Nemaura Medical (NASDAQ: NMRD), a medical technology company focused on developing and commercializing non-invasive wearable diagnostic devices and supporting personalized lifestyle coaching programs, has reported its financial and business updates for the second quarter of FY2022, the period ended Sept. 30, 2021. Notable highlights include the launch of Miboko, the company’s beta mass-market metabolic health program and the signing of a global commercial contract with MySugarWatch DuoPack Limited (“MSW-DP”). In addition, the company named Dr. Osama Hamdy, MD and PhD., as a new consultant on its advisory board as a consultant. Regarding the financial report, the company reported total operating expenses of an estimated $1.7 million, cash equivalents of approximately $26.8 million and the submission to its United Kingdom licensee of an initial “deposit invoice” of $513,000 as partial payment of the order received for 200,000 sensors and associated devices. “We continue to make progress in our commercializing efforts for sugarBEAT(R) in the UK and recognizing revenue from our licensee,” said Nemaura Medical CEO Dr. Faz Chowdhury in the press release. “We are also working closely with advisors to expand our footprint throughout the world to address the worldwide health crisis of diabetes using our skin-mounted needle-free CGM as an innovative solution for patients and 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.”
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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 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. Nemaura sits at the intersection of the global type 2 diabetes market that 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 that is estimated to reach $60 billion by 2023. For more information about the company, visit www.NemauraMedical.com.
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