Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on developing micro-systems-based wearable diagnostic devices and currently commercializing sugarBEAT®, its non-invasive and flexible continuous glucose monitor (“CGM”), today announced it has entered into a letter of intent with Healthimation, LLC (“Healthimation”) relating to a possible acquisition of the Healthimation business by Nemaura.
Healthimation is commercialising an application-based diabetes prevention program that has been developed over a period of over 12 years and is supported with clinical data that has been widely published in scientific journal articles. The program is delivered using Hollywood level animation deploying creative user engagement strategies, with a unique program structure aimed at maintaining muscle mass and enhancing metabolism to improve overall health and prevent the regaining of weight. The Company believes these features could form a strong complement to the proBEAT™ subscription service Nemaura plans to offer in the U.S.
Nemaura entered into the letter of intent to augment and fast-track its foray into the U.S. and other global territories with its proBEAT™ product offering. proBEAT™ is a wearable non-invasive glucose monitor designed to gather big data about the multitude of factors that affect glucose levels based on which predictive algorithms and artificial intelligence-based feedback and prompts can be provided to users. The aim is to empower users with knowledge of factors that could affect their blood glucose levels. proBEAT™ is intended to be sold directly to consumers, to healthcare insurers, and to corporate clients. Nemaura expects that proBEATTM will appeal to a broad range of adults encompassing pre-diabetics and Type 2 diabetics, numbering 88 million and 26 million people, respectively, according to the American Diabetes Association, as well as those seeking to lose weight and/or seeking a healthier lifestyle.
About Nemaura Medical, Inc.:
Nemaura Medical Inc. (NMRD) is a medical technology company developing micro-systems-based wearable diagnostic devices and 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 also submitted a PMA application for sugarBEAT® to the U.S. FDA. proBEAT™ comprises a non-invasive glucose monitor and a digital healthcare subscription service and is due to be launched in the U.S. as a general wellness product.
For more information 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 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 Nemaura 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.
The letter of intent signed with Healthimation does not represent a legally binding commitment or obligation of either Nemaura or Healthimation, except with respect to certain covenants. Consummation of the acquisition is subject to completion of due diligence and entry into mutually agreed upon definitive agreements. There can be no assurance that the Company and Healthimation will enter into definitive agreements pertaining to the acquisition or that the acquisition will be effected.
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.