Nemaura Signs Letter of Intent for SugarBEAT® Commercial Launch in Qatar
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 persons with diabetes and pre-diabetics, today announced that it has signed a non-binding letter of intent for an exclusive licensing agreement with Al-Danah Medical Co for the commercial launch of sugarBEAT® in Qatar. A final binding license agreement between Nemaura and Al-Danah is scheduled for completion by November 16, 2018 in readiness for anticipated 2019 Qatar product launch.
Qatar has one of the world’s highest prevalence of diabetes, with 17% of the population diabetic and 23% pre-diabetic1, and also has the world’s highest GDP per capita, and is therefore a significant potential market for sugarBEAT®. Al-Danah Medical Company, part of the Almana Group, is a leading medical product distributor in Qatar, representing multiple global brands.
CGM adoption is growing rapidly amongst diabetics, with the global total addressable market estimated at $82Bn annually. The U.S. is the largest single market, where CGM is being used by an estimated 2.6% (630,000 users) of all diagnosed diabetics in 2018, representing annualised growth of 117%. 2
2 PiperJaffray Company Note DXCM Sep 5, 2018
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 provide persons with diabetes and pre-diabetics with an Ambulatory Glucose Profile (AGP) as a superior metric to better manage their glucose levels as compared to an HbA1c reading. 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 of 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
The Ruth Group