Nemaura Medical Reports Financial Results and Provides Business Update for the First Fiscal Quarter Ended June 30, 2021
August 16 2021 - 8:30AM
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 provides
a business update and releases its financial results for the first
fiscal quarter, ended June 30, 2021, of fiscal 2022.
Recent Corporate
Highlights:
- Launched a
digital healthcare subscription service in the U.S. under the brand
name BEAT®diabetes, targeted at over 25 million people with Type 2
diabetes and 88 million people with pre-diabetes in the U.S.
- 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.
- In discussions
with several third parties regarding regional and global
partnerships for sugarBEAT® and the BEAT®diabetes program.
- Repurposed
sugarBEAT® as a Continuous Temperature Monitor (CTM), and a
technical file has since been prepared in readiness for submission
and approvals in the U.S. and EU.
- Developed a
metabolic health digital ecosystem combined with glucose monitoring
targeting the obesity and pre-diabetes markets, with launch planned
by the end of 2021 calendar year.
“Following positive results from a soft launch,
we believe we are on the cusp of commercializing sugarBEAT® in the
UK and recognizing revenue from our licensee. Additionally, we
expect to launch sugarBEAT® in other EU countries, as well as in
the Middle East, through regional partnerships. Diabetes is a
worldwide health crisis, and our non-invasive, needle-free CGM is
an innovative solution for patients with both Type 1 and Type 2
diabetes, as well as those with pre-diabetes,” commented Dr. Faz
Chowdhury, CEO of Nemaura Medical. “In the U.S., our on-going and
planned pilot programs with BEAT®diabetes continue to progress
favourably. We are eager to address the worldwide diabetes crisis
and commercialize our proprietary solutions in meaningful volumes,
and wish for healthier lives for all struggling with diabetes. As
we progress with our corporate, clinical, and regulatory
milestones, we will provide future investor updates.”
Financial summary:
- Total operating
expenses were approximately $1.6 million. The rise in general and
administrative expenses was driven predominantly by higher wages
due to increased headcount. Third party consultancy and contractors
employed to support the operational scale up of the business across
both the UK and U.S. also increased as we continue our progression
towards product commercialization.
- Cash and cash
equivalents at June 30, 2021 were $31.3 million, as compared to
$31.9 million at March 31, 2021. Proceeds were received from the
exercise of 366,892 warrants during the quarter ended June 30,
2021, amounting to $3 million.
- The Company
submitted its initial “deposit invoice” in the amount of $513,000
to its UK licensee as partial payment of the order received for
200,000 sensors and associated devices. This will be converted into
revenue once the Company begins delivery of the final product to
its licensee, which is expected to begin in the quarter ending
September 30, 2021.
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 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.
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