Nemaura Medical Strengthens Balance Sheet with Further Non-Dilutive Funding
Loughborough, England, May 23, 2022 (GLOBE NEWSWIRE) — Nemaura Medical, Inc. (Nasdaq: NMRD), a medical technology company focused on commercializing a daily disposable wearable glucose sensor and supporting personalized digital coaching programs, announces today that it has secured $5 million in non-dilutive funding though a clean debt facility with no warrants or convertible elements. As part of the current financing, existing debt repayments have been deferred for nine months.
“Given the current market conditions we believe that a loan of this type with no additional dilutive terms is a testament to Nemaura’s future potential. Equally as important, it ensures we have ample cash to execute on our ambitious plans,” commented Faz Chowdhury, Nemaura’s CEO.
As of the end of March 2022, Nemaura had a cash position of $17.7 million, with current cash burn rate from business operations of approximately $1.65 million per quarter or $550,000 per month.
During the coming six months, the Company expects commercialization to ramp up, as well as to initiate multiple large-scale partnerships, to be announced as they occur. In the meantime, Nemaura began generating revenues late in 2021, and anticipates further purchase orders in the near term, thereby expanding its sales territories. In addition over the coming months the Company expects to commence generating revenues from its metabolic health program, Miboko, which utilizes its non-invasive glucose sensor along with an AI mobile application that helps users better manage diet and lifestyle habits, which received strong traction following its beta launch.
Nemaura plans to present at the H.C. Wainwright Global Hybrid Investment Conference, with its presentation being available beginning at 7:00 AM ET on May 23, 2022. Those interested in participating may register for the conference virtually here.
About Nemaura Medical, Inc.
Nemaura Medical, Inc. is a medical technology company developing and commercializing wearable diagnostic devices. The company is currently commercializing sugarBEAT® and proBEAT™. sugarBEAT®, a CE mark approved Class IIb medical device, is a non-invasive and flexible continuous glucose monitor (CGM) providing actionable insights derived from real time glucose measurements and daily glucose trend data, which may help people with diabetes and pre-diabetes to better manage, reverse, and prevent the onset of diabetes. Nemaura has submitted a PMA (Premarket Approval Application) for sugarBEAT® to the U.S. FDA. proBEAT™ combines non-invasive glucose data processed using artificial intelligence and a digital healthcare subscription service and has been launched in the U.S. as a general wellness product as part of its BEAT® diabetes program that is currently undergoing pilot studies.
Additionally, Nemaura has launched Miboko, a new metabolic health and well-being program using a non-invasive glucose sensor along with an AI mobile application that helps a user understand how certain foods and lifestyle habits can impact one’s overall metabolic health and well-being. Nemaura believes that up to half the population could benefit from a sensor and program that monitors metabolic health and well-being.
The Company sits at the intersection of the global Type 2 diabetes market that is expected to reach nearly $59 billion by 2025, the $50+ billion pre-diabetic market, and the wearable health-tech sector for weight loss and wellness applications that is estimated to reach $60 billion by 2023.
For more information, please visit www.NemauraMedical.com.