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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act 1934
Date of Report (Date of earliest event
reported): August 14, 2023
NEMAURA MEDICAL INC.
(Exact name of registrant as specified in charter)
Nevada
(State or other jurisdiction of incorporation)
001-38355 |
|
46-5027260 |
(Commission File Number) |
|
(IRS Employer Identification No.) |
57 West 57th Street
Manhattan, NY |
10019 |
(Address of principal executive offices) |
(Zip Code) |
|
|
|
Registrant’s telephone number, including area code: |
+1 (646) 416-8000 |
N/A
(Former name or former
address, if changed since last report) |
|
|
|
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12(b) under the Exchange
Act (17 CFR 240.14a-12(b))
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
NMRD |
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
§240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Condition.
On August 14, 2023, Nemaura
Medical Inc. issued a press release announcing its financial results for the three months ended June 30, 2023. A copy of this press release
is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information contained in any website is not a part of this
Current Report on Form 8-K.
The information included
in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall
such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities
Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURE
Pursuant to the requirements of
the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
NEMAURA MEDICAL INC. |
|
|
|
By: |
/s/ Dewan F.H. Chowdhury |
|
|
Dewan F.H. Chowdhury Chief Executive Officer |
Date:
August 14, 2023
Exhibit
99.1
Nemaura
Medical Reports Fiscal First Quarter 2024 Results and Provides Business Update
Loughborough,
England, August 14, 2023 (GLOBE NEWSWIRE) — Nemaura Medical, Inc. (Nasdaq: NMRD) (“Nemaura” or the “Company”),
a medical technology company focused on developing and commercializing a daily disposable, wearable glucose sensor and supporting personalized
lifestyle coaching programs, today released its financial results for the quarter ended June 30, 2023 and provided a business update.
Corporate
Highlights:
- Previously
announced initial patient data from UK NHS (National Health Service) Miboko Study that thus far demonstrated weight loss in 100% of participants.
The Company has expanded to additional centres in continuation of these pilots. The data is expected to support reimbursement applications
and product marketing in various territories.
- Continued
development of its consumer metabolic health platform and potential deployment as a bolt-on service into existing metabolic and wellness
programs.
- Continued
to work with Benchmark Electronics Inc as a contract manufacturing partner (CMO) to facilitate future volume scale-up manufacture of
the electronic transmitter at its FDA approved facility in Thailand, in anticipation of commercial-sales ramp-up.
- Continues
to support its UK licensee with its application for reimbursement of sensors in the UK.
- Continues
to attract funding on favourable terms, and as a subsequent event the Company noted that it had secured $6.5m as non-dilutive funding
in the form of clean debt without any warrants or convertible elements.
Financial
Summary:
Research
and development (“R&D”) expenses were $549,012 and $330,055 for the three months ended June 30, 2023 and 2022, respectively.
General
and administrative expenses were $1,508,467 and $1,267,251 for the three months ended June 30, 2023 and 2022, respectively.
Cash
and cash equivalents at 30th June 2023 were approximately $4m, and the Company announced on 11th August 2023 that
it had secured a further $6.5m in clean debt.
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 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 that is currently undergoing pilot studies.
Additionally,
Nemaura has 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 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. Nemaura Medical undertakes no obligation to publicly update or revise any
forward-looking statements.
Investor
Relations Contact:
IR@NemauraMedical.com
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