Nemaura Medical Receives First Purchase Order from U.S. Health Provider HealthFleet
January 26 2023 - 9:57AM
Business Wire
Nemaura to integrate its proBEATTM glucose
sensors with HealthFleet’s proven RestoreHealth wellness program
targeted at U.S.
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 a first 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 improved outcomes to be seen 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.
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Jules Abraham CORE IR +1 917-885-7378
HealthFleet Jamie Marcellus jmarcellus@healthfleet.com +1
339.255.4546
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