Nemaura Secures $5 Million Loan to Accelerate Commercial Strategy
April 21 2020 - 7:21AM
Business Wire
Nemaura Medical Inc. (NASDAQ: NMRD) (“Nemaura” or the
“Company”), a medical technology company focused on developing
micro-systems-based wearable diagnostic devices and currently
commercializing sugarBEAT®, its non-invasive and flexible
continuous glucose monitor (“CGM”), today announced it has secured
a 24-month, $5 million non-convertible loan. The loan does not
include warrants or other equity securities.
“This loan strengthens our financial position without diluting
shareholders, and provides additional resources to accelerate our
commercial strategy for sugarBEAT® in Europe, as well as support
our planned launch of proBEAT™ in the USA, ” stated Dr. Faz
Chowdhury, Nemaura’s CEO. “We appreciate the favorable terms and
strong support from our lender, Chicago Venture Partners.”
About Nemaura Medical, Inc.:
Nemaura Medical Inc. (NMRD) is a medical technology company
developing micro-systems-based wearable diagnostic devices and
currently commercializing sugarBEAT®, and proBEAT™. sugarBEAT® is a
Class IIb CE marked 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. People with diabetes who take
insulin can also adjunctively use sugarBEAT® for insulin dosage
purposes when calibrated by a finger stick reading. proBEAT™
comprises a prescription free non-invasive glucose monitor and a
digital healthcare subscription service planned to be launched in
the US as a general wellness product.
For more information 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
sugarBEAT® as a CGM / CTM in the US, 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®. There can be no
assurance that the company will be able to reach a part of or any
of the global market for CGM or CTM with its products/services and
there can be no assurance that the foregoing repurposing can occur
as planned.. 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.
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Investor Contact: Dave Gentry, CEO RedChip Companies
Office: 1.800.RED.CHIP (733.2447) Cell: 407.491.4498
dave@redchip.com
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