Nemaura Medical Inc. (NASDAQ: NMRD), 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 released financial results for the fiscal year ended March 31, 2020.
– Received positive feedback from the first users of sugarBEAT® as part of the first phase of commercial launch
– Announced positive initial user-volunteer data from its head-to-head comparison with a major incumbent CGM device
– Set out plans to launch a digital healthcare subscription service in the U.S. under the brand name proBEAT™, targeted at over 25 million people with Type 2 diabetes and 88 million people with pre-diabetes in the U.S.
– Launched its sugarBEAT® app for Android devices in preparation for the planned commercial launch of sugarBEAT®
– Joined the small cap Russell 2000® Index and the broad-market Russell 3000® Index
– Has entered in to multiple verbal non-binding agreements for sugarBEAT® with the aim of securing regional and global partnerships.
– Reported plans for a new product line by seeking to immediately repurpose sugarBEAT® as a Continuous Temperature Monitor (CTM)
– Secured a 24-month, $5 million non-convertible loan to accelerate commercial strategy
– Announced stockholder approval of the Nemaura Medical Inc. 2020 Omnibus Incentive Plan
– Dr. Faz Chowdhury, Nemaura Medical’s CEO, presented at the Credit Suisse 2020 Virtual Diabetes Sessions
– Dr. Fred Schaebsdeu, Nemaura Medical’s VP of Strategy & Strategic Alliances participated as a guest speaker at the DiabetesMine™ D-Data Virtual ExChange
Dr. Chowdhury, CEO of Nemaura Medical, commented, “This is a very exciting period for Nemaura Medical as it has steadily transitioned toward commercialization of its lead product, sugarBEAT®, initially in the UK and Germany. Our ability to simultaneously launch product in the U.S. under the wellbeing category also provides a significant commercial opportunity. We intend to take full advantage of this opportunity, given the sheer scale of the market in the U.S. As the world’s first non-invasive, needle-free CGM, sugarBEAT® is uniquely positioned to target the underserved $80 billion market for people with both Type 1 and 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.”
• Research and development expenses decreased to $2,009,000 for the year ended March 31, 2020, compared to $2,297,000 for the preceding fiscal year.
• General and administrative expenses increased to $2,769,000 for the year ended March 31, 2020, compared to $2,180,000 for the preceding fiscal year.
• The company’s comprehensive loss applicable to common shareholders was $4,200,000 for the 2020 fiscal year, compared to $4,800,000 for the same period in 2019.
• As of March 31, 2020, cash accounts were $106,000, compared with cash of $3,700,000 as of March 31, 2019. As of June 29, 2020, the company’s cash position was $5,460,000 and an additional $2,350,000 due to be received from exercise of proceeds from recent ATM drawdown.
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 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 is planning to submit a PMA application for sugarBEAT® during the second quarter of 2020 for FDA review of this device under medical device regulations. proBEAT™ comprises a non-invasive glucose monitor and a digital healthcare subscription service and is due to be launched in the US as a general wellness product.