Nemaura Announces Correction and Pricing of Public Offering
July 28 2020 - 8:03AM
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 pre-diabetes through personalized lifestyle
coaching, today announced the pricing of a "best efforts" public
offering of an aggregate of up to 1,586,206 shares of its common
stock and warrants to purchase up to an aggregate of 793,103 shares
of its common stock. Each share of common stock and accompanying
one-half of a warrant is being sold for a combined purchase price
of $7.25, for a gross deal size of $11.5 million, not including any
future proceeds from the exercise of the warrants and before
deducting the placement agent fees and offering expenses. The
offering is expected to close on or about July 30, 2020, subject to
satisfaction of customary closing conditions.
The Company further announced that the press release issued on
July 27, 2020 regarding a proposed public offering was issued in
error because the offering has taken the form of a “best efforts”
and not an “underwritten” public offering.
Each whole warrant will have an exercise price of $8.00 per
share and is exercisable immediately. The warrants will expire five
years from the date of issuance. The shares of common stock and
warrants can only be purchased together in this offering but will
be issued separately and will be immediately separable upon
issuance.
Kingswood Capital Markets, a division of Benchmark Investments,
Inc., is acting as the sole placement agent in connection with the
offering.
If completed, Nemaura plans to use the net proceeds from the
offering for general corporate purposes, which include, but are not
limited to, the commercial launch of a subscription based service
for the US under the Wellness category, Lactate monitor development
for launch, glucose monitoring product launch in Europe and the
development of a second generation of sugarBeat.
The securities described above are being offered by the Company
pursuant to a shelf registration statement on Form S-3 (No.
333-230535) previously filed with and declared effective by the
Securities and Exchange Commission (SEC) on April 8, 2019. A
final prospectus supplement and the accompanying prospectus
relating to and describing the terms of the offering have been
filed with the SEC and will be available on the SEC's website at
http://www.sec.gov. Electronic copies of the final prospectus
supplement and the accompanying prospectus, when available, may be
obtained from Kingswood Capital Markets, Attention: Edward Tsuker,
17 Battery Place, Suite 625, New York, NY 10004, by telephone at
(212) 404-7002, or by email at syndicate@kingswoodcm.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
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 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 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 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. and our ability to consummate this offering. 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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