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 on its financial and business results for the quarter ended Sept. 30, 2023, and providing a business update. Corporate highlights of the report show continued support of its United Kingdom licensee, including efforts to obtain reimbursement for sensors in the area; advanced development of the BEAT diabetes offering; development of NMRD’s consumer metabolic health platform, including possible deployment as a bolt-on service into existing metabolic and wellness programs or to support a direct-to-consumer offering; approval from the Saudi Arabia Food and Drug Agency for marketing of sugarBEAT in the Kingdom of Saudi Arabia (KSA); and continued trials of the company’s prediabetes and consumer metabolic health program with the UK National Health Service. Financial highlights include R&D expenses of $491,803 and $257,061 for the three months ended Sept. 30, 2023 and 2022, respectively; general and administrative expenses totaling $1,558,742 and $1,369,155 for same two periods; net loss coming in at $1,203,454 and $3,855,700 for the three months ended Sept. 30, 2023 and 2022, respectively; and cash and cash equivalents totaling approximately $4.4 million.
In addition, Nemaura Medical launched in the United Kingdom its groundbreaking approach to metabolic health and weight management. The new platform integrates continuous glucose monitoring (“CGM”) with Miboko, its behavioral change program, which complements current pharmaceutical interventions using GLP-1 agonists such as Ozempic, Wegovy and Mounjaro. The new service includes education, lifestyle modifications, dietary guidance, exercise goals, and cutting-edge glucose monitoring. “The launch of this integrated program is a turning point in the company’s history,” said Nemaura CEO Dr Faz Chowdhury in the press release. “Leveraging off positive outcomes observed thus far from the NHS studies and the profound impact of GLP-1 therapy globally leads us to believe we have an optimal offering, with the goal of enabling the drugs to help kick start weight-loss initiatives and then sustain this through education and sustainable behavioral change.” The company is slated to discuss its development tomorrow at 1 p.m. EST during the Sidoti Virtual Investor Conference. Chowdhury is also available for one-on-one meetings with investors.
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About Nemaura Medical Inc.
Nemaura Medical is a medical technology company developing and commercializing noninvasive 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 proposal for a modular premarket approval application (“PMA”) for sugarBEAT to the U.S. Food and Drug Administration (“FDA”) for its generation II 24-hour sensor. proBEAT is a nonregulated version of sugarBEAT, which combines noninvasive glucose data processed using artificial intelligence and a digital healthcare subscription service as a general wellness product as part of its BEAT diabetes program that is currently undergoing pilot studies. Additionally, Nemaura 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 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. 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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