Nemaura Medical Reports Fiscal Second Quarter 2024 Results and Provides Business Update
14 November 2023 - 8:14AM
Nemaura Medical, Inc. (Nasdaq: NMRD) (“Nemaura” or the “Company”),
a medical technology company focused on developing and
commercializing a daily disposable, wearable glucose sensor and
supporting personalized lifestyle coaching programs, today released
its financial results for the quarter ended September 30, 2023 and
provided a business update.
Corporate Highlights:
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1. |
The Company continued to support its UK licensee with its
endeavours to obtain reimbursement for the sensors in the UK. |
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2. |
Advanced development of the Company’s BEATdiabetes offering in
readiness for a commercial launch in due course. |
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3. |
Continued development of its consumer metabolic health platform and
potential deployment as a bolt-on service into existing metabolic
and wellness programs or to support a direct-to-consumer
offering. |
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4. |
Received approval from the Saudi Arabia Food and Drug Agency for
marketing of sugarBEAT in the Kingdom of Saudi Arabia (KSA), with
support from the Company’s licensee in the region, TP MENA. |
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5. |
Continued trials of the Company’s pre-diabetes and consumer
metabolic health program with the UK National Health Service, the
results from which are expected to support the launch of the
program in various territories. |
Financial Summary:
Research and development (“R&D”) expenses
were $491,803 and $257,061 for the three months ended September 30,
2023 and 2022, respectively.
General and administrative expenses were
$1,558,742 and $1,369,155 for the three months ended September 30,
2023 and 2022, respectively.
Net loss was $1,203,454 and $3,855,700 for the
three months ended September 30, 2023 and 2022, respectively.
Cash and cash equivalents at September 30, 2023
were approximately $4.4m.
About Nemaura Medical, Inc.
Nemaura Medical, Inc. is a medical technology
company developing and wearable diagnostic devices. The company is
currently commercializing sugarBEAT® and proBEAT™. sugarBEAT®,
a CE mark approved Class IIb medical device, is 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
pre-diabetes to better manage, reverse, and prevent the onset of
diabetes. Nemaura has submitted a proposal for a Modular PMA
(Premarket Approval Application) application for sugarBEAT® to
the U.S. FDA, for its generation II, 24 hour sensor.
proBEAT™ is a non-regulated version of sugarBEAT which
combines non-invasive glucose data processed using artificial
intelligence and a digital healthcare subscription service as a
general wellness product as part of its BEAT®diabetes program that
is currently undergoing pilot studies.
Additionally, Nemaura launched a beta trial of
Miboko, a metabolic health and well-being program using a
non-invasive glucose sensor along with an AI mobile application
that helps a user understand how certain foods and lifestyle habits
can impact one’s overall metabolic health and well-being. Nemaura
believes that up to half the population could benefit from a sensor
and program that monitors metabolic health and well-being.
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 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 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 Medical’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 Medical
undertakes no obligation to publicly update or revise any
forward-looking statements.
Investor Relations Contact:
IR@NemauraMedical.com
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