Nemaura Medical Inc. (NASDAQ:NMRD) , a UK medical technology company with a focus on diabetes, has entered a number of verbal non-binding agreements to market sugarBEAT, its flagship non-invasive glucose monitor.
The British company’s goal is to forge an array of regional and global partnerships as it looks to bring what it bills as the first-ever non-invasive glucose monitoring system to market.
“We have entered into several verbal non-binding agreements covering a diverse range of potential applications for sugarBEAT in the medical and non-medical field,” said Dr. Faz Chowdhury, Nemaura’s CEO.
READ: Nemaura launches sugarBEAT app on Google’s Play Store ahead of BEAT diabetes subscription service
“Given the importance of this initiative, we thought it appropriate to share this update on the progress over the course of the last few months that has been made with potential partners for large-scale collaborations that we believe will help us accelerate our speed to market by leveraging off the resources and established networks of multinational companies in this field,” he added.
This latest string of verbal agreements is expected to lead to discussions about licensing and collaboration on either a regional or global scale after due diligence is conducted. The first phase of the commercial launch of sugarBEAT kicked off in the UK after Nemaura received a CE Mark approval in 2019.
In this initial phase, the glucose monitoring devices were supplied to a limited cohort of users while Nemaura focused on scaling up its manufacturing.
Nemaura is now planning a study which compares sugarBEAT to an incumbent continuous glucose monitor sensor with the goal of positioning its flagship product as a non-invasive and cost-effective alternative to more expensive and invasive traditional glucose monitoring devices.
The global market for continuous glucose monitor systems is estimated at $82 billion per year; this consists of $12.7 billion for Type 1 insulin users (5% of diabetes), $38 billion for Type 2 insulin users (15% of diabetes), and $31.4 billion for Type 2 non-insulin users (80%).