Nemaura Medical Reports Quarterly Results for First Quarter Ended June 30, 2019
August 09 2019 - 1:30PM
– Nemaura Medical, Inc.
(NASDAQ: NMRD) (“Nemaura”), 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 reported
financial results for the first quarter ended June 30, 2019.
Recent Highlights and
Accomplishments:
- Nemaura announced an $8 Million Debt Facility provided by
existing, long-term investors.
- The credit facility is at 8% interest, with interest payments
due quarterly and principal due in full at maturity in five
years. The credit facility has no stock, warrants, or equity
related instruments, or other associated expenses.
- With adequate cash on hand and the credit facility, along with
anticipated revenue, Management has instructed Maxim to suspend all
ATM activities.
- Nemaura announced the first shipments of SugarBEAT® CGM devices
to diabetic and pre-diabetic patients as part of its first phase of
commercial launch.
- Initial demand for SugarBEAT® is exceeding Management’s
expectations with nearly 20,000 expressions of interest from
diabetic and pre-diabetic patients.
- Nemaura’s commercial rollout program for SugarBEAT® follows its
recent CE mark approval in Europe.
- Management intends to provide shareholders with regular updates
regarding commercialization progress.
- Nemaura appointed Chris Avery as Vice President of Global
Business Operations to support the global commercial launch of
SugarBEAT®.
- Mr. Avery brings over 30 years of senior experience in the
healthcare industry with a focus on launching products,
establishing distribution channels, and developing international
relationships.
- Mr. Avery served as Senior Vice President of Business
Development at Dallas Burston Ethitronix (DBE), where he was
heavily involved in establishing and overseeing the Collaboration
Agreement with Nemaura to commercialize SugarBEAT® in Europe.
- Mr. Avery oversaw the pre-launch phase for the distribution of
SugarBEAT®, cultivating relationships with suppliers and diabetes
key opinion leaders.
- Nemaura submitted its De Novo 510(k) Application for SugarBEAT®
to the Food and Drug Administration.
- Management will be providing an FDA update to shareholders
later this quarter.
Dr. Faz Chowdhury, CEO of Nemaura commented, “We
have bolstered our financial position to better support the
commercial launch of SugarBEAT®, which is underway, and we
completed our FDA 510(k) submission. I personally want to
thank each of our shareholders as they have patiently stood by our
Company through our development cycle and our very recent
transition to initiation of commercial sales. Given our cash
position, our credit line, expected revenue, and the significant
potential value of our business, we believe we are in our strongest
financial position to date, and have voluntarily suspended the ATM
with Maxim.”
First Quarter 2019 Results:
- Research and development expenses increased to $556,183 for the
quarter ending June 30, 2019, an increase of $126,644 for the same
quarter in 2018.
- General and administrative expenses increased to $699,008 for
the quarter ended June 30, 2019, compared with $342,424 for the
same quarter in 2018.
- The Company’s comprehensive loss was $1,267,016 for the quarter
ended June 30, 2019, an increase of $269,253 for the same quarter
in 2018.
- At June 30, 2019, the Company’s combined cash balance was
$3,068,541. In addition, as part of the Debt Facility recently
provided by investors, the Company is immediately able to draw down
on the first $3,500,000, which will help fund the Company’s
European launch of SugarBEAT®.
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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