Nemaura Medical Inc. Reports First Quarter 2018 Financial Results
August 09 2018 - 4:00AM
LOUGHBOROUGH, England. Nemaura Medical Inc. (NASDAQ: NMRD), a
medical technology company developing sugarBEAT® as a non-invasive
glucose trending device for use by persons with diabetes and
pre-diabetics today reported financial results for the first
quarter ended June 30, 2018.
Recent Highlights and Accomplishments:• SugarBEAT® commenced
clinical trials for FDA approval and reported positive interim data
from home-use portion of study.• With its approved contract
manufacturers, Nemaura commenced manufacturing scale-up in
preparation for anticipated launch in the United Kingdom in the
coming months.• Nemaura placed an initial order with UK contract
manufacturer for 12,500 sugarBEAT® rechargeable transmitters, which
will be supplemented with approximately 100,000 skin-patches per
month.
Dr Faz Chowdhury, CEO of Nemaura Medical commented “we have
maintained our well capitalised financial position whilst incurring
significant additional costs from commencing FDA clinical trials
and scaling up our systems in readiness for anticipated UK
commercial launch of sugarBEAT® later this year. This financial
strength should allow us to start to generate sales revenues
without requiring additional capital.”
First Quarter 2018 results:Research and development expenses
increased to $429,539 over the quarter ending June 2018, an
increase from $149,198 for the same quarter in 2017.
General and Administrative expenses increased to $342,424 for
the quarter ending June 2018, compared to $268,122 for the same
quarter in 2017.
The Company’s comprehensive loss was $997,763 for the quarter
ending June 2018, an increase of $792,731 for the same
quarter in 2017.
At June 30, 2018, the Company’s combined cash and bank fixed
deposits was $4,941,042.
About Nemaura Medical, Inc.
Nemaura Medical Inc. (NASDAQ: NMRD), is a medical technology
company developing sugarBEAT® as a non-invasive, affordable and
flexible glucose trending device for use by persons with diabetes
and pre-diabetics.
SugarBEAT® consists of a daily disposable adhesive skin-patch
connected to a rechargeable transmitter, with an app displaying
glucose readings at five minute intervals over periods up to 24
hours.
SugarBEAT® can additionally be used by insulin using persons
with diabetes as an adjunctive glucose monitoring device 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 Medical’s ongoing
studies, including the safety and efficacy of Nemaura Medical’s
sugarBEAT® system, 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 sugarBEAT®, 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 Medical’s filings with the Securities and Exchange
Commission, including, without limitation, its Annual Report on
Form 10-K for the current 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.
Contacts
Nemaura Medical Inc.Bashir TimolChief Business
Officerbashir.timol@nemauramedical.comorThe Ruth GroupLee
Roth646-536-7012lroth@theruthgroup.com
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