Nemaura Medical, Inc. (NASDAQ: NMRD), a medical technology company focused on developing micro-systems-based wearable diagnostic devices and currently commercializing sugarBEAT®, its non-invasive and flexible continuous glucose monitor (“CGM”), today announced it has entered into a letter of intent with Healthimation, LLC (“Healthimation”) relating to a possible acquisition of the Healthimation business by Nemaura.
Healthimation is commercialising an application-based diabetes prevention program that has been developed over a period of over 12 years and is supported with clinical data that has been widely published in scientific journal articles. The program is delivered using Hollywood level animation deploying creative user engagement strategies, with a unique program structure aimed at maintaining muscle mass and enhancing metabolism to improve overall health and prevent the regaining of weight. The Company believes these features could form a strong complement to the proBEAT™ subscription service Nemaura plans to offer in the U.S.
Nemaura entered into the letter of intent to augment and fast-track its foray into the U.S. and other global territories with its proBEAT™ product offering. proBEAT™ is a wearable non-invasive glucose monitor designed to gather big data about the multitude of factors that affect glucose levels based on which predictive algorithms and artificial intelligence-based feedback and prompts can be provided to users. The aim is to empower users with knowledge of factors that could affect their blood glucose levels. proBEAT™ is intended to be sold directly to consumers, to healthcare insurers, and to corporate clients. Nemaura expects that proBEATTM will appeal to a broad range of adults encompassing pre-diabetics and Type 2 diabetics, numbering 88 million and 26 million people, respectively, according to the American Diabetes Association, as well as those seeking to lose weight and/or seeking a healthier lifestyle.
About Nemaura Medical, Inc.:
Nemaura Medical Inc. (NMRD) is a medical technology company developing micro-systems-based wearable diagnostic devices and 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 also submitted a PMA application for sugarBEAT® to the U.S. FDA. proBEAT™ comprises a non-invasive glucose monitor and a digital healthcare subscription service and is due to be launched in the U.S. as a general wellness product.