The loan does not include warrants or other equity securities, the company said in a statement Tuesday.
“This loan strengthens our financial position without diluting shareholders, and provides additional resources to accelerate our commercial strategy for sugarBEAT in Europe, as well as support our planned launch of proBEAT in the USA,” said CEO Dr Faz Chowdhury. “We appreciate the favorable terms and strong support from our lender, Chicago Venture Partners.”
Nemaura’s sugarBEAT continuous glucose monitor, (CGM) 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 Loughborough, UK-based company recently announced it will repurpose its device as a continuous temperature monitor (CTM) to track patient fevers caused by the coronavirus (COVID-19).
SugarBEAT's built-in thermistor is also capable of continuously tracking body temperature through the skin. From there, that data can be transmitted via Bluetooth to a cell phone.
The company is currently exploring ways to expedite the launch of a CTM, including possible partnerships and direct-to-consumer sales. The SugarBEAT device has already received its CE mark from regulators in Europe and is currently in production in the UK.
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