Nemaura Medical Reports Results and Provides Business Update for the Third Quarter Ended December 31, 2019
Loughborough, England, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura”), a medical technology company commercializing sugarBEAT®, a non-invasive and flexible continuous glucose monitor (CGM), together with BEAT®diabetes, a health subscription service designed to help people with diabetes and prediabetes to better manage their condition through personalized lifestyle coaching, today provided a business update and financial results for the third quarter ended December 31, 2019.
- The Company announced a partnership with the award-winning UK-based company, Changing Health, to bring digital behavior programs to improve the management, reversal and prevention of Type 2 diabetes in multiple territories commencing with the United Kingdom and Ireland. Changing Health is a provider of digital coaching services to the National Health Service England, aimed at the prevention or reversal of Type 2 diabetes.
- Made significant progress on manufacturing commercial batches of product for release for sale initially in the UK and Ireland.
- Received positive feedback from the first users of sugarBEAT® as part of the first phase of commercial launch.
Dr. Faz Chowdhury, CEO of Nemaura commented, “This has been an exciting period for Nemaura, as we officially expanded sugarBEAT® CGM capabilities by launching a new digital health offering, BEAT®diabetes (www.BEATdiabetes.life), which focuses on the prevention and reversal of people with Type 2 diabetes and prediabetes through a range of holistic app and coaching services encouraging behavioral change. Additionally we have been continuing our dialogue with reimbursement agencies, as well as several multinational companies. We expect to submit the product for registration in Germany in the coming months, as well as enter in to further collaborations in due course.”
“As the world’s first non-invasive, safe, needle-free CGM, sugarBEAT® is uniquely positioned to target the underserved $80 billion market1 for people with both Type 1 & Type 2 diabetes as well as prediabetes. We remain highly encouraged by the outlook for the business and look forward to providing further updates as we execute on our commercial strategy.”
Third Quarter 2019 Results:
- Research and development expenses increased to $516,672 for the quarter ended December 31, 2019, an increase of $73,292 for the same quarter in 2018.
- General and administrative expenses increased to $542,697 for the quarter ended December 31, 2019, compared with $489,545 for the same quarter in 2018.
- The Company’s comprehensive loss was $470,841 for the quarter ended December 31, 2019, compared with $964,515 for the same quarter in 2018. The quarter ended December 31, 2019 is inclusive of $614,362 income tax benefit resulting from reimbursement of research and development expenses tax credits.
- At December 31, 2019, the Company’s cash balance was $1,067,663. The Company is immediately able to draw down on the first $3.5 million of a Senior Debt Facility provided by investors, which is intended to help fund the Company’s European launch of SugarBEAT®.
(1) PiperJaffray Company Note DXCM Sep 5, 2018
About Nemaura Medical, Inc.:
Nemaura Medical, Inc. (NMRD), is a medical technology company commercializing sugarBEAT® and BEAT®diabetes. sugarBEAT® 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 help people with diabetes and prediabetes to better manage, reverse and prevent the onset of diabetes. BEAT®diabetes is a health subscription service providing 1-on-1 lifestyle coaching and behavior change recommendations driven by personalized data provided by sugarBEAT®. People with diabetes who take insulin can also adjunctively use sugarBEAT® for insulin dosage purposes when calibrated by a finger stick reading.
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’s ongoing studies, including the safety and efficacy of Nemaura’s sugarBEAT® system, the failure of future development and preliminary marketing efforts, Nemaura’s ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Nemaura and its partners’ ability to develop, market and sell sugarBEAT® and BEAT®diabetes, 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’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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