Nemaura Medical Inc. Reports First Quarter 2018 Financial Results
LOUGHBOROUGH, England. Nemaura Medical Inc. (NASDAQ: NMRD), a medical technology company developing sugarBEAT® as a non-invasive glucose trending device for use by persons with diabetes and pre-diabetics today reported financial results for the first quarter ended June 30, 2018.
Recent Highlights and Accomplishments:
• SugarBEAT® commenced clinical trials for FDA approval and reported positive interim data from home-use portion of study.
• With its approved contract manufacturers, Nemaura commenced manufacturing scale-up in preparation for anticipated launch in the United Kingdom in the coming months.
• Nemaura placed an initial order with UK contract manufacturer for 12,500 sugarBEAT® rechargeable transmitters, which will be supplemented with approximately 100,000 skin-patches per month.
Dr Faz Chowdhury, CEO of Nemaura Medical commented “we have maintained our well capitalised financial position whilst incurring significant additional costs from commencing FDA clinical trials and scaling up our systems in readiness for anticipated UK commercial launch of sugarBEAT® later this year. This financial strength should allow us to start to generate sales revenues without requiring additional capital.”
First Quarter 2018 results:
Research and development expenses increased to $429,539 over the quarter ending June 2018, an increase from $149,198 for the same quarter in 2017.
General and Administrative expenses increased to $342,424 for the quarter ending June 2018, compared to $268,122 for the same quarter in 2017.
The Company’s comprehensive loss was $997,763 for the quarter ending June 2018, an increase of $792,731 for the same quarter in 2017.
At June 30, 2018, the Company’s combined cash and bank fixed deposits was $4,941,042.
About Nemaura Medical, Inc.
Nemaura Medical Inc. (NASDAQ: NMRD), is a medical technology company developing sugarBEAT® as a non-invasive, affordable and flexible glucose trending device for use by persons with diabetes and pre-diabetics.
SugarBEAT® consists of a daily disposable adhesive skin-patch connected to a rechargeable transmitter, with an app displaying glucose readings at five minute intervals over periods up to 24 hours.
SugarBEAT® can additionally be used by insulin using persons with diabetes as an adjunctive glucose monitoring device when calibrated by a finger stick reading.
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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