Nemaura Medical Announces First Shipments of SugarBEAT® Devices to Diabetic and Pre-Diabetic Patients as Part of its First ...
August 07 2019 - 8:30AM
Nemaura Medical, Inc. (NASDAQ: NMRD), a
medical technology company focused on the commercialization of
SugarBEAT® as a non-invasive, affordable and flexible Continuous
Glucose Monitor (CGM) for use by diabetics and pre-diabetics, today
announced the first shipments of SugarBEAT® to diabetic and
pre-diabetic patients in the United Kingdom. These shipments are
part of the first phase of Nemaura Medical’s rollout program for
SugarBEAT® following its recent CE mark approval in Europe.
Dr. Faz Chowdhury, CEO of Nemaura Medical,
stated, “We are very pleased to have commenced the first phase of
our commercial launch. This represents a major achievement
for the Company as we transition from product development to a
full-fledged commercial organization.”
Nemaura Medical will present data from its first
users as part of several presentations planned at a symposium being
held by the Company at the European Association for the Study of
Diabetes (EASD) conference in Barcelona on September 19, 2019.
The Company further reports that its UK licensee
has already registered more than 17,000 expressions of interest
from potential users in the UK on its website product page. These
potential users were registered prior to launch of the formal
promotional campaign, thereby demonstrating the clinical need and
further validating the commercial potential for SugarBEAT®. The UK
direct-to-consumer sales are expected to consist of highly
competitive and flexible, subscription-based options, catering to a
diverse group of end users, while the drug tariff listing process
is also being evaluated.
SugarBEAT® represents the world’s first
non-invasive, needle-free, CGM and given that it does not puncture
the skin to insert a sensor inside the skin, differentiating
SugarBEAT® from competing CGM technologies, we believe it opens the
device up to a far larger population of potential users. Of
particular note is that this will be the first CGM that may be worn
on intermittent days, thus empowering the user in a way that no
other CGM is currently able to. Specifically, the Company
believes that it is uniquely positioned to target the Type 2
diabetes market, which represents approximately 90% of all
diabetics, in addition to catering to the Type 1 and pre-diabetic
markets. In total, the global addressable market for CGM is
estimated at $82 billion per year. Moreover, the Company
plans to take full competitive advantage of the non-invasive nature
of SugarBEAT® and expand the applications to include health
conscious individuals. Nemaura Medical is currently evaluating
various collaboration opportunities to accelerate its time to
market for the broader applications, which are estimated to address
a total market of approximately $179 billion.
About Nemaura Medical, Inc.:
Nemaura Medical, Inc. (NASDAQ: NMRD), is a
medical technology company commercializing SugarBEAT® as a
non-invasive, affordable and flexible Continuous Glucose Monitor
(CGM) designed to help people with diabetes and pre-diabetics
better manage their glucose levels by spending more time in range.
Insulin users can adjunctively use SugarBEAT® when calibrated
by a finger stick reading. SugarBEAT® consists of a daily,
disposable adhesive skin-patch connected to a small form factor
rechargeable transmitter, connected via Bluetooth to a specially
designed mobile application, which displays glucose readings at
five-minute intervals throughout the day.
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, 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’s
ongoing studies, including the safety and efficacy of Nemaura’s
SugarBEAT® system, 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 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’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:
Crescendo Communications, LLC 212-671-1021
NMRD@crescendo-ir.com
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