Nemaura Medical Announces Order for 200,000 sugarBEAT® Sensors
May 05 2021 - 8:00AM
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
announced receipt of a purchase order for 5,000 sugarBEAT®
transmitters and 200,000 sugarBEAT® sensors from its U.K. licensee,
DB Ethitronix Ltd, with an additional rolling monthly purchase
order forecast for the next 24 months of 15,000 transmitters and
2.1 million sensors, with an option to increase volumes based on
customer response.
This order follows positive feedback from DB
Ethitronix’s soft launch of the sugarBEAT® non-invasive glucose
monitoring (CGM) device in the U.K. DB Ethitronix has established a
subscription service for diabetes management supported by the
sugarBEAT® technology. User feedback has been extremely positive
due to the fact that sugarBEAT® is the only daily-wear glucose
monitoring device in the world that gives users the flexibility to
monitor their glucose levels according to their own schedule,
resulting in lowered costs to the end user. Based on the success of
the soft launch in the U.K., the Company is advancing discussions
for joint launches in Germany, Saudi Arabia and UAE.
“SugarBEAT® along with the adaptions provided by
proBEAT® and the resulting BEAT® diabetes program, are a
culmination of 10 years of research, development and human trials.
We believe our technology is ground-breaking and represents a
paradigm shift in the way persons with diabetes can manage their
condition. We believe we have a critical first mover advantage with
a product that is easier to use, more flexible and more
cost-effective than existing technologies. We are not aware of any
product of a similar nature in clinical studies or that has been
submitted for regulatory approval,” said Nemaura CEO Dr. Faz
Chowdhury. “As a result, we are very optimistic about our ability
to drive sales and increase market share in Europe and ultimately
the U.S. and elsewhere. We believe our device has the potential to
significantly change the way people prevent, manage, and even
possibly reverse Type 2 diabetes.
“As we have previously iterated, it has always
been Nemaura’s strategic objective to prove our technology before
embarking on a scalable growth plan. This strategy has proved
effective in allowing us to optimize cost management while focusing
on building a high quality commercially viable product. We have now
reached a key inflection point and are preparing for a major pivot
to accelerate the commercialization of the sugarBEAT® platform,”
Dr. Chowdhury added.
“We have been able to bring together an
easy-to-use digital patient care App, powered by a unique
needle-free device for monitoring glucose fluctuations,
MySugarWatch®, at a time when there is increased awareness of the
risks associated with Type 2 diabetes and diabetes-related COVID-19
risks,” said Dr. Dallas Burston, CEO of DB Ethitronix Ltd., the
exclusive licensee for the sugarBEAT® technology platform in the
U.K.
In preparation for the worldwide commercialization of SugarBEAT®
the Company expects to:
- Commence delivery of
the sugarBEAT® transmitters and sensors to our U.K. licensee
- Establish
distribution channels in additional European territories, the U.S.,
and the Middle East
- Enhance production
capabilities through key partnerships
- Focus on building a
world-class sales and marketing team and strategy
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 believes that it 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 US, risks related to regulatory status
and 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
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 FDA
reserves the right to re-evaluate their 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’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:Jules AbrahamCORE
IR917-885-7378julesa@coreir.com
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