Loughborough, England, Dec. 20, 2019 (GLOBE NEWSWIRE) -- Nemaura Medical, Inc. (NASDAQ: NMRD), a medical technology company commercializing sugarBEAT®, a non-invasive and flexible continuous glucose monitor (CGM), together with BEAT®diabetes, a health subscription service designed to help people with diabetes and prediabetes to better manage their condition through personalized lifestyle coaching, today provided a 2019 year-end corporate update.
Dr. Faz Chowdhury, CEO of Nemaura, stated, “2019 was a transformative year for our Company as we achieved a number of major milestones. During the year, we received CE Mark approval and laid the foundation for the commercial launch of sugarBEAT® in Europe and several other key territories around the world where CE approval can be used as the basis of product registration. We also launched a subscription based package, BEAT®diabetes to complement sugarBEAT® CGM and provide users with additional digital and non-digital services for the management, reversal or prevention of diabetes”.
The company started the first phase of our commercial launch of sugarBEAT® in the United Kingdom with the first shipments of sugarBEAT® CGM devices to diabetic and pre-diabetic patients from whom positive user feedback has been received. The company is poised to move aggressively into the commercial phase of the go to market strategy in Europe with its current scale of manufacturing that is entirely carried out in the United Kingdom. Nemaura also continues to establish strategic partnerships and is diligently working with its partners to develop the launch plan and various subscription options.
Recently the company announced that it has expanded the sugarBEAT® CGM capabilities by launching a new digital health offering, BEAT®diabetes, which focuses on the prevention and reversal of Type II diabetes through a range of holistic app and coaching services encouraging behavioral change. Both BEAT®diabetes and sugarBEAT® target the underserved $69 billion market for Type 2 diabetics and $50 billion market for pre-diabetics. Nemaura is committed to adding additional services aimed at improving the management of diabetes and reversing or preventing Type 2 diabetes. Towards that end, management were pleased to announce a partnership with the award-winning UK-based Changing Health to bring digital behavior programs to improve the management, reversal and prevention of Type 2 diabetes in multiple territories commencing with the United Kingdom and Ireland. Changing Health is a provider of digital coaching services to the National Health Service England aimed at the prevention or reversal of Type 2 diabetes.
Nemaura is embarking on a number of additional initiatives to improve how people with diabetes and prediabetes can manage, reverse and prevent Type 2 diabetes through the BEAT®diabetes health subscription service coupled with the non-invasive sugarBEAT® CGM across the digital health, wearable health-tech and diabetes sectors.
The company has adequate cash on hand and secured a $8 million debt facility which was provided by an existing, long-term investor. The company is believes it is in its strongest position to date, given its cash position, credit line, expected revenues, and the significant potential value of the business offering. In the beginning of December, management decided to effect a 1-for-10 reverse split, which allowed the company to comfortably regain compliance with NASDAQ and affords Nemaura a share price that management believe will enable the company to attract a broader universe of institutional investors. Given the significant progress this year, the company believes the outlook for the business is stronger than ever and it is uniquely positioned to become a leading provider of technology and services within the underserved market for Type 2 diabetics and pre-diabetics, . Management wishes everyone happy and healthy holidays and look forward to providing additional updates as Nemaura continues to execute on its commercial strategy.”
About Nemaura Medical, Inc.:
Nemaura Medical, Inc. (NMRD), is a medical technology company commercializing sugarBEAT® and BEAT®diabetes. sugarBEAT® 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 help insulin users, type 2 diabetics and pre-diabetics respectively to better manage, reverse and prevent the onset of diabetes. BEAT®diabetes is a health subscription service providing 1-on-1 lifestyle coaching and behavior change recommendations driven by personalized data provided by sugarBEAT®. Insulin users can also adjunctively use sugarBEAT® for insulin dosage purposes when calibrated by a finger stick reading.
For more information visit: www.NemauraMedical.com.
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.
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