Nemaura Medical Inc (NASDAQ:NMRD), the company behind the SugarBEAT continuous glucose monitor, announced an influx of cash Thursday in the form of an $8 million senior credit facility from its investors.
The first $3.5 million of the loan will be available to the company immediately, which it plans to use to fund its European Commercial launch.
Nemaura recently earned a CE Mark - an indication of EU health and safety standards - for SugarBEAT, its needle-free glucose monitor. The monitor works by utilizing a sensor on the surface of the skin, rather than puncturing it, for patients with diabetes and prediabetes.
“We are now aggressively entering the commercialization phase in Europe and other markets, and access to these non-dilutive funds will allow us to accelerate our commercialization timelines,” CEO Faz Chowdhury said.
“The willingness of several of our long-term investors to provide this debt facility at very favorable terms to the Company further validates our confidence in the outlook for SugarBEAT and the tremendous market potential,” he added.
The company’s stock climbed 3.1% to $0.86.
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