Nemaura Medical Reports Results and Provides Business Update for the Fiscal Year Ended March 31, 2021
June 30 2021 - 8:00AM
Nemaura
Medical Inc. (NASDAQ: NMRD) (“Nemaura”), a
medical technology company commercializing sugarBEAT®, a
non-invasive and flexible continuous glucose monitor (CGM),
together with BEAT™diabetes, a health subscription service designed
to help people with diabetes and prediabetes to better manage their
condition through personalized lifestyle coaching, today provided a
business update and released financial results for the fiscal year
ended March 31, 2021.
Key Highlights:
- Received positive feedback from the
first users of sugarBEAT® as part of the soft launch in the UK,
leading to purchase order for 200,000 sensors and a rolling
purchase order forecast for 2 million sensors over the next 2
years.
- Launch a digital healthcare
subscription service in the U.S. under the brand name
BEATdiabetes.life, targeted at over 25 million people with Type 2
diabetes and 88 million people with pre-diabetes in the U.S.
- In discussions with several third
parties regarding regional and global partnerships for
sugarBEAT®.
- Repurpose sugarBEAT® as a
Continuous Temperature Monitor (CTM), and a technical file has
since been prepared in readiness for submission and approvals in
the USA and EU.
- Secured a total of $25 million in
non-dilutive funding, in the form of non-convertible loans to
accelerate commercial roll out
- Announced stockholder approval of
the Nemaura Medical Inc. 2020 Omnibus Incentive Plan, designed to
recruit and retain top talent across the company.
Dr. Chowdhury, CEO of Nemaura Medical,
commented, “This is a very exciting period for Nemaura Medical as
we have steadily transitioned toward commercialization of our lead
product, sugarBEAT®, initially in the UK and our BEATdiabetes
program in the USA. As the world’s first non-invasive, needle-free
CGM, sugarBEAT® is uniquely positioned to target the underserved
$80 billion market for people with both Type 1 and Type 2 diabetes,
as well as prediabetes and the consumer metabolic health space. We
remain highly encouraged by the outlook for the business and look
forward to providing further updates as we execute on our
commercial strategy.”
Financial summary:
- Research and
development expenses decreased to $1,554,603 for the year ended
March 31, 2021, compared to $2,009,323 for the preceding
fiscal year. The decrease was driven by the change in type of work
needed to prepare the product for launch as the Company draws
closer to commercialization. The Company expects these sugarBEAT®
related research and development expenses to reduce in future
periods as the product is launched, however the Company also
expects to continue to incur research and development costs to both
enhance, refine and extend the platform capabilities for
alternative applications.
- General and administrative expenses
increased slightly to $3,032,138 from $2,769,161 for the years
ended March 31, 2021, and 2020, respectively. These costs consisted
of fees for legal, professional, consultancy, audit services,
investor relations, insurance, and wages. The Company expects
general and administrative expenses will increase moving forward as
the business transitions to a different cost structure over time to
support an increase in operational functions associated with sales,
marketing, customer service, as well as enhancements to other
existing functions that support product manufacture and
commercialization.
- The company’s
net loss was $6,258,596 for the 2021 fiscal year, compared to
$4,160,196 for the 2020 fiscal year. The increase being driven by
the interest charge booked during the current year of $2,007,687 in
relation to the debt funding taken out during fiscal 2021 to
facilitate / accelerate the Company’s growth plans and move to
become revenue generating during fiscal year 2022.
- As of March 31,
2021, cash on hand stood at $31,865,371, compared to $106,107 as of
March 31, 2020. The increase in cash having been driven by a
combination of debt and equity fundraises completed during the
fiscal year in order to provide ongoing support and investments
made by the Company to drive through to initial product
commercialization in the UK of sugarBEAT®.
- As of June 29,
2021, the Company had approximately $31.3m of cash availability at
the bank.
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 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
www.sugarBEAT.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 Medical’s ability to secure additional commercial
partnering arrangements, risks and uncertainties relating to
Nemaura Medical 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 U.S.
Food and Drug Administration (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. These and other risks
and uncertainties are identified and described in more detail in
Nemaura Medical’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 Medical undertakes no obligation to publicly update or
revise any forward-looking statements.
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businesswire.com: https://www.businesswire.com/news/home/20200623005539/en/
Contact:
Jules AbrahamCORE IR917-885-7378julesa@coreir.com
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