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, has released Q1 2023 financial results for the quarter ending June 30, 2022; the company also noted that it entered into a new note purchase agreement in May 2022 as well as receiving $5 million in proceeds. Financial highlights for the quarter include cash-operating expenses totaling approximately $1.6 million with cash and cash equivalents reach approximately $14.8 million on June 30, 2022, as compared to $17.7 million on March 31, 2022. The report also noted that additional headcount has been added to support the company’s operational scale-up process as well as focus on building product inventory to fulfill existing purchase orders and support ongoing and future commercial sales activities. “We are very pleased with the progress we are steadily making with our manufacturing and commercialization support activities,” said Nemaura Medical CEO Dr. Faz Chowdhury in the press release. “Our daily wearable continuous glucose sensor is unique and innovative, offers lifestyle advantages over competing continuous glucose sensors, and has potential applications for people with diabetes and for the consumer wearable sensor market in general. We continue to build an outstanding team of scientists, manufacturing personnel, engineers and commercial managers to help advance the company to the next phase of maturity and development. Importantly, given the current market climate, we are extremely pleased to have recently raised additional nondilutive funding without any attached warrants or options, further strengthening our balance sheet as we anticipate growing our revenues in the coming quarters.”
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 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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