Nemaura Medical Reports Fiscal First Quarter 2023 Results and Provides Business Update
August 15, 2022 (Globe Newswire)
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 releases its financial results for the quarter ending June 30, 2022 and provides a business update.
Recent Corporate Highlights:
"We are very pleased with the progress we are steadily making with our manufacturing and commercialization support activities. Our daily wearable continuous glucose sensor is unique and innovative, offers lifestyle advantages over competing continuous glucose sensors, and has potential applications for people with diabetes and for the consumer wearable sensor market in general," commented Nemaura CEO Dr. Faz Chowdhury. "We continue to build an outstanding team of scientists, manufacturing personnel, engineers, and commercial managers to help advance the Company to the next phase of maturity and development. Importantly, given the current market climate, we are extremely pleased to have recently raised additional non-dilutive funding without any attached warrants or options, further strengthening our balance sheet as we anticipate growing our revenues in the coming quarters."
1Q23 Financial Summary:
About Nemaura Medical, Inc.
Nemaura Medical, Inc. is a medical technology company developing and commercializing non-invasive 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 PMA (Premarket Approval Application) for sugarBEAT to the U.S. FDA. proBEAT combines non-invasive glucose data processed using artificial intelligence and a digital healthcare subscription service and has been launched in the U.S. as a general wellness product as part of its BEATdiabetes program that is currently undergoing pilot studies.
Additionally, Nemaura has 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 http://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.
Contact:
Jules Abraham
CORE IR
917-885-7378
julesa@coreir.com
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