Nemaura Medical Announces Receipt of Notice from Nasdaq
March 09 2023 - 4:57PM
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 that on February 23, 2023, the Company was notified by
the Listing Qualifications Department of The Nasdaq Stock Market
LLC (“Nasdaq”) that the Company was not in compliance with Nasdaq’s
continued listing requirements under Nasdaq Listing Rule 5250(c)(1)
as a result of its failure to timely file its Quarterly Report on
Form 10-Q for the fiscal quarter ended December 31, 2022 (the “Form
10-Q”). Subsequently, on February 24, 2023, the Company filed the
Form 10-Q and regained compliance with Nasdaq Rule 5250(c)(1).
On February 27, 2023,
the Company received a notice from Nasdaq that, based on the Form
10-Q filing on February 24, 2023, Nasdaq determined that the
Company was in compliance with Nasdaq Rule 5250(c)(1) and the
matter was closed.
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.
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
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