Nemaura Medical Receives First Purchase Order from U.S. Health Provider HealthFleet
January 26 2023 - 8:00AM
Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura” or the “Company”),
a medical technology company focused on developing and
commercializing non-invasive wearable sensors and supporting
personalized lifestyle and weight reduction programs, today
announced receipt of an initial purchase order for 5,000 proBEAT™
subscriptions from HealthFleet Inc. (“HealthFleet”), a leading
telehealth provider focusing on care, coaching, and health
recommendations. The purchase order consists of 75,000 proBEAT
glucose sensors over an initial five month period and is valued at
$500,000 in revenue. HealthFleet has an option to increase volumes
based on customer response.
HealthFleet’s RestoreHealth program is a
corporate, comprehensive, end-to-end wellness solution offered to
subscriber employees. The program delivers high engagement – which
is deemed critical to demonstrable and sustained health outcomes --
through unique and extensive coaching, rich and targeted content
and curriculum, and detailed reporting across multiple chronic
conditions. HealthFleet has a ready-made market through direct
access to a customer base of several million employees, consumers,
and patients through its existing client network and plans to
rapidly expand this further. HealthFleet’s customers include a
number of Fortune 500 companies, insurers, and provider groups.
Dr. Faz Chowdhury, Nemaura’s Chief Executive
Officer, stated, “The HealthFleet purchase order is our first
collaboration in the United States and provides an important
opportunity to potentially improve outcomes for people with type 2
diabetes by integrating our proBEAT platform into HealthFleet’s
RestoreHealth program. We are confident that our proprietary sensor
technology can improve patient engagement and potential outcomes in
the RestoreHealth program and believe that the potential improved
outcomes in this pilot can help to position this as the program of
choice across the U.S. health economy.”
The successful use of feedback from glucose
monitors for weight loss and type 2 diabetes reversal is well
documented in both the clinical and non-clinical space and has been
noted to increase user engagement. There is increasing demand
globally from program providers to differentiate their programs
with sensors that can provide feedback on overall health and
wellness to potentially increase health outcomes and returns on
investment for program providers. Pilot studies integrating proBEAT
glucose sensors as part of a metabolic health and wellbeing program
are already currently running in collaboration with the UK’s
National Health Service.
Members using the RestoreHealth program for 12
months have demonstrated positive health results, including a 5.1%
average weight loss, a significant decrease in HBA1C -- a key
measure of average blood glucose levels -- and meaningful
improvements in cholesterol and blood pressure levels. The Company
believes this collaboration between Nemaura and HealthFleet brings
together two best-in-class organizations, creating a potentially
compelling new program offering that uniquely positions the
RestoreHealth program in the market. HealthFleet expects
incremental health benefits by integrating Nemaura’s proBEAT
technology into its RestoreHealth program.
“We expect the integration of Nemaura’s glucose
sensor will further enhance RestoreHealth’s proven outcomes in the
areas of diabetes reversal, weight loss, and overall metabolic
health,” commented Cheryl Morrison-Deutsch, President and CEO of
HealthFleet. “Obesity and diabetes are a burden on the U.S.
healthcare economy, and our work with Fortune 500 companies has
proved that our program can make significant and sustainable
savings to employers and insurers. We look forward to increased
returns for our clients and better health outcomes and quality of
life for our members.”
About Nemaura Medical,
Inc.Nemaura Medical Inc. is a medical technology company
developing and commercialising non-invasive wearable diagnostic
devices. The Company is currently also commercialising sugarBEAT®
and proBEAT™. sugarBEAT®, a CE mark approved Class IIb medical
device, as 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 prediabetes to better manage, reverse, and
prevent the onset of diabetes. Nemaura has submitted a PMA
(Premarket Approval Application) for sugarBEAT® to the US FDA.
proBEAT™ combines non-invasive glucose data processed using
artificial intelligence under a digital healthcare subscription
service 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.
About HealthFleet
Inc.HealthFleet is a leading health technology company,
offering solutions that blend technology, people, and content to
deliver impactful programs targeting the most pervasive chronic
health conditions. It does so in two significant ways — its
content-agnostic SaaS platform enables organizations to deliver
their programs through a tailored technology and services solution,
allowing them to reach their audience by increasing their digital
footprint; and the Restore Product Suite, which includes
personalized, actionable support for individuals that address
health issues before they escalate.
To learn more about HealthFleet, please visit
www.healthfleet.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’s 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’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.
Media Contacts
Jules AbrahamCORE IR+1 917-885-7378
HealthFleetJamie
Marcellusjmarcellus@healthfleet.com+1 339.255.4546
Nemaura Medical (NASDAQ:NMRD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nemaura Medical (NASDAQ:NMRD)
Historical Stock Chart
From Apr 2023 to Apr 2024