logo-loader
viewNemaura Medical Inc

Nemaura receives $8 million credit facility from major shareholders

The first $3.5 million of the loan will be available to the company immediately, which it plans to use to fund a European Commercial launch

SugarBEAT continuous glucose monitor
Nemaura recently earned a CE Mark for SugarBEAT, its needle-free glucose monitor

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.

READ: Nemaura Medical has a big winner in its painless SugarBEAT glucose monitor

“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.

—Updated share price—
    
Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Nemaura Medical Inc

Price: 0.7 USD

NASDAQ:NMRD
Market: NASDAQ
Market Cap: $145.61 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Nemaura Medical Inc named herein, including the promotion by the Company of Nemaura Medical Inc in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Nemaura Medical reveals details of upcoming European launch...

Nemaura Medical Inc (NASDAQ:NMRD) Vice President of Strategy & Strategic Alliances Dr Fred Schaebsdau tells Proactive the medical technology company is targeting a commercial launch for its flagship SugarBEAT continuous glucose monitor in the UK and in Ireland in January 2020. Dr...

5 days, 22 hours ago

2 min read