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Nemaura Medical announces closing of $2 million offering

The company plans to use part of the funds toward an FDA-approved clinical trial
Sugar cubes with heart shape
Nemaura Medical is a medical technology company focusing on diabetes management

Nemaura Medical Inc (NASDAQ:NMRD) announced the closing of a public offering that grossed around $2 million.

In a Thursday statement, it said the offering of 1,942,061 units consisted of one common share sold at $1.04 per share. That represented a 25% discount to the market price of $1.39 in September at the time of the deal's announcement.

There is also a series of 1,942,061 60-Month Warrants at 100% coverage with an exercise price of $1.04.

Dawson James Securities Inc acted as the sole placement agent on the transaction.   

BIG PICTURE: Nemaura is a red-hot medtech stock with a winner in its painless sugarBEAT glucose monitor

Nemaura Medical plans to use the net proceeds from the offering towards an FDA clinical trial, a product launch in Europe and the development of a second generation of sugarBEAT, which is a needle-free, non-invasive continuous glucose measurement for better diabetes and lifestyle management.

Nemaura Medical is a medical technology company that discovers, develops, and commercializes specialty medical devices. The company also helps people with diabetes and pre-diabetics to better manage their glucose levels.

Contact Rene Pastor by [email protected]

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