Nemaura Medical Secures $6.5m in Non-Dilutive Funding
August 11 2023 - 4:05PM
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 a further $6.5 million in
non-dilutive funding though a clean debt facility with no warrants
or convertible elements, from its existing lender.
In July 2023 Nemaura exhibited and undertook
product demonstrations at the American Diabetes Association meeting
in San Diego, the world’s largest gathering of Diabetes
professionals, where it received very encouraging feedback from
dialogue with attendees including corporates, Diabetes service
providers and clinicians, which it continues to follow up on. The
company is also currently undertaking studies with the NHS
(National Health Service) in the UK with its metabolic health
program designed for the consumer market targeting obesity and
pre-diabetes whilst refining its commercial offering in this space.
Nemaura also continues to support its UK licensee with its
application for reimbursement of sugarBEAT® in the UK.
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.
Contact:
IR@NemauraMedical.Com
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