Loughborough, England, November 15, 2021 (GLOBE NEWSWIRE) – Nemaura Medical, Inc. (Nasdaq: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on the development and commercialization of portable, non-invasive diagnostic devices and support for style coaching programs Personalized Life Policy, provides a business update today and releases its financial results for the second quarter of fiscal 2022 (for the three months ended September 30, 2021).
Recent Company Highlights:
|●||Launched the beta of Miboko, its mass market metabolic health program using the Company’s non-invasive glucose sensor as well as an AI mobile app.|
|●||Signing of a worldwide commercial contract with MySugarWatch DuoPack Limited (“MSW-DP”). Under the terms of the agreement, continuous glucose monitors (CGMs) and sensors will be supplied as Duo-Packs with prescription-only drugs that are widely prescribed for people with type 2 diabetes.|
|●||Welcomed Dr. Osama Hamdy, MD, Ph.D., to his advisory board as a consultant. Dr Hamdy is a Senior Endocrinologist at the Joslin Diabetes Center and Associate Professor of Medicine at Harvard Medical School. Dr Hamdy to participate and advise on studies of key opinion leaders in diabetes and metabolic health using Nemaura’s glucose monitoring technology|
“We continue to make progress in our marketing efforts for sugarBEAT® in the UK and recognizing our licensee’s income. We are also working closely with advisors to expand our worldwide presence to address the global health crisis of diabetes using our needle-free CGM skin mounted as an innovative solution for patients and patients. consumers. Combined with our digital lifestyle management programs, we believe that our technology offering has the potential to be a key tool for the prevention and management of type 2 diabetes ”, commented Dr Faz Chowdhury, CEO of Nemaura Medical. “As we move forward with our corporate, clinical and regulatory milestones, we will provide future investor updates. “
2Q22 Financial summary:
|●||Total operating expenses were approximately $ 1.7 million. The increase in general and administrative expenses is mainly attributable to the increase in salaries, as additional staff were added to support the operational scale of the processes across both teams in the UK and the US. Increases were also observed in insurance and advertising costs, which are considered to be directly related to the marketing measures taken during the period.|
|●||Cash and cash equivalents as of September 30, 2021 had been approximately $ 26.8 million, compared to $ 31.9 million as of March 31, 2021.|
|●||The Company presented its initial “deposit invoice” in the amount of $ 513,000 to its UK licensee as partial payment for the order received for 200,000 sensors and associated devices. Payment of which was received on October 1, 2021 and convert to revenue once the Company begins delivery of the final product to its licensee, which is expected to begin in the quarter ending December 31, by 2021.|
On Nemaura Medical, Inc.
Nemaura Medical Inc. is a medical technology company developing and marketing portable, non-invasive diagnostic devices. The company currently markets sugarBEAT® and proBEAT™. BEAT sugar®, a CE Mark approved Class IIb medical device, is a non-invasive and flexible Continuous Glucose Meter (CGM) providing actionable information derived from real-time blood glucose readings and daily blood glucose trend data, which can help people with diabetes and prediabetes can better manage, reverse and prevent the onset of diabetes. Nemaura has filed a PMA (Premarket Approval Application) for sugarBEAT® to the US FDA. proBEAT™ combines non-invasive glucose data processed using artificial intelligence and a digital healthcare subscription service and was launched in the United States as a general wellness product as part of of its BEAT program®diabetes program.
The company sits at the intersection of the global type 2 diabetes market expected to reach nearly $ 59 billion by 2025, the over $ 50 billion prediabetes market, and the wearable health technology industry for Weight loss and wellness apps estimated to reach $ 60 billion by 2023.
For more information, please visit www.NemauraMedical.com.
Caution regarding forward-looking statements:
Statements in this press release that are not historical facts may constitute forward-looking statements based on current expectations and are subject to risks and uncertainties which could cause actual future results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, the launch of proBEAT™ in the United States, risks related to regulatory status and failuree future developments and preliminary commercialization efforts, Nemaura Medical’s ability to enter into additional business partnership agreements, the risks and uncertainties associated with Nemaura Ability of Medical and its partners to develop, market and sell proBEAT™, The availability of significant additional equity or debt capital to support its research, development and product commercialization activities, and the success of its research, development, regulatory approval, commercialization plans and distribution and stratpolicies, including plans and strategies related to both proBEAT™ digital health and BEAT sugar®. There can be no assurance that the Company will be able to reach any or any of CGM’s global markets with its products / services. American food ad Drug Administration (the “FDA”) reserves the right to reassess its decision that proBEAT™ is considered a general welfare product if it becomes aware of issues such as skin irritation or other adverse device-related events, as well as any errorsimpacting patient safety, and any other reason that the FDA may deem appropriate in its discretion to determine that the product does not meet the definition of a general welfare product. These and other risks and uncertainties are identified and described in more detail.I am in Nemaura Documents filed by Medical with the United States Securities and Exchange Commission, including, without limitation, its annual report on Form 10-K for the most recent fiscal year, its quarterly reports on Form 10 -Q and its current reports on Form 8-K. Nemaura Medical assumes no obligation to publicly update or revise any forward-looking statements.
NEMAURA MEDICAL INC.
Condensed consolidated balance sheets
|As of September 30,
|As of March 31, 2021
|Prepaid expenses and other receivables||1,364,458||1,269,513|
|Accounts receivable – related party||503,554||–|
|Total current assets||29751434||33 985 506|
|Tangible fixed assets, net of accumulated depreciation||351,538||202,145|
|Intangible assets, net of accumulated amortization||1,491,068||1,055,256|
|Total other assets||1 842 606||1,257,401|
|LIABILITIES AND EQUITY|
|Current liabilities :|
|Liability due to related parties||–||148,795|
|Other liabilities and accrued liabilities||602 669||180,552|
|Notes payable, current part||15,829,764||5,733,370|
|Deferred revenue||624 588||103,470|
|Total current liabilities||17 208 413||6,419,881|
|non-current portion of banknotes payable||8 794 846||19 188 724|
|Non-current portion of deferred income||1,224,797||1,276,130|
|Total non-current liabilities||10 019 643||20,464,854|
|Total responsibilities||27 228 056||26 884 735|
|Commitments and contingencies:|
|common shares, $ 0.001 par value, 42,000,000 authorized shares and 23,308,049 and 22,941,157 shares issued and outstanding as of September 30, 2021 and March 31, 2021, respectively||23,308||22 941|
|Premium||35,007,626||32 044 335|
|Accumulated deficit||(30 682 660||)||(23 844 671||)|
|Cumulative other comprehensive income||17,710||135,567|
|Total equity for shareholders||4 365 984||8 358 172|
|Total liabilities and equity||31,594,040||35,242,907|
See the notes to the unaudited condensed consolidated financial statements.
NOTEMAURA MEDICAL INC.
Condensed consolidated statements of income and comprehensive income
(in dollars, except for share amounts)
|Three months ended
|Six months ended
|Operating costs :|
|Research and development||286,886||456,280||575,370||771,592|
|general and administrative||1,427,916||771 533||2,760,102||1,367,253|
|Total operating expenses||1,714,802||1 227 813||3,335,472||2 138 845|
|Operating loss||(1,714,802||)||(1 227 813||)||(3 335 472||)||(2138845||)|
|Interest charges||(1,779,462||)||(353,404||)||(3 502 517||)||(542,428||)|
|Net loss||(3 494 264||)||(1,581,217||)||(6,837,989||)||(2,681,273||)|
|Other overall loss:|
|Currency conversion adjustment||(107 151||)||(19 333||)||(117,857||)||(14 510||)|
|Net loss per share, basic and diluted||(0.15||)||(0.07||)||(0.29||)||(0.12||)|
|Weighted average number of shares outstanding||23308049||22 390 114||23 209 514||21 638 907|
See the notes to the unaudited condensed consolidated financial statements.