Nemaura (NASDAQ: NMRD) is a medical technology company focused on developing and commercializing non-invasive wearable sensors and supporting personalized lifestyle and weight reduction programs. The company today announced its entry into a definitive agreement with two health care-focused U.S. institutional investors to sell 4,796,206 shares of its common stock, pursuant to a registered direct offering, and warrants to purchase up to 4,796,206 shares, in a concurrent private placement. Nemaura is expected to secure approximately $8.4 million in aggregate gross proceeds from the offering and concurrent private placement and intends to use the net proceeds for working capital and general corporate purposes. Subject to the satisfaction of customary conditions, the closing of the offering and private placement is expected to occur on or about Jan. 31, 2023. EF Hutton, division of Benchmark Investments LLC, is acting as sole placement agent for the offering. Anthony L.G., PLLC is acting as legal counsel to Nemaura and Sichenzia Ross Ference LLP is acting as legal counsel to EF Hutton.
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About Nemaura Medical Inc.
Nemaura is a medical technology company developing and commercializing noninvasive wearable diagnostic devices. The company is currently commercializing sugarBEAT(R) and proBEAT(TM). sugarBEAT, a CE mark approved Class IIb medical device, is a noninvasive 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 prediabetes 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 noninvasive glucose data processed using artificial intelligence and a digital health care subscription service that has been launched in the U.S. as a general wellness product as part of its BEAT(R) diabetes program. 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, visit the company’s website at 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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