Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura” or the “Company”),
a medical technology company focused on developing and
commercializing non-invasive wearable diagnostic devices and
supporting personalized lifestyle coaching programs, today issues a
Letter To Shareholders from CEO Dr. Faz Chowdhury summarizing its
Shareholder Update call held yesterday, April 28, 2021. This letter
is to help clarify the content from the call in which there may
have been intermittent audio issues.
A replay of the webcast of the call can be accessed via
https://services.choruscall.com/mediaframe/webcast.html?webcastid=csR36vjo.
A telephonic replay of the call will be
available through May 6, 2021 and may be accessed by calling
1-877-344-7529 (U.S. domestic) or 1-412-317-0088 (international)
and using access code 10154964.
To our Valued Shareholders:
Below please find the content of our Shareholder
Update Conference Call held April 28, 2021 at 4:30PM ET. We provide
this content to provide clarity for those who may have experienced
intermittent audio issues.
Following our December launch of our
BEATdiabetes program via our BEATdiabetes website, Nemaura has been
in a constant state of corporate growth, preparing for new product
launches, shoring up our management and staff and preparing the way
both for our recently announced product launch in Europe as well as
for the full product launch in the United States.
As we are on the precipice of multiple
game-changing milestones, I thought that this call would provide us
an opportunity to take a closer look at all we’ve accomplished in
the last nearly six months and discuss the path forward.
I’d like to begin with our December launch in
the US of the BEATdiabetes program via the BEATdiabetes website and
smartphone app. Keep in mind the BEATdiabetes program is a
clinically validated program that uses proven methodologies to help
people better manage their health habits including diet, exercise
and other lifestyle elements that either increase the risk of or
exacerbate Type 2 diabetes. The use of our program, which includes
an AI-based interface that interacts personally with users, has
been shown to help them better manage weight and other risk factors
to either improve or prevent or even reverse Type 2 diabetes.
Following our December launch, we’ve already
commenced a pilot program which will comprise approximately 200
users in the US, and we expect multiple additional pilots with
various parties over the course of the year.
In the UK our licensee reports that its soft
launch has led to plans to hire 10 full-time registered general
nurses to help facilitate the one-on-one counseling aspect of the
program, which occurs when users pair the sugarBEAT sensor with the
app, providing real-time data. We are already hearing anecdotal
reports of significant improvements of those that have been using
the sugarBEAT sensor.
As we begin to proliferate the program in the US
and via our licensee in the UK, the need to increase our production
of sugarBEAT sensors and devices has increased, and we have begun
to ramp up production to meet what we believe will be a
significantly increased demand in the coming months.
Importantly, as a result of these successful
outcomes both in the UK and the U.S., I’m very happy and proud to
report that we now expect to recognize revenue in relation to this
in Qtr 2 of the current financial year. This will mark a
significant milestone for us as a business as we become revenue
generating.
The initial success of these programs has led us
to look at the strategic growth of the business. First, as we are
preparing to reach a global audience, we are facing the need to
expand our management team and we have welcomed a number of top
talent to join our management team. These include Thomas Mortensen,
our Head of EU Commercial Operations and Marketing, who comes from
Roche after multiple years at other key medical device
manufacturers; Jay Warner who heads our U.S. Marketing Operations
after many years associated with Eli Lilly & Co.; Alistair
Longmuir, our Global Head of Product Development and Manufacturing
Strategy, with the pedigree of years at J&J and Lifescan; as
well as Samantha Sanders, who designed and developed digital
programs for AbbVie.
From here we expect to continue to make hires to
round out our management team while also focusing on building up
our Quality team to ensure that all of our products meet our own
exacting standards as we embark on the previously mentioned
production ramp up.
With all of the activity I’ve already mentioned,
I think it worthwhile to remind you that we have achieved a great
deal in a short amount of time while maintaining very strong fiscal
control over costs and closely managing our balance sheet and cash
position. Whilst we have engaged in fundraising over the last year,
the bulk of it has been non-dilutive and this has resulted with us
holding cash on balance sheet for the financial year ended March
31st, 2021 of approximately $31.8m, obviously this is still subject
to audit. The strong focus on cost and cash management will
continue to be a focus for the business, and our recent cash burn
rate has been less than $2m per quarter though we expect this to
increase slightly as we ramp up operations.
It is worth mentioning that during the height of
the COVID-19 pandemic we observed an extremely favorable market
environment that has since slowed. Whilst many other companies are
experiencing new challenges, Nemaura has not participated in any
dilutive funding, preserving shareholder value.
Our strong cash position also allowed us to
continue to develop our product offerings to go beyond the diabetes
space and into related areas, including metabolic health, with some
strategic adjustments to our current technology. We have already
made considerable progress in developing our technology for this
application, and we anticipate providing updates to our
shareholders on this progress soon.
Finally, prior to addressing some of our
frequently asked questions, I’d like to report that all of our
efforts have not gone unnoticed. In a recent issue of UK-based
publication, Business Leader, Nemaura was named among the 32 top
health tech innovators in the UK, out of over 4,000 companies. We
are honored to be named among these truly remarkable companies, and
will continue to strive to provide cutting edge, non-invasive
technologies to improve and save lives.
We are very proud to have made such significant
progress and are looking forward to continuing to provide updates
on future milestones, both in product development, distribution and
meeting our financial goals, all in the service of providing
optimal shareholder value. In the meantime, I thank you for your
continued support.
Sincerely, Dr. Faz ChowdhuryCEO
About Nemaura Medical, Inc.
Nemaura Medical Inc. is a medical technology
company developing and commercializing non-invasive wearable
diagnostic devices. The company is 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 submitted a PMA
(Premarket Approval Application) for sugarBEAT® to the U.S. FDA.
proBEAT™ combines non-invasive glucose data processed using
artificial intelligence and a digital healthcare subscription
service and has been launched in the U.S. as a general wellness
product as part of its BEAT®diabetes program.
The Company sits at the intersection of the
global Type 2 diabetes market that is expected to reach nearly $59
billion by 2025, the $50+ billion pre-diabetic market, and the
wearable health-tech sector for weight loss and wellness
applications that is estimated to reach $60 billion by 2023.
For more information, please 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.
Contact:
Jules AbrahamCORE IR917-885-7378julesa@coreir.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