Nemaura Medical Inc. Reports Second Quarter 2018 Financial Results
LOUGHBOROUGH, England. Nemaura Medical Inc. (NASDAQ: NMRD), a medical technology company developing sugarBEAT® as a non-invasive, affordable and flexible continuous glucose monitor (CGM) for use by people with diabetes and pre-diabetics recently reported financial results for the second quarter ended September 30, 2018.
Recent Highlights and Accomplishments:
• SugarBEAT® reported positive interim data from clinic portion of study, planned for FDA submission.
• Nemaura signed letter of intent for SugarBEAT® commercial launch in Qatar.
• SugarBEAT® reported positive data for potential zero/reduced frequency of finger stick calibration.
• Nemaura successfully developed predictive algorithms that will allow alarm functionality for sugarBEAT®.
Dr. Faz Chowdhury, CEO of Nemaura Medical commented “we have maintained our well capitalised financial position to better support the expected commercial launch of sugarBEAT® in the United Kingdom in the coming weeks. Moreover, we anticipate achieving profitability in a significantly shorter term frame, as compared to other CGM providers, given the research and development costs we have incurred to date have been substantially lower, a trend we are confident will continue as we commercialize sugarBEAT®.”
Second Quarter 2018 results:
Research and development expenses increased to $622,282 for the quarter ending September 2018, an increase of $413,195 for the same quarter in 2017.
General and administrative expenses increased to $525,075 for the quarter ended September 2018, compared with $238,429 for the same quarter in 2017.
The Company’s comprehensive loss was $1,177,758 for the quarter ending September 2018, an increase of $944,036 for the same quarter in 2017.
At September 30, 2018, the Company’s combined cash and bank fixed deposits was $3,786,398.
About Nemaura Medical Inc.
Nemaura Medical (NASDAQ:NMRD) is a medical technology company developing sugarBEAT® as a non-invasive, affordable and flexible Continuous Glucose Monitor (CGM) designed to help people with diabetes and pre-diabetics to better manage their glucose levels. Insulin users can adjunctively use sugarBEAT® when calibrated with a finger-stick glucose reading.
SugarBEAT® consists of a daily disposable adhesive skin-patch connected to a rechargeable transmitter, with an app displaying glucose readings at five minute intervals for periods up to 24 hours.
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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 Medical’s ongoing studies, including the safety and efficacy of Nemaura Medical’s sugarBEAT® system, 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 sugarBEAT®, 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 Medical’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the current 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.
Nemaura Medical Inc.
Chief Business Officer