Nemaura Medical (NASDAQ: NMRD) is a medical technology company focused on commercializing a daily disposable wearable glucose sensor and supporting personalized digital coaching programs. The company today announced that it has secured $5 million in non-dilutive funding though a clean debt facility with no warrants or convertible elements. Under the current financing, existing debt repayments have been deferred for nine months. “Given the current market conditions, we believe that a loan of this type with no additional dilutive terms is a testament to Nemaura’s future potential,” the company’s CEO Faz Chowdhury said in the news release. “Equally as important, it ensures we have ample cash to execute on our ambitious plans.”
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About Nemaura Medical Inc.
Nemaura is a medical technology company developing and commercializing wearable diagnostic devices. The company is currently commercializing sugarBEAT(R) and proBEAT(TM). 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 Premarket Approval Application (“PMA”) for sugarBEAT to the U.S. FDA. proBEAT combines non-invasive glucose data processed using artificial intelligence and a digital health care subscription service and has been launched in the U.S. as a general wellness product as part of its BEAT(R) diabetes program that is currently undergoing pilot studies. Additionally, Nemaura has launched Miboko, a new 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.
NOTE TO INVESTORS: The latest news and updates relating to NMRD are available in the company’s newsroom at https://ibn.fm/NMRD
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