Nemaura Medical Announces Joint Venture for European Launch of sugarBEAT® System
December 2, 2015, Loughborough, UK. Nemaura Medical Inc. (OTC BB: NMRD),(“Nemaura”), a medical device company developing a minimally invasive wireless continuous glucose monitoring (“CGM”) system known as sugarBEAT®, announced today that it has entered into an equal Joint Venture agreement with DBJ Jersey to market the sugarBEAT® system in Europe.
The sugarBEAT® CGM System is designed to display real time glucose readings on the device and on a mobile phone app via blue tooth, or allow retrospective evaluation of the data for glucose trending. Nemaura has patents that allow the device to self-calibrate using an internal standard concept, which is expected to eliminate the need for routine daily finger-prick calibrations. The company anticipates a launch in Europe during 2016, pending obtaining requisite product approvals, for which the operational aspects of the launch will be entirely managed by DBJ Jersey under the terms of the agreement, with product support from Nemaura Medical.
DBJ Jersey is headed by its founder, Dr. Dallas Burston (MBBS), a pharmaceutical entrepreneur with an outstanding track record having founded and sold companies in this field totaling over US$150M, with the most recent sale led by Cavendish Corporate Finance.
Dr. Burston stated,
“The methods of measuring blood glucose levels, and managing the longer-term complications of diabetes are expanding very quickly. The landscape is rapidly changing towards less invasive wearable devices. Europe represents a US$ 3 billion market opportunity and together with intelligent use of data, I believe that there is potential to reduce the overall healthcare burden.”
In addition, Dr. Burston purchased 5 million shares in Nemaura Medical for US$10M, and was issued a warrant to acquire an additional ten million shares at an exercise price of $0.50, subject to customary anti-dilution provisions and other conditions on exercise set forth in the warrant agreement.
Dr. Faz Chowdhury, CEO of Nemaura Medical Inc., stated,
“Nemaura’s sugarBEAT® system has been developed to provide a very cost effective and minimally invasive alternative for diabetics. We are very excited to have DBJ, with its impeccable track record of advancing the adoption of new technologies, as our partner in Europe once requisite product approvals have been obtained.”
About Nemaura Medical, Inc.
Nemaura Medical is developing the sugarBEAT® System as a minimally-invasive, wireless, continuous glucose monitoring system for use as an adjunct device for blood glucose monitoring. Further opportunity may exist for use of the device in intensive care hospital settings, where continuous glucose monitoring is critical.
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’s ongoing studies, including the safety and efficacy of Nemaura’s sugarBEAT® CGM System, the failure of future development and preliminary marketing efforts, Nemaura’s ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Nemaura and its partners’ ability to develop, market and sell the sugarBEAT® System, 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 its sugarBEAT® System.
These and other risks and uncertainties are identified and described in more detail in Nemaura’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 undertakes no obligation to publicly update or revise any forward-looking statements.
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