Nemaura Medical Strengthens Balance Sheet with Further Non-Dilutive Funding
May 23 2022 - 6:30AM
Nemaura Medical, Inc. (Nasdaq: NMRD), a medical technology company
focused on commercializing a daily disposable wearable glucose
sensor and supporting personalized digital coaching programs,
announces today that it has secured $5 million in non-dilutive
funding though a clean debt facility with no warrants or
convertible elements. As part of the current financing, existing
debt repayments have been deferred for nine months.
“Given the current market conditions we believe
that a loan of this type with no additional dilutive terms is a
testament to Nemaura’s future potential. Equally as important, it
ensures we have ample cash to execute on our ambitious plans,”
commented Faz Chowdhury, Nemaura’s CEO.
As of the end of March 2022, Nemaura had a cash
position of $17.7 million, with current cash burn rate from
business operations of approximately $1.65 million per quarter or
$550,000 per month.
During the coming six months, the Company
expects commercialization to ramp up, as well as to initiate
multiple large-scale partnerships, to be announced as they occur.
In the meantime, Nemaura began generating revenues late in 2021,
and anticipates further purchase orders in the near term, thereby
expanding its sales territories. In addition over the coming months
the Company expects to commence generating revenues from its
metabolic health program, Miboko, which utilizes its non-invasive
glucose sensor along with an AI mobile application that helps users
better manage diet and lifestyle habits, which received strong
traction following its beta launch.
Nemaura plans to present at the H.C. Wainwright
Global Hybrid Investment Conference, with its presentation being
available beginning at 7:00 AM ET on May 23, 2022. Those interested
in participating may register for the conference virtually
here.
About Nemaura Medical, Inc.
Nemaura Medical, Inc. is a medical technology
company developing and commercializing 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 that is
currently undergoing pilot studies.
Additionally, Nemaura has launched Miboko, a new
metabolic health and well-being program using a non-invasive
glucose sensor along with an AI mobile application that helps a
user understand how certain foods and lifestyle habits can impact
one’s overall metabolic health and well-being. Nemaura believes
that up to half the population could benefit from a sensor and
program that monitors metabolic health and well-being.
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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