Nemaura Medical Inc (NASDAQ:NMRD) CEO Dr Faz Chowdhury said Tuesday the company plans “to take full advantage” of the opportunity to commercialize in the US its non-invasive continuous glucose monitor sugarBEAT for patients with Type 2 diabetes.
“This is a very exciting period for Nemaura Medical as it has steadily transitioned toward commercialization of its lead product, sugarBEAT, initially in the UK and Germany,” Dr Chowdhruy said in a statement.
“Our ability to simultaneously launch product in the US under the wellbeing category also provides a significant commercial opportunity. We intend to take full advantage of this opportunity, given the sheer scale of the market in the US.”
READ: Nemaura's sugarBEAT non-invasive glucose monitor shows comparable accuracy to invasive competitor in volunteer tests
The sugarBEAT device has already received its CE mark from regulators in Europe and is currently in production in the UK.
“As the world’s first non-invasive, needle-free CGM, sugarBEAT is uniquely positioned to target the underserved $80 billion market for people with both Type 1 and Type 2 diabetes, as well as prediabetes,” Dr Chowdhruy added. “We remain highly encouraged by the outlook for the business and look forward to providing further updates as we execute on our commercial strategy.”
The company said its plans to launch a digital healthcare subscription service in the US under the brand name proBEAT targeted at over 25 million people with Type 2 diabetes and 88 million people with pre-diabetes in the US.
Also, it will launch its sugarBEAT app for Android devices in preparation for the planned commercial launch of the platform.
To accelerate its commercial strategy financially, Nemaura has secured a 24-month, $5 million non-convertible loan. Also, it has joined the small cap Russell 2000 Index and the broad-market Russell 3000 Index, giving it more exposure to investors.
In other company news, Nemaura said the comprehensive loss applicable to common shareholders narrowed to $4.2 million for the 2020 fiscal year, which ended March 31. That compares to a loss of $4.8 million for the same period in 2019. And research and development expenses decreased to $2,009,000 for fiscal 2020, compared to $2,297,000 for the preceding fiscal year.
The company’s stock recently traded up by 9.7% to $9.89 a share in New York.
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