Nemaura Medical Completes Initial Shipment of CGM Devices to UK Licensee
Nemaura Medical, Inc. (NASDAQ: NMRD) has completed its initial shipment of sugarBEAT® continuous glucose monitor (CGM) devices to UK licensee MySugarWatch. This milestone allows the company to recognize revenue for the first time in its history. MySugarWatch will sell the CGM along with a subscription diabetes coaching service targeting type 2 diabetes. With over 4.9 million people diagnosed with diabetes in the UK, the partnership aims to improve patient outcomes. MySugarWatch has ordered 5,000 CGM devices and 200,000 sensors, with future orders projected up to 2 million sensors and 15,000 CGM devices.
- Nemaura recognizes revenue for the first time with the shipment of CGM devices.
- The UK market for diabetes management presents a substantial opportunity with over 4.9 million diabetes patients.
- Partnership with MySugarWatch enables access to a large customer base through subscription-based services.
- None.
Sales in UK expected to be followed by launches across major EU territories in 2022
Loughborough, England, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Nemaura Medical, Inc. (NASDAQ: NMRD)(“Nemaura” or the “Company”), a medical technology company focused on developing and commercializing non-invasive wearable diagnostic devices and supporting personalized lifestyle coaching programs, announces that it has completed its initial shipment of sugarBEAT® continuous glucose monitor (CGM) devices to its UK licensee, MySugarWatch Limited (“MySugarWatch”), previously DB Ethitronix Limited.
MySugarWatch will sell the CGM under the brand MySugarWatch® and has developed a subscription-based diabetes coaching and management service that will be provided alongside the CGM and device sensors primarily targeting those with type 2 diabetes. According to Diabetes.org, more than 4.9 million people in the UK have diabetes, and 13.6 million people are at increased risk of Type 2 diabetes. Earlier in 2021, MySugarWatch placed an initial order for 5,000 CGM devices and 200,000 sensors and a rolling monthly forecast for up to another 2 million sensors and 15,000 CGM devices over the next two years. These projections will be revised on a quarterly basis.
“This initial shipment of sugarBEAT® CGM devices to our UK licensee allows the Company to now recognize revenue for the first time in our corporate history and is a true milestone in our development and growth,” commented Nemaura CEO Dr. Faz Chowdhury. “Starting in the UK, patients with Type 2 diabetes can now benefit from a less invasive glucose monitoring option that should improve patient lifestyle, adherence, and outcome. We look forward to the introduction of sugarBEAT® to patients across the world, as we continue our mission of developing and introducing ground-breaking healthcare solutions for many of the greatest healthcare challenges seen across the globe.”
About Nemaura Medical, Inc.
Nemaura Medical Inc. is a medical technology company developing and commercializing non-invasive wearable diagnostic devices. The company is currently commercializing sugarBEAT® and proBEAT™. sugarBEAT®, a CE mark approved Class IIb medical device, is a non-invasive and flexible continuous glucose monitor (CGM) providing actionable insights derived from real time glucose measurements and daily glucose trend data, which may help people with diabetes and pre-diabetes to better manage, reverse, and prevent the onset of diabetes. Nemaura has submitted a PMA (Premarket Approval Application) for sugarBEAT® to the U.S. FDA. proBEAT™ combines non-invasive glucose data processed using artificial intelligence and a digital healthcare subscription service and has been launched in the U.S. as a general wellness product as part of its BEAT®diabetes program.
The Company sits at the intersection of the global Type 2 diabetes market that is expected to reach nearly
For more information, please visit www.NemauraMedical.com.
Contact:
Jules Abraham
CORE IR
917-885-7378
julesa@coreir.com
FAQ
What recent milestone did Nemaura Medical achieve regarding their sugarBEAT® product?
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