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 $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.
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