Nemaura Medical 2020 Stock Incentive Plan Approved at Annual General Meeting
May 20 2020 - 7:00AM
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”), together with BEAT®diabetes, a
planned health subscription service designed to help people with
Type 2 diabetes and prediabetes through personalized lifestyle
coaching, today announced its 2020 Omnibus Incentive Plan (“Plan”)
was approved by shareholder vote at the Company’s Annual General
Meeting on May 15, 2020. A maximum of 1,000,000 shares of Common
Stock have been made available for Awards under the Plan.
“We want to thank our shareholders for approving our stock
incentive plan which improves our ability to retain top staff and
attract new senior level management as we move into the revenue
growth phase of our operations,” stated Dr. Faz Chowdhury, CEO of
Nemaura. “Based on positive data from an early head-to-head
comparison with a major incumbent CGM, we believe sugarBEAT® is
well positioned to disrupt the current status quo. As we execute on
the global commercialization strategy of this innovative
technology, having the right team in place will be critical to our
success.”
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®, 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 is planning to submit a PMA application for
sugarBEAT® during the second quarter of 2020 for FDA review of this
device under medical device regulations. proBEAT™ comprises a
non-invasive glucose monitor and a digital healthcare subscription
service and is due 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
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.
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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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