Nemaura Medical Reports Financial Results and Provides Business Update for the Fiscal Year Ended March 31, 2023
14 Luglio 2023 - 3:25PM
Nemaura Medical, Inc. (Nasdaq: NMRD) (“Nemaura” or the “Company”),
a medical technology company focused on developing and
commercializing a daily disposable, wearable glucose sensor and
supporting personalized lifestyle coaching programs, today provides
a business update and financial results for the fiscal year ended
March 31, 2023.
Corporate Highlights:
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Entered into a Registered Direct Offering and concurrent
Private Placement for gross proceeds of approximately $8.4 million
(before expenses).
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Signed a preliminary agreement with Eversana to support a planned
commercial launch of its Diabetes and Metabolic Health programs in
the USA.
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Announced initial patient data from UK NHS (National Health
Service) Miboko Study that thus far demonstrated weight loss in
100% of participants, with further studies ongoing. The data is
expected to support reimbursement applications and product
marketing in various territories.
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Continued to work with Benchmark Electronics Inc as a contract
manufacturing partner (CMO) to facilitate future volume scale-up
manufacture of the electronic transmitter at its FDA approved
facility in Thailand, in anticipation of commercial-sales
ramp-up.
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Completed phased delivery of transmitters against the purchase
order received from MSW in December 2021.
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Received a provisional purchase order for 1.7 million sensors from
its licensee TPMENA 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. The trials with the NHS in the UK
have demonstrated the commercial potential for our sensors and
digital health and wellbeing 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 endeavours”, commented Dr Faz
Chowdhury, CEO of Nemaura medical. “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”. |
FY2022 Financial Summary:
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Research and development expenses were consistent with the prior
year at approximately $1.5 million.
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General and administrative expenses were $6,590,227 and $6,173,049
for the fiscal years ended March 31, 2023 and 2022, respectively.
These expenses consisted of fees for legal, professional,
consultancy, audit services, investor relations, insurance,
advertising, and general and operational wages. The year-over-year
increase in expenses were driven predominantly by increased wages,
as the Company has increased headcount to support the operational
scale-up process across both its UK and U.S. teams.
-
Cash and cash equivalents at 31st March 2023 were approximately
$10.1m
About Nemaura
Medical, Inc.
Nemaura Medical, Inc. is a medical technology
company developing and commercializing non-invasive 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 a beta trial
of Miboko, a 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.
Cautionary Statement Regarding
Forward-Looking Statements:
The statements in this press release that are
not historical facts 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, the
launch of proBEAT™ in the U.S., risks related to regulatory
status and 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 proBEAT™, 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 both proBEAT™ digital health,
and sugarBEAT®. There can be no assurance that the company will be
able to reach a part of or any of the global market for CGM with
its products/services. The U.S. Food and Drug Administration (the
“FDA”) reserves the right to re-evaluate its decision that
proBEAT™ qualifies as a general wellness product should it
become aware of any issues such as skin irritation or other adverse
events from the device, as well as any misuse impacting patient
safety, and any other reason as the FDA may see fit at its
discretion to determine the product does not fit the definition of
a general wellness product. These and other risks and uncertainties
are identified and described in more detail in Nemaura Medical’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 Medical
undertakes no obligation to publicly update or revise any
forward-looking statements.
Investor Relations
Contact:
IR@NemauraMedical.com
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