Nemaura Medical Scales-Up Pilot Expansion of proBEAT™; 56 Corporations in the U.S. Signed Up for Pilots in June 2023
June 27 2023 - 9:00AM
Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura” or the “Company”),
a medical technology company focused on non-invasive wearable
sensors and personalized weight reduction programs, announces the
next commercialization stage of its proBEAT™ sensor and AI-based
feedback platform, augmenting the BEAT™diabetes program. The pilots
are intended as a precursor to revenue generating contracts for
proBEAT™ and will commence over the coming weeks and months. The
Company is continuing its discussions with corporations and health
insurers in the U.S. to further increase the number of pilots that
will run in calendar year 2023.
Dr. Faz Chowdhury, Nemaura’s Chief Executive
Officer, stated, “The expansion of the BEATdiabetes program into
employers and insurers in the U.S. represents significant progress
towards bringing more innovative diabetes care solutions to our
target markets. Importantly to Nemaura, this is a big step toward
revenue generation with our proBEAT™ platform, and we aim to
continue the momentum over the coming months and years. We spent a
vast amount of time and resource optimizing and scaling our sensor
manufacturing processes and it’s extremely fulfilling for the team
to see their hard work come to fruition through these developments,
bringing cost-effective solutions to the market.”
The BEAT™diabetes program specifically addresses
the growing problem of diabetes and the serious complications
associated with the condition, which include heart disease, stroke,
blindness, kidney failure, amputation and certain types of cancer.
The Centre for Disease Control (CDC) estimate that 37.3 million
people have diabetes in the United States (11.3% of the US
population). Diabetes is the most expensive chronic condition in
the United States:
- $1 out of every $4 in US health
care costs is spent on caring for people with diabetes
- $237 billion is spent each year on
direct medical costs and another $90 billion on reduced
productivity
There is increasing pressure on program
providers to differentiate their programs and increase efficacy.
Sensors that can provide feedback on health and wellness enhance
both health outcomes and returns on investment for program
providers and payers.
To the best of the company’s knowledge,
Nemaura’s CGM device is the only non-invasive daily wear sensor
presently available and currently approved for use as a Class IIb
medical device in Europe. Specifically designed for one day wear,
the device removes the need for needle-based testing found in other
CGM’s and blood glucose monitoring devices, reducing cost, and
making it user-friendly. Pilot studies integrating glucose sensors
as part of a general metabolic health and wellbeing program are
already currently running in collaboration with the UK’s National
Health Service with encouraging results to date. Nemaura is
utilizing its sensor in the form of proBEAT™ whereby sensor data
and numerous other inputs by the users on the BEAT™diabetes app is
gathered, and AI is used to provide regular feedback and
personalized programs for the user, either electronically or
through assigned coaches, to provide a gradual and sustainable
impact on behavioral change.
About Nemaura Medical, Inc.
Nemaura Medical Inc. is a medical technology
company developing and commercialising non-invasive wearable
diagnostic devices. The Company is currently also commercialising
sugarBEAT® and proBEAT™. sugarBEAT®, a CE mark approved Class IIb
medical device, as 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 prediabetes to better manage, reverse, and
prevent the onset of diabetes. Nemaura has submitted a PMA
(Premarket Approval Application) for sugarBEAT® to the US FDA.
proBEAT™ combines non-invasive glucose data processed using
artificial intelligence under a digital healthcare subscription
service 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 $59
billion by 2025, the $50+ billion pre-diabetic market, and the
wearable health-tech sector for weight loss and wellness
applications that is estimated to reach $60 billion by 2023.
For more information, please visit
www.NemauraMedical.com and www.BEATdiabetes.Life
Cautionary Statement Regarding
Forward-Looking Statements:
The statements in this
press release that are not historical facts may constitute
forward-looking statements that are based on current expectations
and are subject to risks and uncertainties that could cause actual
future results to differ materially from those expressed or implied
by such statements. Those risks and uncertainties include, but are
not limited to, the launch of proBEAT™ in the U.S., risks related
to regulatory status and the failure of future development and
preliminary marketing efforts, Nemaura’s ability to secure
additional commercial partnering arrangements, risks and
uncertainties relating to Nemaura’s and its partners’ ability to
develop, market and sell proBEAT™, the availability of substantial
additional equity or debt capital to support its research,
development and product commercialization activities, and the
success of its research, development, regulatory approval,
marketing and distribution plans and strategies, including those
plans and strategies related to both proBEAT™ digital health, and
sugarBEAT®. There can be no assurance that the Company will be able
to reach a part of or any of the global market for CGM with its
products/services. The U.S. Food and Drug Administration (the
“FDA”) reserves the right to re-evaluate its decision that proBEAT™
qualifies as a general wellness product should it become aware of
any issues such as skin irritation or other adverse events from the
device, as well as any misuse impacting patient safety, and any
other reason as the FDA may see fit at its discretion to determine
the product does not fit the definition of a general wellness
product. These and other risks and uncertainties are identified and
described in more detail in Nemaura’s filings with the United
States Securities and Exchange Commission, including, without
limitation, its Annual Report on Form 10-K for the most recently
completed fiscal year, its Quarterly Reports on Form 10-Q, and its
Current Reports on Form 8-K. Nemaura undertakes no obligation to
publicly update or revise any forward-looking statements.
Media Contacts
Jules AbrahamCORE IR+1 917-885-7378
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