Nemaura Medical (NASDAQ: NMRD), a medical technology company focused on developing and commercializing a daily disposable, wearable glucose sensor and supporting personalized lifestyle coaching programs, is reporting its financial results for the fiscal year ended March 31, 2023. The report showed R&D expenses totaled an estimated $1.5 million, which was consistent with the prior year; general and administrative expenses came in at $6,590,227 for the year; and cash and cash equivalents totaled approximately $10.1 million on March 31, 2023. The report also noted corporate highlights, which included a registered direct offering and concurrent private placement resulting in approximately $8.4 million in gross proceeds; the signing of a preliminary agreement with Eversana to support a planned commercial launch of its diabetes and metabolic health programs in United States; the announcement of initial patient data from the UK’s National Health Service Miboko Study that demonstrates weight loss in 100% of participants, with further studies ongoing; and continued collaboration with Benchmark Electronics Inc. In addition, the company completed phased delivery of transmitters for the December 2021 purchase order from MSW and received a provisional purchase order for 1.7 million sensors in anticipation of product registration in the KSA. “We continue to build momentum on both manufacturing activities and consumer feedback through pilot trials, in preparation for scaling up commercial sales activities,” said Nemaura Medical CEO Dr. Faz Chowdhury in the press release. “The trials with the NHS in the UK have demonstrated the commercial potential for our sensors and digital health and well-being programs and has allowed us to undertake continuous refinements prior to commercial scale-up initiatives. Similarly, we believe working with world-class contract manufacturers and advancing our manufacture scale-up, and ensuring a well-managed supply chain through forward planning will support our planned commercial endeavors. During the new fiscal year, our focus is on global partnerships and revenue ramp-up, leveraging off the progress we have made on the product refinement and feedback, and product manufacture.”
To view the full press release, visit https://ibn.fm/pojLY
About Nemaura Medical Inc.
Nemaura Medical is a medical technology company developing and commercializing noninvasive wearable diagnostic devices. The company is currently commercializing sugarBEAT(R) and proBEAT(TM). sugarBEAT, a CE mark-approved class IIb medical device, is a noninvasive and flexible continuous glucose monitor (“CGM”) that provides actionable insights derived from real-time glucose measurements and daily glucose trend data, which may help people with diabetes and prediabetes to better manage, reverse and prevent the onset of diabetes. Nemaura has submitted a premarket approval application (“PMA”) for sugarBEAT to the U.S. Food and Drug Administration (“FDA”). proBEAT combines noninvasive glucose data processed using artificial intelligence (“AI”) and a digital healthcare subscription service and has been launched in the United States as a general wellness product as part of NMRD’s BEAT diabetes program that is currently undergoing pilot studies. Additionally, Nemaura has launched a beta trial of Miboko, a metabolic health and well-being program using a noninvasive glucose sensor along with an AI mobile application that helps users understand how certain foods and lifestyle habits can impact their overall metabolic health and well-being. Nemaura believes that up to one-half of the population could benefit from a sensor and program that monitors metabolic health and well-being. Nemaura sits at the intersection of the global type 2 diabetes market, which is expected to reach nearly $59 billion by 2025; the $50-plus billion prediabetic market; and the wearable health-tech sector for weight loss and wellness applications, which is estimated to reach $60 billion by 2023. For more information about the company, visit www.NemauraMedical.com.
NOTE TO INVESTORS: The latest news and updates relating to NMRD are available in the company’s newsroom at https://ibn.fm/NMRD
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