Nemaura Medical Inc. Reports Full Year Financial Results
13 June 2018 - 11:30PM
Business Wire
Nemaura Medical Inc. (NASDAQ: NMRD), a medical technology
company developing the wireless sugarBEAT® non-invasive glucose
monitoring system for adjunctive use by persons with diabetes,
today announced financial results for the fiscal year ended
March 31, 2018.
Recent Highlights and Accomplishments:
- Entered into a definitive collaboration
agreement with Dallas Burston Ethitronix (DBE) to commercialize
sugarBEAT® in the European Economic Area (EEA).
- In preparation for commercial launch of
sugarBEAT®, the company began expansion into new manufacturing
facilities, enabling large scale production of its proprietary
sensor technology.
- Promoted Bashir Timol from Director of
Strategy & Corporate Development to Chief Business Officer
Dr Faz Chowdhury, Chairman and CEO of Nemaura commented, “Our
strong balance sheet positions us well to launch sugarBEAT® in the
UK in the coming months, upon receipt of CE approval. We believe
sugarBEAT® is a disruptive technology with the potential to greatly
expand glucose monitoring to all persons with diabetes, including
the 75% of diabetics who do not inject insulin.
Summary of full year 2018 results:
Research and development expenses were approximately $994,000
and $1.035 million for the years ended March 31, 2018 and 2017,
respectively. This amount related to clinical trials and
improvements made to the sugarBEAT® device, and expenditures
included sub-contractor activities, and consultancy fees and
wages.
General and administrative expenses were approximately $915,000
and $517,000 for the years ended March 31, 2018 and 2017,
respectively.
Comprehensive loss applicable to common shareholders was $1.3m
in 2018 compared to $2.3m in 2017. This difference is largely due
to the more favorable foreign currency translation adjustments from
the UK operations in 2018.
As of March 31, 2018, cash and cash equivalents and fixed rate
cash accounts were $5.7m compared with cash and cash equivalents of
$7.1m for 2017.
About Nemaura Medical Inc.
Nemaura Medical Inc. (NASDAQ: NMRD), is a medical technology
company developing sugarBEAT® as a non-invasive, affordable
and flexible glucose monitoring system for adjunctive use by
persons with diabetes.
SugarBEAT® consists of a daily disposable adhesive
skin-patch connected to a rechargeable transmitter, with an app
displaying glucose readings every five minutes.
For more information, please
visit www.NemauraMedical.com and www.SugarBEAT.com.
Cautionary Statement Regarding Forward Looking
Statements
The statements in this press release that are not historical
facts, and 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, risks related to
regulatory approvals and the success of Nemaura Medical’s ongoing
studies, including the safety and efficacy of Nemaura Medical’s
sugarBEAT® system, the failure of future development and
preliminary marketing efforts, Nemaura Medical’s ability to secure
additional commercial partnering arrangements, risks and
uncertainties relating to Nemaura Medical and its partners’ ability
to develop, market and sell sugarBEAT®, 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 sugarBEAT®. These and other risks
and uncertainties are identified and described in more detail in
Nemaura Medical’s filings with the Securities and Exchange
Commission, including, without limitation, its Annual Report on
Form 10-K for the current year, its Quarterly Reports on Form 10-Q,
and its Current Reports on Form 8-K. Nemaura Medical undertakes no
obligation to publicly update or revise any forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20180613005611/en/
Nemaura MedicalBashir TimolChief Business
Officerbashir.timol@nemauramedical.comorThe Ruth GroupLee
Roth646-536-7012lroth@theruthgroup.com
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