Nemaura Medical secures $ 20 million non-dilutive loan to
Loughborough, England, February 11, 2021 (GLOBE NEWSWIRE) – Nemaura Medical, Inc. (Nasdaq: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on the development and commercialization of portable, non-invasive diagnostic devices and support for style coaching programs Personalized Life Announcement, announces that it has obtained a financing of $ 20 million non-dilutive and non-convertible loan secured by the assets of the Company. The loan does not include warrants or other equity securities.
“This loan significantly strengthens our financial position and brings our cash flow to over $ 34 million, well above our current depletion rate of less than $ 1.5 million per quarter. our overall growth, ”said Dr Faz Chowdhury, CEO of Nemaura. “We appreciate the strong and continued support from our lender, Chicago Venture Partners. “
About Nemaura Medical, Inc.
Nemaura Medical Inc. is a medical technology company that develops and markets portable, non-invasive diagnostic devices. The company currently markets sugarBEAT® and proBEAT™.sugarBEAT®, a CE Mark approved Class IIb medical device, is a non-invasive and flexible Continuous Glucose Meter (CGM) providing actionable information derived from real-time blood glucose readings and daily blood glucose trend data, which can help people with diabetes and prediabetes to better manage, reverse and prevent the onset of diabetes.Nemaura has submitted a PMA (Premarket Approval Application) for sugarBEAT® to the US FDA. proBEAT™ combines non-invasive glucose data processed using artificial intelligence and a digital healthcare subscription service and is expected to launch in the United States as a general wellness product.
The company sits at the intersection of the global type 2 diabetes market expected to reach nearly $ 59 billion by 2025, the more than $ 50 billion prediabetic market, and the wearable health technology industry for Weight loss and wellness apps estimated to reach $ 60 billion by 2023.
For more information, please visit www.NemauraMedical.com.
Caution regarding forward-looking statements:
Statements contained in this press release that are not historical facts may constitute forward-looking statements based on current expectations and are subject to risks and uncertainties which could cause actual future results to differ materially from those expressed or under- heard by these statements. These risks and uncertainties include, but are not limited to, the launch of proBEAT™ in the United States, the risks associated with regulatory status and failure of future development and preliminary commercialization efforts, the ability of Nemaura to enter into additional business partnership agreements, the risks and uncertainties relating to the ability of Nemaura and of its partners 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 including plans and strategies related to both proBEAT™ digital health and sugarBEAT®. There can be no assurance that the Company will be able to reach any part or any of the CGM global marketplace with its products / services. The FDA reserves the right to reassess its decision that proBEAT™ is considered a general welfare product if it becomes aware of problems such as skin irritation or other adverse events related to the device, as well as any misuse that affects patient safety , and any other reason that the FDA may deem appropriate in its discretion to determine the does not meet the definition of a general welfare product. These and other risks and uncertainties are identified and described in more detail in documents filed by Nemaura with the United States Securities and Exchange Commission, including, without limitation, its annual report on Form 10-K for the last financial year, its quarterly reports on Form 10-Q and its current reports on Form 8-K. Nemaura assumes no obligation to publicly update or revise any forward-looking statements.