Nemaura Medical Provides Update on Nasdaq Compliance Status and Process
September 14 2023 - 8:00AM
Nemaura Medical, Inc.(Nasdaq: NMRD) (“Nemaura” or the “Company”), a
medical technology company focused on developing and
commercialising non-invasive wearable diagnostic devices and
supporting personalized lifestyle coaching programs, today provided
an update regarding the status of its compliance with Nasdaq
continued listed standards and anticipated next steps to maintain
its listing on The Nasdaq Capital Market.
As previously disclosed by the Company, the
Nasdaq Listing Qualifications Staff (the “Staff”) notified the
Company by letters dated April 3, 2023, and April 7, 2023, that the
Company no longer satisfied the minimum market value of listed
securities and bid price requirements for continued listing on The
Nasdaq Capital Market and, accordingly, granted the Company 180-day
grace periods to regain compliance with those requirements, through
October 2, 2023, and October 3, 2023, respectively.
The Company currently does not expect to regain
compliance with the above-referenced Nasdaq listing criteria prior
to the expiration of the applicable grace periods and, as such,
anticipates receipt of a delisting determination from the Staff
promptly following the expiration of the grace periods.
Importantly, however, upon receipt of such determination, the
Company may request a hearing before a Nasdaq Hearings Panel (the
“Panel”) to address the listing deficiencies, which request will
stay any suspension or delisting action by Nasdaq at least until a
hearing is held and any extension that may be granted by the Panel
to the Company following the hearing has expired. In that regard,
pursuant to the Nasdaq Listing Rules, the Panel has the discretion
to grant the Company an additional extension period not to exceed
180 calendar days from the date of the forthcoming delist
determination. The Company plans to timely request such hearing and
is considering all options available to it to regain compliance and
maintain its listing on The Nasdaq Capital Market.
Dr Faz Chowdhury, the Company’s Chief Executive
Officer, commented, “We are hopeful that there will be a positive
outcome from a hearing before the Panel. In the meantime, we
continue to focus on our business, including a planned product
launch in Saudi Arabia following the SFDA (Saudi Arabia Food and
Drug Authority) approval, and the expected commercial deployment of
our consumer health offering following encouraging results from our
trials with the UK NHS (National Health Service).”
Notwithstanding the foregoing, there can be no
assurance that the Panel will grant the Company an additional
extension period or that the Company will ultimately be able to
regain and thereafter sustain compliance with all applicable
continued listing requirements for The Nasdaq Capital Market.
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, 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 prediabetes to better manage, reverse, and
prevent the onset of diabetes. Nemaura has submitted a PMA
(Premarket Approval Application) for sugarBEAT® to the U.S. Food
and Drug Administration (the “FDA”). proBEAT™ combines non-invasive
glucose data processed using artificial intelligence as part of a
lifestyle program that is being refined for commercial launch.
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.
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 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, as the same may be amended from time
to time. Nemaura undertakes no obligation to publicly update or
revise any forward-looking statements.
Investor
Relations:IR@NemauraMedical.Com
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