Important Update on Listing Status and Strategic Direction
January 03 2024 - 7:00AM
Nemaura Medical Inc. (“Nemaura Medical” or the “Company”),
developer of a daily wear non-invasive glucose sensor, and digital
healthcare programs, is providing a crucial update regarding recent
decisions that will impact Nemaura Medical's listing status on The
Nasdaq Capital Market and our broader strategic direction.
Background: After thorough
analysis, Nemaura Medical’s Board of Directors and management team
have made the strategic decision to accept Nasdaq’s determination
to delist Nemaura Medical and move to the OTC Markets. This
decision arises from a careful consideration of several factors,
including challenges outside of our control that have led to a
significant attrition of the share price. In light of these
circumstances, maintaining our Nasdaq listing would necessitate a
substantial dilution of approximately 90%, a move we believe would
not serve the best interests of our valued shareholders.
Benefits of the OTC Markets:
The transition to the OTC Markets will provide operational
flexibility, reduced compliance costs, and the ability to focus on
long-term growth without the immediate pressures associated with
maintaining a Nasdaq listing.
Strategic Partnerships:
Committed to creating shareholder value, we are actively pursuing
strategic partnerships critical to driving Nemaura Medical's
growth. We believe these partnerships will play a key role in
securing the necessary funding to propel innovation, expand market
presence, and enhance our overall competitiveness.
Shareholder Role in Our Future
Success: We understand that this decision may raise
questions and concerns. We want to assure shareholders that we
remain committed to open and transparent communication. We value
shareholder trust and support and are dedicated to keeping
shareholders informed throughout this transition.
As we navigate this new phase, regular updates
on our progress, strategic partnerships, and any material
developments impacting shareholders will be provided. Additionally,
in the near-term, we will continue to file annual reports on Form
10-K, quarterly reports on Form 10-Q and current reports on Form
8-K with the SEC. Please feel free to reach out to our Investor
Relations team via email (IR@nemauramedical.com) with any questions
or if further clarification is needed.
Thank you for your continued trust and
confidence in Nemaura Medical. Together, we look forward to shaping
a successful future.
About Nemaura Medical,
Inc.
Nemaura Medical, Inc. is a medical technology
company developing and 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 Medical has submitted a proposal for a Modular
PMA (Premarket Approval Application) application for
sugarBEAT® to the U.S. FDA, for its generation II, 24-hour
sensor. proBEAT™ is a non-regulated version of sugarBEAT which
combines non-invasive glucose data processed using artificial
intelligence and a digital healthcare subscription service as a
general wellness product as part of its BEAT®diabetes program.
Additionally, Nemaura Medical launched a beta
trial of Miboko, a metabolic health and well-being program using a
non-invasive glucose sensor along with an AI mobile application
that helps a user understand how certain foods and lifestyle habits
can impact one’s overall metabolic health and well-being. Nemaura
Medical believes that up to half the population could benefit from
a sensor and program that monitors metabolic health and
well-being.
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 Medical’s ability to secure additional
commercial partnering arrangements, risks and uncertainties
relating to Nemaura Medical 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 Medical’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, each as may be
amended from time to time. Nemaura Medical undertakes no obligation
to publicly update or revise any forward-looking statements.
Investor Relations Contact:
IR@NemauraMedical.com
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