Nemaura Medical Inc. Reports Third Quarter 2017 Financial Results
LOUGHBOROUGH, England–(BUSINESS WIRE)–Nemaura Medical Inc. (NASDAQ: NMRD), a medical technology company developing the wireless sugarBEAT® non-invasive glucose monitoring system for adjunctive use by persons with diabetes today reported financial results for the third quarter ended December 31, 2017.
Recent Highlights and Accomplishments:
• Completed European clinical trials for sugarBEAT®
• Uplisted to NASDAQ Capital Market
• Published positive results for sugarBEAT® European clinical trial program
Dr Faz Chowdhury, Chairman and CEO of Nemaura commented, “We believe that our strong financial position leaves us well placed to ramp up manufacturing in preparation for the sugarBEAT® launch in the UK in the coming months. We further anticipate completing our US clinical trial program by the end of next quarter, in readiness for Premarket Approval (PMA) submission to the FDA.”
Third Quarter 2017/18 results:
Research and development expenses were $355,300 and $267,638 for the three months ended December 31, 2017 and 2016, respectively. This amount consisted primarily of expenditures on clinical trials, sub-contractor activities, consultancy fees and wages and demonstrated continuing expenditure for improvements made to sugarBEAT®. The increase of $87,662 is due to increases in these costs as sugarBEAT® entered clinical trials.
General and administrative expenses were $121,053 and $107,728 for the three months ended December 31, 2017 and 2016, respectively. These consisted of fees for legal, professional, audit services and wages. The increase of $13,325 was due to increases in professional fees as the sugarBEAT® device entered clinical trials and legal fees incurred as the company prepares for future product launch. We expect general and administrative expenses to remain at similar levels going forward long term, as there will continue to be professional, consultancy and legal fees associated with planned fundraising.
At December 31, 2017, the Company’s combined cash and bank fixed deposits was $6,453,745.
The Company’s comprehensive loss was $429,724 for the three months ended December 31, 2017, an improvement of $342,087 on the same quarter in 2016.
About Nemaura Medical, Inc.
Nemaura Medical Inc. (NASDAQ: NMRD), is a medical technology company developing sugarBEAT® as a non-invasive, affordable and flexible glucose monitoring system for adjunctive use by persons with diabetes. SugarBEAT® consists of a disposable adhesive skin-patch connected to a rechargeable transmitter, with an app displaying glucose readings. For more information, please visit www.NemauraMedical.com and www.SugarBEAT.com.
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.
Director of Strategy & Corporate Development