Step onto Wall Street with StreetInsider Premium. Request your 1-week free trial here.
Loughborough, England, April 29, 2021 (GLOBE NEWSWIRE) – Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on developing and marketing non-invasive wearable diagnostic devices and supporting personalized lifestyle coaching programs, today releases one Letter to the shareholders from out CEO Dr. Faz Chowdhury sums up yesterday’s call for a shareholder update from April 28, 2021. This letter is intended to help clarify the content of the call that may have intermittent audio problems.
A recording of the webcast of the call can be accessed at https://services.choruscall.com/mediaframe/webcast.html?webcastid=csR36vjo.
A phone recording of the call will be available until May 6, 2021 and can be accessed by calling 1-877-344-7529 (Domestic US) or 1-412-317-0088 (International) using access code 10154964.
To our valued shareholders:
Please find below the content of our Shareholder Update Conference on April 28, 2021 at 4:30 p.m. (CET). We are providing this content to provide clarity for those who may have intermittently experienced audio issues.
After launching our BEATdiabetes program in December through our BEATdiabetes website, Nemaura is in constant business growth, preparing for new product launches, strengthening our management and people, and paving the way for our recently announced product launch in Europe as well as for full product launch in the USA.
As we are on the brink of several landmark milestones, I thought that this call would be an opportunity for us to take a closer look at everything we have accomplished in the past nearly six months and to discuss the way forward.
I want to get started with our launch of the BEATdiabetes program in December in the US through the BEATdiabetes website and smartphone app. Remember that the BEATdiabetes program is a clinically validated program that uses best practices to help people change their health habits, including diet, exercise, and other lifestyle elements that increase or worsen the risk of type 2 diabetes, better to manage. Using our program, which includes an AI-based interface that personally interacts with users, has been shown to help them better manage weight and other risk factors to either improve or prevent or improve type 2 diabetes even turn around.
After our launch in December, we’ve already launched a pilot program that will include approximately 200 users in the US, and we expect several additional pilots with various parties over the course of the year.
In the UK, our licensee reports that its soft launch has led to plans to hire 10 full-time nurses to simplify the personal consultation aspect of the program that occurs when users pair the SugarBEAT sensor with the app. Provision of real-time data. We already hear individual reports of significant improvements from those who have used the SugarBEAT sensor.
As we begin to distribute the program in the US and through our licensee in the UK, the need to increase our production of SugarBEAT sensors and devices has increased and we have started ramping up production to achieve which we consider to be a significant increase in demand in the coming months.
Due to these successful results in both the UK and the US, I am very happy and proud to report that we now expect to generate revenues in this context in the second quarter of the current financial year. This is an important milestone for us as a company as we generate sales.
The initial success of these programs led us to examine the strategic growth of the business. First, as we prepare to reach a global audience, we face the need to expand our management team and we have welcomed a number of top talent to join our management team. These include Thomas Mortensen, our Head of EU Trade and Marketing, who joined Roche after several years with other major medical device manufacturers. Jay Warner, who, after many years at Eli Lilly & Co., heads our US marketing activities; Alistair Longmuir, our global director of product development and manufacturing strategy, with extensive experience at J&J and Lifescan; and Samantha Sanders, who designed and developed digital programs for AbbVie.
From here we expect to continue hiring to round out our management team while also focusing on building our quality team to ensure that all of our products meet our own high standards when we begin the aforementioned production ramp-up .
With all the activities that I have already mentioned, I think it makes sense to remind you that we have achieved a great deal in a short period of time, while maintaining very strong tax control over costs and our balance sheet and cash position manage exactly. While we collected donations over the past year, most of it has been non-dilutive and this has resulted in our balance sheet totaling approximately $ 31.8 million in cash for the fiscal year ended March 31, 2021. Obviously this is still subject to consideration. The strong focus on cost and cash management will continue to be a focus of business, and our most recent cash burn rate was less than $ 2 million per quarter, although we expect this to increase as the business accelerates will increase slightly.
It’s worth noting that during the height of the COVID-19 pandemic, we observed an extremely favorable market environment that has since slowed down. While many other companies are facing new challenges, Nemaura has not participated in any dilutive financing to maintain shareholder value.
Our strong cash position also allowed us to evolve our product offering to move beyond diabetes into related areas including metabolic health, with some strategic adjustments being made to our current technology. We have already made significant advances in developing our technology for this application and we anticipate that we will soon be able to provide information on these advances to our shareholders.
Before I answer some of our frequently asked questions, I would like to conclude by saying that all of our efforts have not gone unnoticed. In a recent UK publication, Business Leader, Nemaura was voted one of the UK’s 32 best healthcare technology innovators out of over 4,000 companies. We are honored to be featured among these truly remarkable companies and we will continue to strive to provide innovative, non-invasive technology to improve and save lives.
We are very proud to have made such significant advances and look forward to continuing to update on future milestones in both product development and sales, and as we meet our financial goals for optimal shareholder value to achieve. In the meantime, thank you for your continued support.
Sincerely, Dr. Faz ChowdhuryCEO
About Nemaura Medical, Inc.
Nemaura Medical Inc. is a medical technology company that develops and markets non-invasive portable diagnostic devices. The company currently markets SugarBEAT® and ProBEAT ™. SugarBEAT®, a CE marked Class IIb medical device, is a non-invasive and flexible Continuous Glucose Monitor (CGM) that provides actionable insights from real-time glucose readings and daily glucose trend data that can help people with diabetes and pre-diabetes around that Manage, reverse and prevent the occurrence of diabetes better. Nemaura has submitted a PMA (Premarket Approval Application) for suggerBEAT® to the US FDA. Combining non-invasive glucose data processed with artificial intelligence and a digital subscription service for healthcare, proBEAT ™ was launched in the US as a general wellness product as part of its BEAT® diabetes program.
The company is at the intersection of the global type 2 diabetes market, which is projected to reach nearly $ 59 billion by 2025, the pre-diabetic market over $ 50 billion, and the wearable health tech Weight loss and wellness applications sector estimated to reach $ 60 billion by 2023.
More information is available at www.NemauraMedical.com.
Cautionary Note Regarding Forward-Looking Statements:
The statements in this press release that are not historical facts may be forward-looking statements based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied in these statements. These risks and uncertainties include but are not limited to the launch of proBEAT ™ in the United States, risks related to regulatory status and the failure of future development and preliminary marketing efforts, and Nemaura’s ability to negotiate additional commercial partnership agreements, risks and uncertainties related to meet these the ability of Nemaura and its partners to develop, market and sell proBEAT ™, the availability of considerable additional equity or debt capital to support its research, development and product marketing activities as well as the success of its research, development, regulatory approval, marketing and sales plans and strategies, including plans and strategies related to both proBEAT ™ Digital Health and SugarBEAT®. There can be no guarantee that the company will be able to reach part or part of the global market for CGM with its products / services. The FDA reserves the right to re-evaluate its decision that proBEAT ™ qualifies as a general wellness product if it becomes aware of problems such as skin irritation or other adverse device events, as well as abuse that affects patient safety for another reason , which the FDA, in its sole discretion, deems appropriate to determine the product does not meet the definition of a general wellness product. These and other risks and uncertainties are identified and further described in Nemaura’s filings with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the most recently completed fiscal year, the Quarterly reports on Form 10-Q and its current reports on Form 8-K. Nemaura does not undertake any obligation to publicly update or revise any forward-looking statements.
Jules Abraham CORE IR917-885-7378 firstname.lastname@example.org
Source: Nemaura Medical, Inc.