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Nemaura Medical secures $5M loan to accelerate commercial strategy

The UK-based medtech is commercializing its sugarBEAT non-invasive and flexible continuous glucose monitor in Europe

Nemaura Medical Inc - Nemaura Medical Inc secures 24-month, $5 million non-convertible loan
The 24-month loan does not include warrants or other equity securities

Nemaura Medical Inc (NASDAQ:NMRD), which is commercializing its sugarBEAT non-invasive and flexible continuous glucose monitor, has secured a 24-month, $5 million non-convertible loan.

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.”

READ: Nemaura repurposes SugarBEAT glucose monitor to track the fever caused by coronavirus

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.

Contact the author: [email protected]

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Quick facts: Nemaura Medical Inc

Price: 8.57 USD

NASDAQ:NMRD
Market: NASDAQ
Market Cap: $179.64 m
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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...

on 10/08/2019

2 min read