sugarBEAT(®) in the UK and recognizing revenue from our licensee. We are also
working closely with advisors to expand our footprint throughout the world to
address the worldwide health crisis of diabetes using our skin-mounted
needle-free CGM as an innovative solution for patients and consumers. Combined
with our digital lifestyle management programs, we believe that our technology
offering has the potential to be a key tool for the prevention and management
of Type 2 diabetes,” commented Dr. Faz Chowdhury, CEO of Nemaura Medical.
“As we progress with our corporate, clinical, and regulatory milestones, we
will provide future investor updates.”

2Q22 Financial summary:

   ●    Total operating expenses were approximately $1.7 million. The rise in general and administrative expenses was driven predominantly by increased wages, as additional headcount has been added to support the operational scale up process across both our UK and U.S. teams. Increases have also been seen in insurance and advertising costs, which are considered to be directly related to the commercialization steps taken during the period.  
   ●    Cash and cash equivalents at September 30, 2021 were approximately $26.8 million, as compared to $31.9 million at March 31, 2021.                                                                                                                                                                                                                                                                                                                   
   ●    The Company submitted its initial “deposit invoice” in the amount of $513,000 to its UK licensee as partial payment of the order received for 200,000 sensors and associated devices. Payment for which was received on October 1, 2021 and will convert to revenue once the Company begins delivery of the final product to its licensee, which is expected to begin during the quarter ending December 31, 2021.                                  

About Nemaura Medical, Inc.

Nemaura Medical Inc. is a medical technology company developing and
commercializing non-invasive wearable diagnostic devices. The company is
currently commercializing sugarBEAT(®) and proBEAT(™). sugarBEAT(®), a CE
mark approved Class IIb medical device, 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 may help
people with diabetes and pre-diabetes to better manage, reverse, and prevent
the onset of diabetes. Nemaura has submitted a PMA (Premarket Approval
Application) for sugarBEAT(®) to the U.S. FDA. proBEAT(™) combines
non-invasive glucose data processed using artificial intelligence and a
digital healthcare subscription service and has been launched in the U.S. as a
general wellness product as part of its BEAT(®)diabetes program.

The Company sits at the intersection of the global Type 2 diabetes market that
is expected to reach nearly $59 billion by 2025, the $50+ billion pre-diabetic
market, and the wearable health-tech sector for weight loss and wellness
applications that is estimated to reach $60 billion by 2023.

For more information, please visit www.NemauraMedical.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.

Contact:

Jules Abraham
CORE IR
917-885-7378
julesa@coreir.com
  
NEMAURA MEDICAL INC.

Condensed Consolidated Balance Sheets

                                                                                                                                                                                    As of September 30, 2021 (Unaudited)           As of March 31, 2021         
                                                                                                                                                                                    ($)                                            ($)                          
 ASSETS                                                                                                                                                                                                                                                         
 Current assets:                                                                                                                                                                                                                                                
 Cash                                                                                                                                                                                                    26,768,196                             31,865,371      
 Prepaid expenses and other receivables                                                                                                                                                                  1,364,458                              1,269,513       
 Accounts receivable - related party                                                                                                                                                                     503,554                                -               
 Inventory                                                                                                                                                                                               1,115,226                              850,622         
 Total current assets                                                                                                                                                                                    29,751,434                             33,985,506      
                                                                                                                                                                                                                                                                
 Other assets:                                                                                                                                                                                                                                                  
 Property and equipment, net of accumulated depreciation                                                                                                                                                 351,538                                202,145         
 Intangible assets, net of accumulated amortization                                                                                                                                                      1,491,068                              1,055,256       
 Total other assets                                                                                                                                                                                      1,842,606                              1,257,401       
 Total assets                                                                                                                                                                                            31,594,040                             35,242,907      
                                                                                                                                                                                                                                                                
 LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                                                                                                           
 Current liabilities:                                                                                                                                                                                                                                           
 Accounts payable                                                                                                                                                                                        151,392                                253,694         
 Liability due to related parties                                                                                                                                                                        -                                      148,795         
 Other liabilities and accrued expenses                                                                                                                                                                  602,669                                180,552         
 Notes payable, current portion                                                                                                                                                                          15,829,764                             5,733,370       
 Deferred revenue                                                                                                                                                                                        624,588                                103,470         
 Total current liabilities                                                                                                                                                                               17,208,413                             6,419,881       
                                                                                                                                                                                                                                                                
 Non-current portion of notes payable                                                                                                                                                                    8,794,846                              19,188,724      
 Non-current portion of deferred revenue                                                                                                                                                                 1,224,797                              1,276,130       
 Total non-current liabilities                                                                                                                                                                           10,019,643                             20,464,854      
 Total liabilities                                                                                                                                                                                       27,228,056                             26,884,735      
                                                                                                                                                                                                                                                                
 Commitments and contingencies:                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                
 Stockholders’ equity:                                                                                                                                                                                                                                          
 Common stock, $0.001 par value, 42,000,000 shares authorized and 23,308,049 and 22,941,157 shares issued and outstanding at September 30, 2021 and March 31, 2021, respectively                         23,308                                 22,941          
 Additional paid-in capital                                                                                                                                                                              35,007,626                             32,044,335      
 Accumulated deficit                                                                                                                                                                                     (30,682,660          )                 (23,844,671  )  
 Accumulated other comprehensive income                                                                                                                                                                  17,710                                 135,567         
 Total stockholders’ equity                                                                                                                                                                              4,365,984                              8,358,172       
 Total liabilities and stockholders’ equity                                                                                                                                                              31,594,040                             35,242,907      

See notes to the unaudited condensed consolidated financial statements.

NEMAURA MEDICAL INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(in Dollars, except Share Amounts)

                                                  Three Months Ended September 30,                             Six Months Ended September 30,                             
                                                  2021                                2020                     2021                                2020                   
                                                                                                                                                                          
 Revenue:                                                 -                                   -                        -                                   -              
 Total revenue                                            -                                   -                        -                                   -              
                                                                                                                                                                          
 Operating expenses:                                                                                                                                                      
 Research and development                                 286,886                             456,280                  575,370                             771,592        
 General and administrative                               1,427,916                           771,533                  2,760,102                           1,367,253      
 Total operating expenses                                 1,714,802                           1,227,813                3,335,472                           2,138,845      
                                                                                                                                                                          
 Loss from operations                                     (1,714,802  )                       (1,227,813  )            (3,335,472  )                       (2,138,845  )  
                                                                                                                                                                          
 Interest expense                                         (1,779,462  )                       (353,404    )            (3,502,517  )                       (542,428    )  
 Net loss                                                 (3,494,264  )                       (1,581,217  )            (6,837,989  )                       (2,681,273  )  
                                                                                                                                                                          
 Other comprehensive loss:                                                                                                                                                
 Foreign currency translation adjustment                  (107,151    )                       (19,333     )            (117,857    )                       (14,510     )  
 Comprehensive loss                                       (3,601,415  )                       (1,600,550  )            (6,955,846  )                       (2,695,783  )  
                                                                                                                                                                          
 Net loss per share, basic and diluted                    (0.15       )                       (0.07       )            (0.29       )                       (0.12       )  
 Weighted average number of shares outstanding            23,308,049                          22,390,114               23,209,514                          21,638,907     

See notes to the unaudited condensed consolidated financial statements.



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