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 and business results for the quarter ended June 30, 2023. Corporate highlights of the report include initial patient data from UK National Health Service (“NHS”) Miboko Study that indicates weight loss in 100% of participants; sustained development of its proprietary consumer metabolic health platform along with possible deployment as a bolt-on service into existing metabolic and wellness programs; ongoing collaboration with Benchmark Electronics Inc. as a contract manufacturing partner (“CMO”) in developing the manufacture of its proprietary electronic transmitter in anticipation of commercial-sales ramp-up; continued support of its United Kingdom licensee with its application for reimbursement of sensors in the UK; and consistent funding along with the closing of a $6.5 million nondilutive funding in the form of clean debt without any warrants or convertible elements. Financial highlights include R&D expenses totaling $549,012 for the three months ended June 30, 2023; general and administrative expenses reported at $1,508,467 for period ended June 30, 2023; and cash and cash equivalents totaling approximately $4 million for the same period.
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About Nemaura Medical Inc.
Nemaura Medical is a medical technology company developing 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 with a digital healthcare subscription service and has been launched in the United States as a general wellness product as part of the company’s BEAT(R) 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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