Nemaura Medical (NASDAQ: NMRD), a medical technology company focused on commercializing a daily disposable wearable glucose sensor and supporting personalized digital coaching programs, has secured an additional $6.5 million in nondilutive funding. The company announced the funding was secured through a clean debt facility with no warrants or convertible elements from an existing lender. In addition, the company noted that it recently participated in the American Diabetes Association meeting, the world’s largest gathering of diabetes professionals. The company demonstrated product at the event, receiving “very encouraging feedback” from attendees including corporate officials, diabetes service providers and clinicians. “The company is also currently undertaking studies with the National Health Service (‘NHS’) in the UK with its metabolic health program designed for the consumer market targeting obesity and prediabetes whilst refining its commercial offering in this space,” the announcement stated. “Nemaura also continues to support its UK licensee with its application for reimbursement of sugarBEAT(R) in the UK.”
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About Nemaura Medical Inc.
Nemaura Medical 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”) that provides 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 premarket approval application (“PMA”) for sugarBEAT to the U.S. Food and Drug Administration (“FDA”). proBEAT combines noninvasive glucose data processed using artificial intelligence (“AI”) under a digital healthcare subscription service as part of NMRD’s BEAT diabetes program. Nemaura sits at the intersection of the global type 2 diabetes market, which is expected to reach nearly $59 billion by 2025; the $50-plus billion prediabetic market; and the wearable health-tech sector for weight loss and wellness applications, which is estimated to reach $60 billion by 2023. For more information about the company, 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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