Nemaura Medical Inc (NASDAQ:NMRD), which is developing its non-invasive glucose monitor and digital healthcare subscription service proBeat, said Monday it has entered into a letter of intent (LOI) to acquire diabetes firm Healthimation LLC.
Healthimation is commercializing an application-based diabetes prevention program that has been developed over 12 years and is supported with clinical data that has been widely published in scientific journal articles, according to a statement.
The program is delivered using Hollywood-level animation deploying creative user engagement strategies, with a unique program structure aimed at maintaining muscle mass and enhancing metabolism to improve overall health and prevent the regaining of weight.
Nemaura said it believes these features could form a strong complement to the proBEAT subscription service it plans to offer in the US.
The Loughborough, UK-based company said it entered into the LOI to augment and fast-track its foray into the US and other global territories with its proBEA product — a wearable non-invasive glucose monitor designed to gather big data about the multitude of factors that affect glucose levels based on which predictive algorithms and artificial intelligence-based feedback and prompts can be provided to users.
The aim is to empower users about the factors that could affect their blood glucose levels, and proBEAT is intended to be sold directly to consumers, to healthcare insurers, and to corporate clients.
Nemaura said it expects that proBEAT will appeal to a broad range of adults encompassing pre-diabetics and Type 2 diabetics, numbering 88 million and 26 million people, respectively, according to the American Diabetes Association, as well as those seeking to lose weight and/or seeking a healthier lifestyle.
The company’s stock recently traded up by 1.6% to $9.62 a share in New York.
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