Nemaura Receives Provisional Purchase Order from Middle East Licensee TPMENA
October 12 2022 - 11:00AM
Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura” or the “Company”),
a medical technology company focused on developing and
commercialising noninvasive wearable diagnostic devices and
supporting personalized lifestyle coaching programs, today
announced it has received a provisional purchase order from TPMENA,
its MENA (Middle East/North Africa) licensee for the Company’s
sugarBEAT® system.
TPMENA issued the provisional purchase order
with Nemaura following its regulatory registration submission for
sugarBEAT® in the Kingdom of Saudi Arabia (KSA). Registration in
KSA is anticipated in the first quarter of 2023. The provisional
purchase order is for 17,500 devices, and 1.7 million sensors, with
7,500 devices and 700,000 sensors in the first year following
launch in KSA and 10,000 units and 1 million sensors in the second
year. The purchase order is contingent on receipt of KSA
registration.
“We believe the Middle East, and Saudi Arabia in
particular, represents a significant opportunity for Nemaura and
its partner TPMENA, given the high rates of Type II diabetes in the
region,” said Nemaura CEO, Dr. Faz Chowdhury. “We have worked
closely with TPMENA over the past year to get all language
translations and packaging ready and are eager to launch our
affordable and patient-friendly monitoring solution for diabetes in
the region.”
Based in Dubai, TPMENA is a full-service
distributor that markets premium international brands in the Middle
East region and brings significant expertise in logistics,
marketing, distribution, and sales. Founded in 2011, it has built a
reputation as a reliable partner in growing brands across a number
of categories. According to the International Diabetes Federation
there were over 4.1 million people with diabetes in Saudi Arabia
alone in 2021, a number predicted to grow to 5.6 Million by
2030.
About Nemaura Medical,
Inc.
Nemaura Medical Inc. is a medical technology
company developing and commercialising noninvasive wearable
diagnostic devices. The company is currently commercialising
sugarBEAT® and proBEAT™. sugarBEAT®, a CE mark approved Class IIb
medical device, is a noninvasive 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 prediabetes 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 noninvasive glucose data processed using
artificial intelligence and a digital healthcare subscription
service that 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.
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’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 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. There can be no
assurance that the KSA will approve the registration for sugarBEAT
in Saudi Arabia.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 IR+1 917-885-7378julesa@coreir.com
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