Nemaura Includes Insulin on List of Drugs Eligible for EU DuoPack License Agreement
LOUGHBOROUGH, March 15, 2023 (GLOBE NEWSWIRE) — Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on developing and commercializing non-invasive wearable sensors and supporting personalized lifestyle and weight reduction programs, today announced that it now includes insulin on the list of drugs under the DuoPack Commercial License Agreement with its licensee, MySugarWatch DuoPack Limited (“MSWDL”).
In September 2021, Nemaura announced a commercial agreement with MSWDL whereby Nemaura’s non-invasive wearable skin patch sensors would be provided as a MySugarWatch-branded “DuoPack” paired with widely used prescription-only medicines for Type 2 diabetes as patent expiry allows. This combination of sensors and medicine would provide a “One Stop Shop,” supported by a holistic care approach using MSWDL nurses and nutritionists, creating a long-term motivational relationship between the individuals and their professional coaches.
The two companies have now agreed to include injectable insulin for the European market as part of this agreement, as patent expiry allows, in addition to the originally agreed upon medicines. It is estimated that as many as 4 million older patients of the approximately 20 million patients in the combined territories of UK and the EU with Type 2 diabetes receive insulin.
“The inclusion of insulin in our agreement with MSWDL means patients with Type 2 diabetes will have access to a CGM-guided insulin dose titration care model that is designed to reduce hypoglycemic episodes and hospital admissions while improving long-term outcomes,” commented Nemaura CEO Dr. Faz Chowdhury. “Moreover, it uniquely avoids a potentially bruised, slow to heal, infection prone, needle induced skin puncture wound in older patients at the site of a CGM sensor skin application. We are eager to provide potential improvements in monitoring and lifestyle for the millions of Type 2 diabetes patients globally.”
About Nemaura Medical, Inc.
Nemaura Medical Inc. is a medical technology company developing and commercialising non-invasive wearable diagnostic devices. The Company is currently also commercialising sugarBEAT® and proBEAT™. sugarBEAT®, a CE mark approved Class IIb medical device, as 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 prediabetes to better manage, reverse, and prevent the onset of diabetes. Nemaura has submitted a PMA (Premarket Approval Application) for sugarBEAT® to the US FDA. proBEAT™ combines non-invasive glucose data processed using artificial intelligence under a digital healthcare subscription service as part of its BEAT® diabetes program.
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 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’s ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Nemaura’s 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’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 undertakes no obligation to publicly update or revise any forward-looking statements.