Nemaura Medical Inc. Reports Second Quarter 2018 Financial Results
08 Novembro 2018 - 7:00AM
LOUGHBOROUGH, England. Nemaura Medical Inc. (NASDAQ: NMRD), a
medical technology company developing sugarBEAT® as a non-invasive,
affordable and flexible continuous glucose monitor (CGM) for use by
people with diabetes and pre-diabetics recently reported financial
results for the second quarter ended September 30, 2018.
Recent Highlights and Accomplishments:• SugarBEAT® reported
positive interim data from clinic portion of study, planned for FDA
submission.• Nemaura signed letter of intent for SugarBEAT®
commercial launch in Qatar.• SugarBEAT® reported positive data for
potential zero/reduced frequency of finger stick calibration.•
Nemaura successfully developed predictive algorithms that will
allow alarm functionality for sugarBEAT®.
Dr. Faz Chowdhury, CEO of Nemaura Medical commented “we have
maintained our well capitalised financial position to better
support the expected commercial launch of sugarBEAT® in the United
Kingdom in the coming weeks. Moreover, we anticipate achieving
profitability in a significantly shorter term frame, as compared to
other CGM providers, given the research and development costs we
have incurred to date have been substantially lower, a trend we are
confident will continue as we commercialize sugarBEAT®.”
Second Quarter 2018 results:
Research and development expenses increased to
$622,282 for the quarter ending September 2018, an increase of
$413,195 for the same quarter in 2017.
General and administrative expenses increased to
$525,075 for the quarter ended September 2018, compared with
$238,429 for the same quarter in 2017.
The Company’s comprehensive loss was $1,177,758
for the quarter ending September 2018, an increase of $944,036 for
the same quarter in 2017.
At September 30, 2018, the Company’s combined cash and bank
fixed deposits was $3,786,398.
About Nemaura Medical Inc.
Nemaura Medical (NASDAQ:NMRD) is a medical technology company
developing sugarBEAT® as a non-invasive, affordable and flexible
Continuous Glucose Monitor (CGM) designed to help people
with diabetes and pre-diabetics to better manage their glucose
levels. Insulin users can adjunctively use sugarBEAT® when
calibrated with a finger-stick glucose reading.
SugarBEAT® consists of a daily disposable adhesive skin-patch
connected to a rechargeable transmitter, with an app displaying
glucose readings at five minute intervals for periods up to 24
hours.
For more information
visit:www.NemauraMedical.comwww.SugarBEAT.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 Medical’s ongoing
studies, including the safety and efficacy of Nemaura Medical’s
sugarBEAT® system, 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 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 Medical’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 Medical undertakes no
obligation to publicly update or revise any forward-looking
statements.
Contacts
Nemaura Medical Inc. Bashir Timol Chief Business Officer
bashir.timol@nemauramedical.com
RedChip Companies Victor Roberts 407-644-4256
victor@redchip.com
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