Nemaura Medical Inc. Reports Second Quarter 2017 Financial Results
LOUGHBOROUGH, England–(BUSINESS WIRE)–Nemaura Medical Inc. (OTCQB: NMRD), a medical technology company developing sugarBEAT® as a non-invasive, affordable and flexible glucose monitoring system for adjunctive use by persons with diabetes, recently reported financial results for the second quarter ended September 30, 2017.
Recent Highlights and Accomplishments:
- G&A expenditure up by 134% over same quarter in 2016
- Commenced European clinical trials for sugarBEAT®
- Successfully developed medical grade sugarBEAT® android app for diabetes management
Dr Faz Chowdhury, Chairman and CEO of Nemaura commented ”the sharp increase in G&A expenditure has been driven by ongoing European clinical trials for sugarBEAT®, and scaling-up manufacturing activities to support our UK commercial launch. We anticipate publishing clinical trial data and submitting for CE approval by the end of next month.”
Second Quarter 2017/18 results:
Research and development expenses were $209,087 and $220,714 for the three months ended September 30, 2017 and 2016, respectively. This amount consisted primarily of expenditure on sub-contractor activities, consultancy fees and wages and demonstrated continuing expenditure for improvements made to the sugarBEAT device. The decrease of $11,627 is due to decreases in these costs as the sugarBEAT product is nearing completion. Sequentially, there was an increase of $59,889 compared to the first quarter of the fiscal year.
General and administrative expenses were $238,429 and $101,768 for the three months ended September 30, 2017 and 2016, respectively. These consisted of fees for legal, professional, audit services, charitable donations and wages. The increase of $136,661 was due to increases in professional fees as sugarBEAT® enters clinical trials and as the company prepares for product launch. On a sequential basis, general and administrative expenses were lower than in the first quarter by $29,693.
At September 30, 2017, the Company’s combined cash and bank fixed deposits was $6,683,518.
The Company’s comprehensive loss was $233,722 for the three months ended September 30, 2017, an increase of $51,552 for the same quarter in 2016.
About Nemaura Medical Inc.
Nemaura Medical Inc. (OTCQB: 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 disposable adhesive skin-patch connected to a rechargeable transmitter, with an app displaying glucose readings. For more information, please visit www.NemauraMedical.com and www.SugarBEAT.com.
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.
Director of Strategy & Corporate Development