Nemaura Medical Inc (NASDAQ:NMRD) revealed with second-quarter results on Monday that it was executing aggressively on its commercial strategy for SugarBEAT, the world’s first painless glucose monitor.
The Loughborough, UK-based medtech company revealed that, as of September 30, its combined cash balance was $1,771,115.
Nemaura also received an influx of cash 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. The non-dilutive credit facility will carry 8% interest with quarterly payments and the principal due only upon maturity in five years.
READ: Nemaura cites positive patient-user experiences of SugarBEAT glucose monitors; says European launch moving ahead
In a statement, accompanying the Loughborough, England-based medtech company’s latest numbers, CEO Faz Chowdhury said: “This has been an exciting period for Nemaura as we officially commenced the commercial rollout plans for SugarBEAT following our recent CE approval.”
Chowdhury said that in line with the commercial strategy, at the 55th Annual Meeting of the European Association for the Study of Diabetes, he discussed key milestones in the plans for the commercial rollout program for SugarBEAT in the UK, Ireland, Germany and other key European markets.
Nemaura launched shipments of its SugarBEAT continuous glucose monitors to patients in August in the UK. The wave of shipments is Nemaura’s first foray into the European market after receiving its CE ark, an EU seal of approval, in May.
Positive feedback from first users
“We reported feedback from the first user experiences, demonstrating that SugarBEAT can be an effective tool for early diagnosis of Type 2 diabetes, therapy optimization, prevention, improvement and lifestyle change,” said Chowdhury.
“As the world’s first non-invasive, safe, needle-free CGM, SugarBEAT is uniquely positioned to target the underserved $80 billion market for Type 2 diabetics and pre-diabetics. We remain highly encouraged by the outlook for the business.”
In a positive, R&D expenses decreased to $462,517 for the quarter, a drop of $159,765 for the same period in 2018.
For the second quarter ended September 30, the company reported a loss of roughly $1.1 million, a decrease of $53,317 for the same period in the previous year.
In July, Nemaura submitted a De Novo medical device application to the US Food & Drug Administration for approval of SugarBEAT. For certain low-risk novel devices, the FDA's De Novo pathway offers a swifter route to market.
SugarBEAT consists of a daily disposable adhesive skin-patch connected to a rechargeable transmitter, with an app displaying glucose readings every five minutes for up to 24 hours. The genius of SugarBEAT lies in its skin-patch technology which allows for better glucose management.
According to Ascendiant Capital Markets, Nemaura is targeting a $179 billion global market opportunity including insulin and non-insulin dependent diabetics, pre-diabetics, and wearable health-tech markets with its SugarBEAT glucose monitor.
Contact Uttara Choudhury at [email protected]
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