Nemaura Medical Reports Results and Provides Business Update for the Second Quarter Ended September 30, 2019
Loughborough, England, Nov. 11, 2019 (GLOBE NEWSWIRE) — – Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura”), a medical technology company focused on the commercialization of SugarBEAT® as a non-invasive, affordable and flexible Continuous Glucose Monitor (CGM) for use by diabetics and pre-diabetics, today reported financial results for the second quarter ended September 30, 2019.
Dr. Faz Chowdhury, CEO of Nemaura commented, “This has been an exciting period for Nemaura as we officially commenced the commercial rollout plans for SugarBEAT® following our recent CE approval. Towards this end, we hosted a symposia at the 55th Annual Meeting of the European Association for the Study of Diabetes (EASD) in Barcelona, in which we reported feedback from the first user experiences, demonstrating that SugarBEAT® can be an effective tool for early diagnosis of type 2 diabetes, therapy optimization, prevention, improvement and lifestyle change. As the world’s first non-invasive, safe, needle-free CGM, SugarBEAT® is uniquely positioned to target the underserved $80 billion market for Type 2 diabetics and pre-diabetics. We remain highly encouraged by the outlook for the business and look forward to providing further updates as we execute on our commercial strategy.”
Second Quarter 2019 Results:
- Research and development expenses decreased to $462,517 for the quarter ended September 2019, a decrease of $159,765 for the same quarter in 2018.
- General and administrative expenses increased to $654,523 for the quarter ended September 2019, compared with $525,075 for the same quarter in 2018.
- The Company’s comprehensive loss was $1,124,441 for the quarter ended September 2019, compared with $1,177,758 for the same quarter in 2018.
- At September 30, 2019, the Company’s cash balance was $1,771,115. The Company is immediately able to draw down on the first $3.5 million of a Senior Debt Facility provided by investors, which is intended to help fund the Company’s European launch of SugarBEAT®.
About Nemaura Medical, Inc.:
Nemaura Medical, Inc. (NASDAQ: NMRD), is a medical technology company commercializing SugarBEAT® as a non-invasive, affordable and flexible Continuous Glucose Monitor (CGM) designed to help people with diabetes and pre-diabetics better manage their glucose levels by spending more time in range. Insulin users can adjunctively use SugarBEAT® when calibrated by a finger stick reading. SugarBEAT® consists of a daily, disposable adhesive skin-patch connected to a small form factor rechargeable transmitter, connected via Bluetooth to a specially designed mobile application, which displays glucose readings at five-minute intervals throughout the day.
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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’s ongoing studies, including the safety and efficacy of Nemaura’s SugarBEAT® 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 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’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.
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