SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 2.02. Results of Operations and Financial Condition.
On June 30, 2022, Nemaura Medical, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal year ended March 31, 2022. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information contained in the website is not a part of this current report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
Description | |
99.1 | Press release issued by the registrant on June 30, 2022. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NEMAURA MEDICAL INC. | ||
Date: July 1, 2022 | By: | /s/ Dewan F. H. Chowdhury |
Dewan F. H. Chowdhury Chief Executive Officer |
EXHIBIT 99.1
Nemaura Medical Reports Financial Results and Provides Business Update for the Fiscal Year Ended March 31, 2022
Loughborough, England, June 30, 2022 (GLOBE NEWSWIRE) — Nemaura Medical, Inc. (Nasdaq: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on developing and commercializing a daily disposable, wearable glucose sensor and supporting personalized lifestyle coaching programs, today provides a business update and releases its financial results for the fiscal year ended March 31, 2022.
Corporate Highlights for FY2022:
“On the heels of successfully commercializing sugarBEAT® in fiscal 2022 and recognizing our first revenue from our UK licensee MySugarWatch Limited, our primary goal in fiscal 2023 is to expand our revenue by supporting the launch effort of MySugarWatch Limited in the UK. We expect additional purchase orders to support the UK launch, as well as the anticipated Duo-Pack launch later in calendar 2022. MySugarWatch Limited has already begun mass advertising through education and awareness campaigns to healthcare professionals and direct to consumers through the national press,” commented Dr. Faz Chowdhury, CEO of Nemaura.
“Furthermore, we are exploring additional new channels in other territories with our technology platform. We have also started to engage with large scale manufacturers to enable us to meet the strong worldwide diabetic monitoring demand, and any appreciable scale we can build in our business should be meaningful to shareholder value. We look forward to updating investors with additional corporate highlights as they unfold,” concluded Dr. Chowdhury.
FY2022 Financial Summary:
About Nemaura Medical, Inc.
Nemaura Medical, Inc. is a medical technology company developing and commercializing non-invasive wearable diagnostic devices. The company is currently commercializing sugarBEAT®and proBEAT™. sugarBEAT®, a CE mark approved Class IIb medical device, is a non-invasive and flexible continuous glucose monitor (CGM) providing actionable insights derived from real time glucose measurements and daily glucose trend data, which may help people with diabetes and pre-diabetes to better manage, reverse, and prevent the onset of diabetes. Nemaura has submitted a PMA (Premarket Approval Application) for sugarBEAT® to the U.S. FDA. proBEAT™ combines non-invasive glucose data processed using artificial intelligence and a digital healthcare subscription service and has been launched in the U.S. as a general wellness product as part of its BEAT®diabetes program that is currently undergoing pilot studies.
Additionally, Nemaura has launched a beta trial of Miboko, a metabolic health and well-being program using a non-invasive 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.
The Company sits at the intersection of the global Type 2 diabetes market that is expected to reach nearly $59 billion by 2025, the $50+ billion pre-diabetic 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, please visit www.NemauraMedical.com.
Cautionary Statement Regarding Forward-Looking Statements:
The statements in this press release that are not historical facts may constitute forward-looking statements that are 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 by such statements. Those risks and uncertainties include, but are not limited to, the launch of proBEAT™ in the U.S., risks related to regulatory status and the failure of future development and preliminary marketing efforts, Nemaura Medical’s ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Nemaura Medical and its partners’ ability to develop, market and sell proBEAT™, the availability of substantial additional equity or debt capital to support its research, development and product commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to both proBEAT™ digital health, and sugarBEAT®. There can be no assurance that the company will be able to reach a part of or any of the global market for CGM with its products/services. The U.S. Food and Drug Administration (the “FDA”) reserves the right to re-evaluate its decision that proBEAT™ qualifies as a general wellness product should it become aware of any issues such as skin irritation or other adverse events from the device, as well as any misuse impacting patient safety, and any other reason as the FDA may see fit at its discretion to determine the product does not fit the definition of a general wellness product. These and other risks and uncertainties are identified and described in more detail in Nemaura Medical’s filings with the United States Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the most recently completed fiscal year, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K. Nemaura Medical undertakes no obligation to publicly update or revise any forward-looking statements.
Contact:
Jules
Abraham
CORE IR
917-885-7378
julesa@coreir.com
Cover |
Jun. 30, 2022 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2022 |
Entity File Number | 001-38355 |
Entity Registrant Name | NEMAURA MEDICAL INC. |
Entity Central Index Key | 0001602078 |
Entity Tax Identification Number | 46-5027260 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 57 West 57th Street |
Entity Address, City or Town | Manhattan |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10019 |
City Area Code | (646) |
Local Phone Number | 416-8000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | NMRD |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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