Jun 30, 2022
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 fiscal year, which ended March 31, 2022. Highlights from the report include the company starting to ship its sugarBEAT(R) continuous glucose monitor (“CGM”) devices to its UK licensee, MySugarWatch Limited; revenue of $503,906 for the fiscal year; the signing of a global commercial contract with MySugarWatch DuoPack Limited to provide Duo-Packs with prescription-only medicines that are widely prescribed for people with type 2 diabetes; and the beginning of beta trials for a metabolic health program using a body-worn glucose sensor along with an AI mobile application. In addition, the company noted that in February, Tiger Partners Trading LLC acquired a 3.1% equity stake in PBIO. Other key updates include the appointment of Dr. Arash Ghadar as chief operating officer and the completion of two FDA audits in relation to the PBIO’s previous PMA submission along with continued dialogue with the FDA in relation to the PMA submission. “On the heels of successfully commercializing sugarBEAT in fiscal 2022 and recognizing our first revenue from our UK licensee MySugarWatch Limited, our primary goal in fiscal 2023 is to expand our revenue by supporting the launch effort of MySugarWatch Limited in the UK,” said Nemaura CEO Dr. Faz Chowdhury in the press release. “We expect additional purchase orders to support the UK launch, as well as the anticipated Duo-Pack launch later in calendar 2022. MySugarWatch Limited has already begun mass advertising through education and awareness campaigns to healthcare professionals and direct to consumers through the national press. Furthermore, we are exploring additional new channels in other territories with our technology platform. We have also started to engage with large-scale manufacturers to enable us to meet the strong worldwide diabetic monitoring demand, and any appreciable scale we can build in our business should be meaningful to shareholder value.”
To view the full press release, visit https://ibn.fm/6STO6
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 premarket approval application (“PMA”) for sugarBEAT to the U.S. Food and Drug Administration (“FDA”). proBEAT combines noninvasive glucose data processed using artificial intelligence and a digital healthcare subscription service and has been launched in the United States as a general wellness product as part of NMRD’s BEAT diabetes program. Additionally, Nemaura has launched Miboko, a new 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 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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