Nemaura Medical Inc (NASDAQ:NMRD) announced Monday that it has about $18 million in cash to help fund the development and commercialization of its diabetes diagnostic devices and subscription services.
The company said it ended its first quarter on June 30, 2020, with $5.9 million in cash but raised an additional $10.7 million a month later via a fundraising scheme.
Nemaura also noted that it further strengthened its financial position heading into its current second quarter by reducing research and development as well as general and administrative expenses in April, May and June. During its first-quarter, it also narrowed its comprehensive loss to $1.095 million compared to a loss of $1.267 million in the year-ago quarter.
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“We continue to make significant strides towards our commercial goals of diabetes prevention and management, and this quarter we secured sufficient capital to support our planned product launch in the USA, UK and Germany, demonstrating investor confidence in the company, its management and its product pipeline,” Nemaura CEO Faz Chodhury said in a statement.
Nemaura, based in Loughborough, is developing micro-systems-based wearable diagnostic devices and currently commercializing sugarBEAT, its non-invasive and flexible continuous glucose monitor.
The devices and sugarBEAT are offered in conjunction with BEATdiabetes, a planned health subscription service designed to help people with Type 2 diabetes and pre-diabetes through personalized lifestyle coaching.
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