Nemaura Enters into Letter of Intent to Acquire Healthimation, LLC to Augment proBEAT™ Launch in the U.S.
July 27 2020 - 11:00AM
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”), today announced it has entered
into a letter of intent with Healthimation, LLC (“Healthimation”)
relating to a possible acquisition of the Healthimation business by
Nemaura.
Healthimation is commercialising an application-based diabetes
prevention program that has been developed over a period of over 12
years and is supported with clinical data that has been widely
published in scientific journal articles. The program is delivered
using Hollywood level animation deploying creative user engagement
strategies, with a unique program structure aimed at maintaining
muscle mass and enhancing metabolism to improve overall health and
prevent the regaining of weight. The Company believes these
features could form a strong complement to the proBEAT™
subscription service Nemaura plans to offer in the U.S.
Nemaura entered into the letter of intent to augment and
fast-track its foray into the U.S. and other global territories
with its proBEAT™ product offering. proBEAT™ is a wearable
non-invasive glucose monitor designed to gather big data about the
multitude of factors that affect glucose levels based on which
predictive algorithms and artificial intelligence-based feedback
and prompts can be provided to users. The aim is to empower users
with knowledge of factors that could affect their blood glucose
levels. proBEAT™ is intended to be sold directly to consumers, to
healthcare insurers, and to corporate clients. Nemaura expects that
proBEATTM will appeal to a broad range of adults encompassing
pre-diabetics and Type 2 diabetics, numbering 88 million and 26
million people, respectively, according to the American Diabetes
Association, as well as those seeking to lose weight and/or seeking
a healthier lifestyle.
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 has also submitted a PMA application for
sugarBEAT® to the U.S. FDA. proBEAT™ comprises a non-invasive
glucose monitor and a digital healthcare subscription service and
is due to be launched in the U.S. 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 U.S., 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 Nemaura 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 its 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.
The letter of intent signed with Healthimation does not
represent a legally binding commitment or obligation of either
Nemaura or Healthimation, except with respect to certain covenants.
Consummation of the acquisition is subject to completion of due
diligence and entry into mutually agreed upon definitive
agreements. There can be no assurance that the Company and
Healthimation will enter into definitive agreements pertaining to
the acquisition or that the acquisition will be effected.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200727005525/en/
Investor Contact: Dave Gentry, CEO RedChip Companies Office:
1.800.RED.CHIP (733.2447) Cell: 407.491.4498 dave@redchip.com
Nemaura Medical (NASDAQ:NMRD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Nemaura Medical (NASDAQ:NMRD)
Historical Stock Chart
From Jul 2023 to Jul 2024