Nemaura Medical Inc. Reports Full Year 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 announced financial results for the fiscal year ended March 31, 2018.
Recent Highlights and Accomplishments:
- Entered into a definitive collaboration agreement with Dallas Burston Ethitronix (DBE) to commercialize sugarBEAT® in the European Economic Area (EEA).
- In preparation for commercial launch of sugarBEAT®, the company began expansion into new manufacturing facilities, enabling large scale production of its proprietary sensor technology.
- Promoted Bashir Timol from Director of Strategy & Corporate Development to Chief Business Officer
Dr Faz Chowdhury, Chairman and CEO of Nemaura commented, “Our strong balance sheet positions us well to launch sugarBEAT® in the UK in the coming months, upon receipt of CE approval. We believe sugarBEAT® is a disruptive technology with the potential to greatly expand glucose monitoring to all persons with diabetes, including the 75% of diabetics who do not inject insulin.
Summary of full year 2018 results:
Research and development expenses were approximately $994,000 and $1.035 million for the years ended March 31, 2018 and 2017, respectively. This amount related to clinical trials and improvements made to the sugarBEAT® device, and expenditures included sub-contractor activities, and consultancy fees and wages.
General and administrative expenses were approximately $915,000 and $517,000 for the years ended March 31, 2018 and 2017, respectively.
Comprehensive loss applicable to common shareholders was $1.3m in 2018 compared to $2.3m in 2017. This difference is largely due to the more favorable foreign currency translation adjustments from the UK operations in 2018.
As of March 31, 2018, cash and cash equivalents and fixed rate cash accounts were $5.7m compared with cash and cash equivalents of $7.1m for 2017.
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 daily disposable adhesive skin-patch connected to a rechargeable transmitter, with an app displaying glucose readings every five minutes.
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.