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NMRD - Nemaura Medical Inc News Story

$4.87 0.8  18.3%

Last Trade - 4:04pm

Sector
Healthcare
Size
Small Cap
Market Cap £72.4m
Enterprise Value £70.8m
Revenue £n/a
Position in Universe 5512th / 7335

Nemaura Medical Reports Financial Results and Provides Business Update for the First Fiscal Quarter Ended June 30, 2021

Mon 16th August, 2021 1:30pm
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Loughborough, England, Aug. 16, 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
first fiscal quarter, ended June 30, 2021, of fiscal 2022.

Recent Corporate Highlights:
* Launched a digital healthcare subscription service in the U.S. under the
brand name BEAT(®)diabetes, targeted at over 25 million people with Type 2
diabetes and 88 million people with pre-diabetes in the U.S.
* Received positive feedback from the first users of sugarBEAT® as part of
the soft launch in the UK, leading to purchase order for 200,000 sensors and a
rolling purchase order forecast for 2 million sensors over the next 2 years.
* In discussions with several third parties regarding regional and global
partnerships for sugarBEAT(®) and the BEAT(®)diabetes program.
* Repurposed sugarBEAT(®) as a Continuous Temperature Monitor (CTM), and a
technical file has since been prepared in readiness for submission and
approvals in the U.S. and EU.
* Developed a metabolic health digital ecosystem combined with glucose
monitoring targeting the obesity and pre-diabetes markets, with launch planned
by the end of 2021 calendar year.
“Following positive results from a soft launch, we believe we are on the
cusp of commercializing sugarBEAT(®) in the UK and recognizing revenue from
our licensee. Additionally, we expect to launch sugarBEAT(®) in other EU
countries, as well as in the Middle East, through regional partnerships.
Diabetes is a worldwide health crisis, and our non-invasive, needle-free CGM
is an innovative solution for patients with both Type 1 and Type 2 diabetes,
as well as those with pre-diabetes,” commented Dr. Faz Chowdhury, CEO of
Nemaura Medical. “In the U.S., our on-going and planned pilot programs with
BEAT(®)diabetes continue to progress favourably. We are eager to address the
worldwide diabetes crisis and commercialize our proprietary solutions in
meaningful volumes, and wish for healthier lives for all struggling with
diabetes. As we progress with our corporate, clinical, and regulatory
milestones, we will provide future investor updates.”

Financial summary:
* Total operating expenses were approximately $1.6 million. The rise in
general and administrative expenses was driven predominantly by higher wages
due to increased headcount. Third party consultancy and contractors employed
to support the operational scale up of the business across both the UK and
U.S. also increased as we continue our progression towards product
commercialization.
* Cash and cash equivalents at June 30, 2021 were $31.3 million, as compared
to $31.9 million at March 31, 2021. Proceeds were received from the exercise
of 366,892 warrants during the quarter ended June 30, 2021, amounting to $3
million.
* 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. This will be converted into revenue
once the Company begins delivery of the final product to its licensee, which
is expected to begin in the quarter ending September 30, 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



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