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Nemaura ends 3Q with $1M in cash as it commercializes sugarBEAT glucose monitor

The firm expanded its sugarBEAT CGM capabilities by launching a new digital health offering, BEATdiabetes, for people with Type 2 diabetes and prediabetes

Nemaura Medical Inc - Nemaura Medical Inc ends 3Q quarter with a cash balance of more than $1 million as it commercializes its sugarBEAT continuous glucose monitor
Nemaura has drawn down on the first $3.5 million of a senior debt facility to fund the European launch of SugarBEAT

Nemaura Medical Inc (NASDAQ:NMRD), the maker of the sugarBEAT continuous glucose monitor (CGM), provided Tuesday a business update and financial results for the third quarter ended December 31.

In a statement, the company noted that it has achieved three major milestones:

  • Formed partnership with the award-winning UK-based company, Changing Health, to bring digital behavior programs to improve the management, reversal and prevention of Type 2 diabetes in multiple territories commencing with the UK and Ireland. Changing Health is a provider of digital coaching services to the National Health Service England, aimed at the prevention or reversal of Type 2 diabetes.
  • Made significant progress on manufacturing commercial batches of product for release for sale initially in the UK and Ireland.
  • Received positive feedback from the first users of sugarBEAT as part of the first phase of commercial launch.
READ: Nemaura Medical believes outlook for its diabetes-focused business stronger than ever

“This has been an exciting period for Nemaura, as we officially expanded sugarBEAT CGM capabilities by launching a new digital health offering, BEATdiabetes, which focuses on the prevention and reversal of people with Type 2 diabetes and prediabetes through a range of holistic app and coaching services encouraging behavioral change,” said CEO Dr Faz Chowdhury.

“Additionally we have been continuing our dialogue with reimbursement agencies, as well as several multinational companies. We expect to submit the product for registration in Germany in the coming months, as well as enter in to further collaborations in due course.”

Chowdhury added: “As the world’s first non-invasive, safe, needle-free CGM, sugarBEAT is uniquely positioned to target the underserved $80 billion market for people with both Type 1 & Type 2 diabetes as well as prediabetes. We remain highly encouraged by the outlook for the business and look forward to providing further updates as we execute on our commercial strategy.”

3Q results

As for Nemaura’s 3Q results, the company ended the quarter with a cash balance of $1,067,663, and it has drawn down on the first $3.5 million of a senior debt facility to help fund the company’s European launch of SugarBEAT.

The company said its comprehensive loss was $470,841 for the quarter, compared with $964,515 for the same quarter in 2018. The quarter ended December 31 is inclusive of a $614,362 income tax benefit resulting from reimbursement of research and development expenses tax credits.

The stock of the New York-based company recently traded 5.3% higher to $3.19 a share on the Nasdaq.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Nemaura Medical Inc

Price: 7.67 USD

NASDAQ:NMRD
Market: NASDAQ
Market Cap: $159.6 m
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