Nemaura Reports Third Quarter 2018 Financial Results
Loughborough, England – Nemaura Medical, Inc. (NASDAQ: NMRD) nemauramedical.com, a medical technology company focused on the development of SugarBEAT® as a non-invasive, affordable and flexible Continuous Glucose Monitor (CGM) for use by diabetics and pre-diabetics, yesterday reported financial results for the third quarter ended December 31, 2018.
Recent Highlights and Accomplishments:
Nemaura Signed License and Distribution Agreement for SugarBEAT® Commercial Launch in Qatar
Nemaura Successfully Completes Clinical Studies for SugarBEAT® FDA De-Novo 510(k) Submission
Nemaura Raised Circa $2M in Public Offering
Nemaura Completed Key Stages of Technical File Review for SugarBEAT® CE Mark Approval
Nemaura Announced Improvements to SugarBEAT® Warm Up Period
Nemaura Announced Grant of U.S. Patent for SugarBEAT®
Nemaura Announced Dr. Fred Schaebsdau to Lead Strategy and Business Development
Dr. Faz Chowdhury, CEO of Nemaura Medical, commented, “Over the past quarter, we have bolstered our financial position to better support the upcoming commercial launch of SugarBEAT® and filing of our FDA 510(k) submission.”
Third Quarter 2018 results:
Research and development expenses increased to $443,380 for the quarter ended December 2018, an increase of $88,080 for the same quarter in 2017.
General and administrative expenses increased to $489,545 for the quarter ended December 2018, compared with $121,053 for the same quarter in 2017.
The Company’s comprehensive loss was $964,515 for the quarter ended December 2018, an increase of $534,791 for the same quarter in 2017.
At December 31, 2018, the Company’s cash was $5,040,661.
About Nemaura Medical, Inc.:
Nemaura Medical, Inc. (NASDAQ: NMRD), is a medical technology company developing 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 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 undertakes no obligation to publicly update or revise any forward-looking statements.
Nemaura Medical Inc.
Chief Business Officer