Nemaura Medical Announces Commercial Agreement with UK Licensee
September 27 2021 - 8:00AM
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, announces that
it has signed a global commercial contract with MySugarWatch
DuoPack Limited (“MSW-DP”).
Under terms of the deal, the CGM and sensors
will be provided as Duo-Packs with prescription only medicines that
are widely prescribed for people with Type 2 diabetes. The initial
Duo-Pack presentation will be launched as the first of these
medicines loses its patent protection from Q4 2022. MSW-DP has been
granted global rights to the sugarBEAT® non-invasive continuous
glucose monitor (CGM) devices and sensors, to be provided solely as
Duo-Packs with these medicines, under the terms of the agreement,
which Nemaura will sell to MSW-DP under the license agreement.
The prescribed medicines are designed to help
control and manage Type 2 diabetes, and the CGM and sensor packs
will be provided to the patient along with the medicine to help
support patient care.
The agreement spans all major global
territories, with the first launch planned in the UK in Q4 2022,
and all major EU territories thereafter. In 2020 there were
approximately 2.1 million people in total in the UK and four key
European territories being prescribed this first medicine that will
be made available as a Duo-Pack.
“We look forward to this exciting partnership
whereupon sugarBEAT® products will support the care of patients
with Type 2 diabetes. It is important that patients have a more
convenient way to monitor the effectiveness of their therapeutic
treatments without the hassle of repeated finger pricks and other
invasive techniques,” said Nemaura CEO Dr. Faz Chowdhury. “We look
forward to continuing to innovate and develop solutions for
patients across the world.”
In anticipation of closing the contract with
MSW-DP, and given the lengthy lead times on electronic components,
Nemaura placed orders for 200,000 CGM devices in July 2021. Each
patient is expected to receive a pack of four sensors each month.
Thus, the Company would expect to supply 800,000 sensors each month
to service just these initial 200,000 devices, assuming all 200,000
devices are placed in the hands of patients and are used as
directed. The company is preparing to be able to fulfill orders to
support MSW-DP for a Duo-Pack launch in Q4 of 2022.
Importantly, this contract does not preclude the
direct sales of sugarBEAT® sensors in any territories by Nemaura,
and the Company expects to have a parallel direct-to-consumer (DTC)
offering of the sensors in those markets where the CE Mark is
accepted.
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.
Contact:
Jules AbrahamCORE IR917-885-7378julesa@coreir.com
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